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Tenneco Reports Q4, Full-Year 2021 Results

The company says strong performance delivers lower net debt and improved net leverage ratio.


Tenneco has announced its results for the fourth quarter and full year ended Dec 31, 2021.  

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Full year 2021 results include: 

  • Total revenue of $18 billion, up 17% year-over-year. Full year value-add revenue was $13.7 billion, up 12% excluding favorable currency impact of $239 million. Tenneco’s full-year revenue performance outpaced industry light vehicle production, which was up 3% year-over-year. 
  • Net income of $35 million, or $0.42 per diluted share, in 2021, versus a loss of $1,521 million in 2020. Full-year 2021 adjusted net income was $164 million, or $1.97 per diluted share, versus a loss of $36 million or ($0.44) per diluted share in 2020. 
  • EBIT(1) was $556 million versus a loss of ($724) million in 2020. Adjusted EBITDA(2) was $1,273 million, compared with $1,045 million in 2020. 
  • Cash flow from operations was $233 million. Tenneco generated free cash flow for debt service(3) of $320 million during 2021. Higher earnings and lower debt net of cash balances resulted in a 1.0x improvement in the Company’s net leverage ratio(4) compared to December 31, 2020. 

The company had significant liquidity of $2.3 billion at year-end, consisting of $865 million in cash and $1.4 billion of available revolving credit facility. 


“In a challenging market and inflationary environment, Tenneco stayed focused on driving operational improvement, disciplined cost control, and strong cash generation, which enabled a reduction in net debt and net leverage ratio improvement year-over-year,” said Brian Kesseler, Tenneco CEO. “Our fourth quarter and full year results demonstrate a powerful combination of geographic balance, diverse end markets served and Tenneco’s commitment to design, manufacture and deliver industry-leading products to our customers.” 

Fourth-quarter 2021 results include: 

  • Total revenue of $4.4 billion, down 6% year-over-year. Fourth quarter value-add revenue was $3.3 billion, down 7% excluding negative currency impact of $35 million. Tenneco’s fourth-quarter revenue performance outpaced industry light vehicle production, which was down 10% year-over-year. 
  • Net loss of $35 million in 2021, versus net income of $167 million in 2020. Fourth quarter 2021 adjusted net loss of $10 million, versus adjusted net income of $138 million last year. 
  • EBIT(1) was $100 million, compared with EBIT of $260 million in 2020. Adjusted EBITDA(2) was $250 million, compared with adjusted EBITDA of $410 million a year ago. 
  • Cash flow from operations in the fourth quarter was $258 million. Tenneco generated free cash flow for debt service(3) of $323 million during the quarter.
  • EBIT: Earnings before interest expense, income taxes and noncontrolling interests. 
    (2) Adjusted EBITDA: Adjusted earnings before interest expense, income taxes, noncontrolling interests, and depreciation and amortization.
    (3) Free Cash Flow for debt service: Cash flow from operations, plus the proceeds from deferred purchase price of factored receivables less the amount of cash payments for property, plant and equipment and payments to noncontrolling interest partners, as well as various other amounts (change in debt net of total cash balances).
    (4) Net leverage ratio: Ratio of debt net of total cash balances to adjusted LTM EBITDA including noncontrolling interests.

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