LAKE FOREST, Ill. – Tenneco Inc. has reported record net income of $30 million, or 49 cents per diluted share, compared with a loss of $18 million, or 31 cents per diluted share, in the fourth quarter 2010. On an adjusted basis, net income also increased to $32 million, or 53 cents per diluted share, versus $19 million, or 31 cents per diluted share, a year ago.
“The double-digit increases in revenues and earnings demonstrate the balance in our growth strategy and set new performance benchmarks for Tenneco,” said Gregg Sherrill, chairman and CEO. “Our strong position on light vehicle platforms globally, higher aftermarket sales and technology-driven growth in the commercial vehicle segment, drove the significant revenue gain and delivered earnings growth, EBIT margin improvement and a stronger financial position.”
Total revenue in the quarter was $1.784 billion, up 13 percent from 2010, representing the company’s highest-ever fourth quarter revenue. Revenue excluding substrate sales and currency was $1.374 billion, a 13 percent year-over-year increase versus $1.215 billion. Higher OE light vehicle production volumes, incremental revenue from commercial vehicle launches and higher global aftermarket sales all contributed to strong revenue growth in the quarter. Revenue includes a $10 million unfavorable currency impact.
