Tenneco has announced results for the first quarter of 2022 ending on March 31, 2022.
The company has reported first quarter total revenue of $4.6 billion, down 2% year-over-year. Value-add revenue of $3.6 billion was flat year-over-year excluding a negative currency impact of $100 million and outpaced global industry light vehicle production, which was down 4%* year-over-year. Lower production volumes were offset by material cost recoveries.
Tenneco reported a net loss of $38 million, or a loss of $0.46 per diluted share, compared to net income of $65 million, or $0.79 per diluted share, in the prior year. First quarter 2022 adjusted net loss of $9 million, or a loss of $0.11 per diluted share, compared to prior year adjusted net income of $90 million, or $1.09 per diluted share. Year-over-year change was driven by lower earnings as highlighted above.
The company also reported significant liquidity of $2.1 billion at quarter end, consisting of $641 million in cash and $1.4 billion of available revolving credit facility.
“In the face of continuing inflationary pressures, supply chain disruptions and lower volumes, the Tenneco team delivered a solid Q1 performance,” said Brian Kesseler, Tenneco CEO. “Our global teams are focused and continue to pull together to manage those challenges, while also working on the necessary steps to complete the pending transaction with Apollo later this year.”
In light of the pending transaction with Apollo, Tenneco says it will not conduct a conference call or give forward-looking guidance.
Additionally, in the first quarter, Tenneco was named one of the World’s Most Ethical Companies for 2022 by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.
“This important designation is particularly satisfying because everything we do at Tenneco begins and ends with our values, and topping the list is Integrity Always,” said Kesseler. “This underscores our team members’ commitment to not only achieving our goals, but ensuring we do the right things the right way, every day.”
*Source: IHS Markit April 2022 global light vehicle production forecast.
