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Exhibit 99.1
Tenneco Reports Fourth Quarter and Full-Year 2017 Results
LAKE FOREST, Ill.--(BUSINESS WIRE)--February 9, 2018--Tenneco (NYSE: TEN) reported fourth quarter net income of $68 million, or $1.33 per diluted share. Fourth quarter 2016 net income* was $38 million, or $0.69 per diluted share. Adjusted net income rose to a record $97 million, or $1.89 per diluted share, versus $90 million or $1.63 per diluted share last year*.
Fourth Quarter Results
Revenue
Total revenue in the fourth quarter was a record $2.391 billion, up 11% year-over-year, with increases in both the Clean Air and Ride Performance product lines. On a constant currency basis, total revenue increased 7% driven by higher volumes and incremental content on light vehicle, commercial truck and off-highway applications.
In constant currency, value-add revenue grew 7% versus last year to $1.748 billion, with Ride Performance increasing 9% 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 higher versus a year ago.
"We delivered a quarter of strong organic growth with gains in both product lines and double-digit growth in commercial truck and off-highway revenue,” said Brian Kesseler, Tenneco CEO. “We continue to focus on converting top-line growth into higher earnings. This drove a strong increase in earnings, as well as record cash flow from operations in the quarter.”
Adjusted fourth quarter 2017 and 2016 results
(millions except per share amounts) | Q4 2017 | Q4 2016 | ||||||||||||||||||||||||||||
Net income attributable to Tenneco Inc. |
Earnings Per Share |
EBIT | EBITDA(1)(2) |
Net income attributable to Tenneco Inc. |
Earnings Per Share |
EBIT | EBITDA(1)(2) | |||||||||||||||||||||||
$ | 68 | $ | 1.33 | $ | 135 | $ | 194 | $ | 38 | $ | 0.69 | $ | 71 | $ | 124 | |||||||||||||||
Adjustments(2) | ||||||||||||||||||||||||||||||
Restructuring and related expenses | 12 | 0.24 | 20 | 20 | 9 | 0.18 | 10 | 9 | ||||||||||||||||||||||
Goodwill impairment charge | 11 | 0.21 | 11 | 11 | - | - | - | - | ||||||||||||||||||||||
Pension charges | 2 | 0.03 | 2 | 2 | 47 | 0.85 | 72 | 72 | ||||||||||||||||||||||
Tax adjustments from US tax reform | 15 | 0.29 | - | - | - | - | - | - | ||||||||||||||||||||||
Net tax adjustments | (11 | ) | (0.21 | ) | - | - | (4 | ) | (0.09 | ) | - | - | ||||||||||||||||||
Adjusted Net income, EPS, EBIT, and EBITDA | $ | 97 | $ | 1.89 | $ | 168 | $ | 227 | $ | 90 | $ | 1.63 | $ | 153 | $ | 205 | ||||||||||||||
(1) EBITDA including noncontrolling interests | ||||||||||||||||||||||||||||||
(2) Tables at the end of this press release reconcile GAAP to non-GAAP results. |
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