Tenneco Inc. (NYSE: TEN) reported third quarter 2019 revenue of $4.3 billion, an 82% increase versus $2.4 billion▲ a year ago, which includes $1.8 billion from acquisitions. On a constant currency pro forma basis, total revenue increased 3% versus last year, while light vehicle industry production* declined 3% in the quarter. Value-add revenue for the third quarter was $3.5 billion.
The company reported net income for third quarter 2019 of $70 million, or $0.87 per diluted share. Third quarter 2018 net income▲ was $57 million, or $1.11 per diluted share. Third quarter 2019 adjusted net income was $99 million, or $1.23 per diluted share, compared with $85 million, or $1.66 per diluted share last year. ▲
Third quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $148 million including the acquired Federal-Mogul business, versus $112 million last year. EBIT as a percent of revenue was 3.4% versus 4.7% last year.
Third quarter adjusted EBITDA was $387 million versus $366 million last year on a pro forma basis. Adjusted EBITDA as a percent of value-add revenue was 10.9%, a 100 basis point improvement on a pro forma basis, which includes a $13 million impact due to a work stoppage at our largest customer. Cash generated from operations was $164 million.
“Tenneco’s revenue growth outpaced industry production by six percentage points, driven by higher light vehicle, off-highway and other revenues,” said Roger Wood, co-CEO, Tenneco. “We also delivered year-over-year margin improvement, driven mainly by effective synergy capture actions, operational improvements and disciplined cost management.”
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SOURCE: Tenneco
