Previously announced refinancing costs and non-cash tax charges of $US87m to realign the European ownership structure took Tenneco to a fourth quarter net loss of $72m, ($1.57 per share), the supplier said.
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Adjusted net income was $15m, (34 cents per share); up from $3m a year ago.
The charges were taken in the fourth quarter for actions that advance Tenneco’s financial strategy and included costs for refinancing a portion of the company’s debt, which will reduce interest expense, and non-cash tax charges for realigning the European ownership structure, which more effectively aligns the company’s US and European assets and revenues with liabilities and expenses, the company said in a statement.
This would reduce cash taxes and accelerate the use of US net operating losses, Tenneco added.
EBIT (earnings before interest, taxes and minority interest) was $43m versus $39m in Q4 2006.
