Tenneco Inc (TEN) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Tenneco Inc
Ticker: TEN CIK: 1024725

Exhibit 99.1

Tenneco Reports Third Quarter 2017 Results

Record third quarter revenue of $2.3 billion, up 8%
Double-digit growth in commercial truck and off-highway revenue
Returned $85 million to shareholders in dividends and share repurchases

LAKE FOREST, Ill.--(BUSINESS WIRE)--October 27, 2017--Tenneco (NYSE: TEN) reported third quarter net income of $77 million, or $1.45 per diluted share, compared with net income* of $179 million, or $3.19 per diluted share, which included the benefit of a foreign tax credit adjustment in third quarter 2016.

Adjusted net income increased to $88 million, or $1.67 per diluted share, versus $85 million, or $1.51 per diluted share a year ago*, an 11% improvement on a per share basis.

Revenue

Total revenue in the third quarter was a record high $2.274 billion, up 8% year-over-year, driven by increases in both the Ride Performance and Clean Air product lines. On a constant currency basis, total revenue increased 6% to $2.223 billion, driven by incremental content, new program launches, and the company’s strong position on leading platforms globally.

In constant currency, value-add revenue grew 6% versus last year to $1.7 billion, with Ride Performance increasing 8% and Clean Air up 5%. Tenneco’s value-add revenue growth outpaced underlying industry production growth** in all OE applications. Global aftermarket revenue was slightly lower versus a year ago.

"We delivered record third quarter revenue, driven by light vehicle top-line growth that continues to outpace industry production and double-digit increases in commercial truck and off-highway revenue. Our diversified portfolio continues to bolster organic growth across end-market applications, geographic regions, customers and platforms,” said Brian Kesseler, Tenneco CEO. “Looking forward, our entire organization remains focused on accelerating performance with revenue growth, margin improvement in both product lines and cash generation to support long-term shareholder value.”

Adjusted third quarter 2017 and 2016 results
(millions except per share amounts)	Q3 2017										Q3 2016 *
	EBITDA♦		EBIT		Net income attributable to Tenneco Inc.			Per Share			EBITDA♦		EBIT		Net income attributable to Tenneco Inc.				Per Share
Earnings Measures	$	192	$	134	$	77		$	1.45		$	203	$	150	$	179			$	3.19

Adjustments (reflects non-GAAP measures):
Restructuring and related expenses		19		20		17			0.32			7		7		6				0.10
Costs related to refinancing		-		-		-			-			-		-		5				0.09
Net tax adjustments		-		-		(6	)		(0.10	)		-		-		(105	)	♦♦		(1.87	)

Non-GAAP earnings measures	$	211	$	154	$	88		$	1.67		$	210	$	157	$	85			$	1.51

♦ EBITDA including noncontrolling interests (EBIT before depreciation and amortization)
♦♦ Tax adjustments are related to foreign tax credits available for carryforward.
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 Friday, October 27, 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.

View differences made from one quarter to another to evaluate Tenneco Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Tenneco Inc.

Continue

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1024725/000102472517000037/ten-2017930x10q.htm