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Tenneco Reports Third Quarter 2018 Results
- Record-high third quarter revenue
- Raises full-year organic revenue growth outlook to 6%, outpacing industry production by 5 percentage points
- Federal-Mogul acquisition closed on October 1
LAKE FOREST, Ill.--(BUSINESS WIRE)--October 26, 2018--Tenneco Inc. (NYSE: TEN) reported third quarter net income of $60 million, or $1.15 per diluted share in 2018, versus $83 million, or $1.57 per diluted share in the third quarter of 2017. Third quarter 2018 adjusted net income was $88 million, or $1.70 per diluted share, compared with $88 million, or $1.67 per diluted share in the third quarter of 2017.
Total revenue in the third quarter of 2018 was $2.372 billion, up 4% year-over-year, with growth in the Clean Air and Ride Performance segments. On a constant currency basis, total revenue increased 7% driven by strong commercial truck and off-highway volumes and new business and incremental content on light vehicles.
On a constant currency basis, value-add revenue increased 5% to $1.776 billion in 2018, significantly outpacing industry production.* Clean Air and Ride Performance revenues increased 6% and 5% respectively, while Aftermarket revenue was up 1% compared to last year.
Third quarter 2018 EBIT (earnings before interest, taxes and noncontrolling interests) was $111 million, compared to $134 million last year. Adjusted EBIT in 2018 was $149 million, versus $154 million last year. Volume increased in both light vehicle and commercial truck and off-highway applications. Tariff-driven steel commodity costs and currency exchange rates impacted EBIT and margin results in the third quarter of 2018.
|Q3 2018||Q3 2017|
|EBIT as a percent of revenue||4.7%||5.9%|
|EBIT as a percent of value-add revenue||6.3%||7.6%|
|Adjusted EBIT as a percent of revenue||6.3%||6.8%|
|Adjusted EBIT as a percent of value-add revenue||8.4%||8.8%|
Cash used in operating activities in the quarter was $41 million, compared with cash provided by operating activities of $25 million a year ago. Third quarter results reflect our investment in working capital to support revenue growth and cash payments for transaction costs. During the quarter, the company returned $14 million to shareholders through a dividend payment of 25-cents per common share.
“Tenneco delivered a solid quarter of strong growth, outpacing industry production by nine percentage points, including double–digit growth in commercial truck and off-highway revenue,” said Brian Kesseler, co-CEO Tenneco. “The strength of Tenneco’s diversified business profile helped mitigate many dynamic economic factors, and I am pleased with our execution and continued focus on operational improvements and cost recoveries.”
The following information was filed by Tenneco Inc (TEN) on Friday, October 26, 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.
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