Tenneco has reported fourth quarter net income of US$68m, up 78% from US$38m last year.
Total revenue in the fourth quarter was a record US$2.4bn, up 11% year-over-year, with increases in both the Clean Air and Ride Performance product lines. On a constant currency basis, total revenue increased 7% driven by higher volumes and incremental content on light vehicle, commercial truck and off-highway applications.
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In constant currency, value-add revenue grew 7% versus last year to US$1.75bn with Ride Performance increasing 9% and Clean Air up 5%. Tenneco’s value-add revenue growth outpaced underlying industry production growth in all OE applications. Global aftermarket revenue was slightly higher versus a year ago.
“We delivered a quarter of strong organic growth with gains in both product lines and double-digit growth in commercial truck and off-highway revenue,” said Tenneco CEO, Brian Kesseler.
“We continue to focus on converting top-line growth into higher earnings. This drove a strong increase in earnings, as well as record cash flow from operations in the quarter.”
For the full year, total revenue was a record US$9.3bn. In constant currency, total revenue and value-add revenue each increased 7% to US$9.188bn and US$7.018bn, respectively, significantly outpacing industry production growth.
Tenneco’s revenue growth was driven by stronger volumes and higher content on light vehicle, commercial truck and off-highway applications in all regions.
