Please wait while we load the requested 10-Q report or click the link below:
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, or98-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.
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.
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
EBIT as a percent of value-add revenue
Adjusted EBIT as a percent of revenue
Adjusted EBIT as a percent of value-add revenue
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.
The following information was filed by Tenneco Inc (TEN) on Friday, July 27, 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-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 this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Tenneco Inc.