Tenneco has recorded third-quarter net income up 23% to US$70m, while revenue rose 82% to US$4.3bn, including US$1.8bn from acquisitions.
- Revenue growth continues to outpace light vehicle industry production.
- Tenneco reports Q3 earnings per diluted share of US$0.87; adjusted EPS of US$1.23
- Company evaluating multiple options to deleverage and facilitate the separation of the businesses
Value-add revenue for the third quarter was US$3.5bn.
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Third-quarter 2019 adjusted net income was US$99m, or $1.23 per diluted share, compared with US$85m, or $1.66 per diluted share last year.
Third quarter EBIT (earnings before interest, taxes and noncontrolling interests) was US$148m including the acquired Federal-Mogul business, versus US$112m last year. EBIT as a percentage of revenue was 3.4% versus 4.7% last year.
“Tenneco’s revenue growth outpaced industry production by six percentage points, driven by higher light vehicle, off-highway and other revenues,” said Tenneco co-CEO, Roger Wood.
“We also delivered year-over-year margin improvement, driven mainly by effective synergy capture actions, operational improvements and disciplined cost management.”
