LAKE FOREST, Ill. – Tenneco reported fourth quarter net income of $21 million, or 33 cents per diluted share, which includes $46 million in restructuring, pension and refinancing related expenses. Fourth quarter 2013 net income was $54 million, or 88 cents per diluted share. On an adjusted basis, net income rose to a fourth quarter record high of $65 million, or $1.05 per diluted share, versus $59 million, or 96 cents per diluted share a year ago.
Total revenue in the fourth quarter was $2.004 billion, down slightly year-over-year primarily due to the impact of $84 million in negative currency, as well as lower commercial truck and off-highway revenue. Excluding currency, total revenue in the fourth quarter increased 3 percent to $2.088 billion.
For the full year, Tenneco reported its highest-ever total revenue of $8.420 billion, up 6 percent from a year ago. Tenneco said it grew revenue in both the Clean Air and Ride Performance divisions and across all segments with OE light vehicle revenue improving 5 percent, commercial truck and off-highway revenue climbing 16 percent and aftermarket revenue increasing 1 percent versus last year. Excluding substrate sales, and the impact of $126 million in negative currency, revenue increased 8 percent to $6.612 billion.
“We had strong fourth quarter earnings with record high adjusted net income and EBIT including improvement in both divisions despite significant currency headwinds,” said Gregg Sherrill, chairman and CEO, Tenneco. “For the full year, we delivered our highest-ever revenue and EBIT. These results were driven by our strong light vehicle platform position, which helped us outpace industry light vehicle production, double-digit revenue growth in our commercial truck and off-highway business and higher global aftermarket sales. We leveraged higher global light vehicle volumes and delivered a solid operational performance to drive higher earnings and improved profitability.”
For the full year 2015, Tenneco expects year-over-year total combined OE and aftermarket revenue growth in the range of 5 percent to 8 percent, excluding the impact of currency.
