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Tenneco Reports First Quarter 2017 Results
- Record-high first quarter revenue, outpacing industry production
- Record-high EBIT, net income and EPS
- Improved cash flow from operations
LAKE FOREST, Ill.--(BUSINESS WIRE)--May 1, 2017--Tenneco Inc. (NYSE: TEN) reported record first quarter net income of $63 million, or $1.16 per diluted share, compared with $57 million, or 99-cents per diluted share in first quarter 2016. Adjusted net income increased 24% to a first quarter record high of $83 million, compared with $67 million last year. First quarter adjusted earnings per share also rose to a new record high of $1.53 per diluted share, a 31% improvement year-over-year.
Total revenue in the first quarter was $2.292 billion, up 7% year-over-year, driven by higher revenue in both the Clean Air and Ride Performance product lines.
On a constant currency basis, total first quarter revenue increased 9% to $2.329 billion, outpacing industry production growth of 6%.* Record revenue in the quarter reflects an 11% increase in light vehicle revenue on the strength of the company’s global platform position. Commercial truck revenue increased 15%, outpacing industry growth of 5%. Off-highway revenue was about even with last year on continuing weak industry production. Global aftermarket revenue was also about even with a year ago.
In constant currency, value-add revenue increased 9% versus last year, and included 10% growth in Clean Air revenues, and 7% higher Ride Performance revenue.
“We started the year strong by delivering another record quarter with our highest-ever first quarter revenue, EBIT, net income and earnings per share,” said Gregg Sherrill, chairman and CEO Tenneco. “The strong balance across our business in terms of regions, end-markets, customers and products helped us deliver another quarter of profitable growth as we executed well on growth plans for each product line.”
Adjusted first quarter 2017 and 2016 results
|(millions except per share amounts)||Q1 2017||Q1 2016|
|Net income||Net income|
|to Tenneco||to Tenneco|
|Adjustments (reflects non-GAAP measures):|
|Restructuring and related expenses||14||15||14||0.25||11||14||13||0.23|
|Pension charges/stock vesting||11||11||7||0.13||-||-||-||-|
|Net tax adjustments||-||-||(1||)||(0.01||)||-||-||(3||)||(0.05||)|
|Non-GAAP earnings measures||$||204||$||153||$||83||$||1.53||$||189||$||138||$||67||$||1.17|
** EBITDA including noncontrolling interests (EBIT before depreciation and amortization)
|In addition to the items set forth above, the tables at the end of this press release reconcile GAAP to non-GAAP results.|
The following information was filed by Tenneco Inc (TEN) on Monday, May 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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