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Exhibit 99.1
TENNECO REPORTS SECOND QUARTER 2018 RESULTS
| Record-high second quarter revenue, outpacing industry production with growth in all three reporting segments |
| Strong cash generation driven by working capital improvements |
| CEOs selected for the new aftermarket and ride performance company and the powertrain technology company |
Lake Forest, Illinois, July 27, 2018 Tenneco Inc. (NYSE: TEN) reported second quarter net income of $50 million, or
98-cents per diluted share, versus a second quarter net loss of $3 million, or 5-cents per diluted share in 2017. Second quarter 2018 adjusted net income was $99 million, or $1.92 per diluted share, compared with $101 million, or $1.88 per diluted share last year.Revenue
Total revenue in the second quarter was $2.537 billion, up 9% year-over-year, with revenue growth in Clean Air, Ride Performance and Aftermarket. On a constant currency basis, total revenue increased 8% driven by strong commercial truck and off-highway programs and higher volumes and incremental content on light vehicles.
On a constant currency basis, value-add revenue increased 6% to $1.889 billion, significantly outpacing industry production*. Ride Performance revenue increased 13%, Clean Air revenue rose 5%, and global Aftermarket revenue was up 1% compared to last year.
EBIT
Second quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $113 million, compared to $27 million last year. Adjusted EBIT was $175 million, versus $178 million last year. Volume increased in both light vehicle and commercial truck and off-highway applications. Steel commodity costs, launch costs related to a major truck platform and aftermarket versus OE revenue mix impacted margins.
Q2 2018 | Q2 2017 | |||||||
EBIT as a percent of revenue |
4.5 | % | 1.2 | % | ||||
EBIT as a percent of value-add revenue |
5.9 | % | 1.5 | % | ||||
Adjusted EBIT as a percent of revenue |
6.9 | % | 7.7 | % | ||||
Adjusted EBIT as a percent of value-add revenue |
9.1 | % | 10.0 | % |
Cash
Cash generated by operations was $75 million, compared with $92 million a year ago. Improvements in working capital were offset by payments made during the second quarter 2018 of $17 million for antitrust settlements, and $11 million for acquisition related payments. During the quarter, the company returned $12 million to shareholders through a dividend payment of 25-cents per common share.
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