Exhibit 99.1

Tenneco Reports Fourth Quarter and Full-Year 2018 Results

  • Reported higher fourth quarter and full-year revenue on strong growth with light vehicle and commercial truck and off-highway customers
  • Completed acquisition of Federal-Mogul on October 1, 2018
  • On track to achieve acquisition synergy goals

LAKE FOREST, Ill.--(BUSINESS WIRE)--March 14, 2019--Tenneco (NYSE: TEN) reported a fourth quarter net loss of $109 million, or $(1.35) per diluted share. Fourth quarter 2017 net income

was $62 million, or $1.19 per diluted share. Adjusted net income was $105 million, or $1.30 per diluted share, versus $91 million or $1.75 per diluted share last year.

Fourth Quarter Results

Revenue

Total revenue in the fourth quarter was $4.3 billion, up 79% year-over-year, driven mainly by the completion of the Federal-Mogul acquisition on October 1, 2018. Excluding the acquisition and on a constant currency basis, revenue increased 4%, outpacing light vehicle industry production*by 10 percentage points. The outperformance was driven by volume and content growth with commercial truck and off-highway as well as light vehicle customers. Including Federal-Mogul results, value-add revenue was $3.6 billion, up more than 100% compared to last year.

“Tenneco’s strong organic growth continued in the fourth quarter, outpacing industry production by ten percentage points, enabled by our diverse business profile in terms of products, geographic regions and end-markets served,” said Brian Kesseler, Tenneco co-CEO. “We closed the Federal-Mogul transaction, accelerating the transformation of the combined businesses into two purpose-built, industry leading companies, and our acquisition of Öhlins will fuel the growth of advanced suspension technology and enhance our portfolio in broader mobility markets.”

Adjusted fourth quarter 2018 and 2017 results

(millions except per share amounts)   Q4 2018   Q4 2017
  Net income            
(loss) Net income
attributable Earnings attributable
to Tenneco (Loss) Per to Tenneco Earnings Per
Inc. Share EBIT

EBITDA(1)(2)

Inc. Share EBIT

EBITDA(1)(2)

Earnings (Loss) Measures $ (109 ) $ (1.35 ) $ (31 ) $ 134 $ 62 $ 1.19 $ 132 $ 192
 
Adjustments(2)
Restructuring and related expenses 15 0.18 20 17 7 0.13 11 11
Cost reduction initiatives 6 0.08 8 8 5 0.11 9 9

Acquisition and spin costs

41 0.50 53 53 - - - -
Costs to achieve synergies 44 0.54 49 49 - - - -
Purchase accounting adjustments 88 1.09 106 106 - - - -
Anti-dumping duty charge 12 0.15 16 16 - - - -
Loss on debt modification 8 0.10 10 10 - - - -
Pension charges 2 0.03 3 3 2 0.03 2 2
Goodwill impairment charge 3 0.04 3 3 11 0.21 11 11
Tax adjustments from US tax reform - - - - 15 0.29 - -
Net tax adjustments (5 ) (0.06 ) - - (11 ) (0.21 ) - -
 
               
Adjusted Net income, EPS, EBIT, and EBITDA $ 105   $ 1.30   $ 237   $ 399 $ 91   $ 1.75   $ 165 $ 225
 
(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 Thursday, March 14, 2019 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.

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