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Exhibit 99.1
Tenneco Reports Fourth Quarter and Full-Year 2015 Results
LAKE FOREST, Ill.--(BUSINESS WIRE)--February 9, 2016--Tenneco (NYSE: TEN) reported fourth quarter net income of $68 million, or $1.17 per diluted share, compared with $21 million, or 33-cents per diluted share in fourth quarter 2014. Adjusted net income rose to a fourth quarter record high of $80 million, or $1.39 per diluted share, versus $65 million or $1.05 per diluted share last year.
Revenue
Total revenue in the fourth quarter was $2.031 billion, up 1% year-over-year against significant currency headwinds. Excluding a negative currency impact of $142 million, total revenue in the fourth quarter increased 8% to $2.173 billion. Tenneco’s total revenue, excluding currency, outgrew global aggregate industry production in the quarter driven by:
“I am pleased with our fourth quarter and full-year results as our revenue growth continued to outpace global industry production. We also delivered record-high EBIT as well as margin improvement and an outstanding cash performance,” said Gregg Sherrill, chairman and CEO, Tenneco. “These results demonstrate the strengths of our underlying business including a clear strategic direction, effective structural growth drivers, balance across our operations and a track record of solid execution.”
EBIT
Fourth quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $128 million, versus $83 million last year. Adjusted EBIT rose 9% to $148 million, a record high for the fourth quarter. Adjusted EBIT includes $15 million in negative currency.
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