Tenneco has reported fourth quarter 2014 net income of US$21m after $46m of restructuring, pension and refinancing expenses. Fourth quarter 2013 net income was $54m.
Total revenue in the fourth quarter was $2.004bn, down slightly year-over-year primarily due to the impact of $84m in negative currency, as well as lower commercial truck and off highway revenue.
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Fourth quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $83m, versus $118m last year.
Full-year EBIT increased to $492m from $424m a year ago.
Excluding currency, Tenneco anticipates total combined OE and aftermarket revenue growth in the first quarter of 2015 of about 4%.
The company expects further weakness in the off highway industry as well as continued production weakness in commercial trucks in Brazil but sees “strong” revenue growth in its commercial truck and off highway business, due to new global emissions requirements, especially in China.
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