Please wait while we load the requested 10-K report or click the link below:
Tenneco Reports Fourth Quarter and Full-Year 2017 Results
- Record fourth quarter and full-year revenue; double-digit growth in commercial truck and off-highway
- Record fourth quarter EBIT and earnings per share
- Record fourth quarter and full year cash from operations
- Returned $222 million to shareholders in dividends and share repurchases in 2017
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
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 $1.748 billion, with Ride Performance increasing 9% and Clean Air up 5%. Tenneco’s value-add revenue growth outpaced underlying industry production growth in all OE applications. Global aftermarket revenue was slightly higher versus a year ago.
"We delivered a quarter of strong organic growth with gains in both product lines and double-digit growth in commercial truck and off-highway revenue,” said Brian Kesseler, Tenneco CEO. “We continue to focus on converting top-line growth into higher earnings. This drove a strong increase in earnings, as well as record cash flow from operations in the quarter.”
Adjusted fourth quarter 2017 and 2016 results
|(millions except per share amounts)||Q4 2017||Q4 2016|
|Restructuring and related expenses||12||0.24||20||20||9||0.18||10||9|
|Goodwill impairment charge||11||0.21||11||11||-||-||-||-|
|Tax adjustments from US tax reform||15||0.29||-||-||-||-||-||-|
|Net tax adjustments||(11||)||(0.21||)||-||-||(4||)||(0.09||)||-||-|
|Adjusted Net income, EPS, EBIT, and EBITDA||$||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.|
The following information was filed by Tenneco Inc (TEN) on Friday, February 9, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Tenneco Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Tenneco Inc.