tenneco inc (TEN) Key Developments
Tenneco Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Production and Revenue Guidance for the Fourth Quarter and Full Year 2015
Oct 23 15
Tenneco Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net sales and operating revenues of $2,025 million compared to $2,081 million a year ago. Earnings before interest expense, income taxes, and non-controlling interests were $100 million compared to $120 million a year ago. Net income attributable to the company was $52 million or $0.88 per diluted share compared to $78 million or $1.27 per diluted share a year ago. Net cash provided by operating activities was $106 million compared to $115 million a year ago. Cash payments for plant, property & equipment were $71 million compared to $95 million a year ago. Cash payments for software-related intangible assets were $5 million compared to $3 million a year ago. Third quarter EBIT (earnings before interest, taxes and no controlling interests) was $116 million, versus $140 million last year. Adjusted EBIT for the third quarter was $151 million, compared with $152 million a year ago. EBIT includes a year-over-year negative currency impact of $24 million.
For the nine months period, the company reported net sales and operating revenues of $6,178 million compared to $6,416 million a year ago. Earnings before interest expense, income taxes, and non-controlling interests were $342 million compared to $351 million a year ago. Net income attributable to the company was $179 million or $2.94 per diluted share compared to $205 million or $3.33 per diluted share a year ago. Net cash provided by operating activities was $188 million compared to $89 million a year ago. Capital expenditure was $217 million
Based on current global industry forecasts and sequential improvement in customer production schedules in China, and excluding currency, the company anticipates total fourth quarter revenue growth of 6%, resulting in full-year revenue growth of 5%. Global light vehicle industry production in the regions where Tenneco operates is expected to decrease 1% in the fourth quarter. The company is well-positioned to significantly outperform industry production with its balance across customers and platforms. The company expects an effective tax rate before adjustments of about 30%. Full year capital expenditures expected toward the lower end of previous guidance range of $300 million to $320 million.
Tenneco Inc. Presents at Gabelli & Company's 39th Annual Automotive Aftermarket Symposium 2015, Nov-02-2015 01:00 PM
Oct 1 15
Tenneco Inc. Presents at Gabelli & Company's 39th Annual Automotive Aftermarket Symposium 2015, Nov-02-2015 01:00 PM. Venue: Las Vegas, Nevada, United States. Speakers: Gregg M. Sherrill, Executive Chairman and Chief Executive Officer.
Tenneco Inc. Announces Executive Changes
Sep 30 15
Tenneco Inc. announced that Josep Fornos, executive vice president, Clean Air, has been appointed to the newly created role of executive vice president, enterprise business initiatives. This senior leadership role supports Tenneco’s cost leadership initiatives by centralizing the development and implementation planning around the ongoing optimization of the company’s engineering, manufacturing and integrated supply chain functions, particularly as it relates to emerging markets. The appointment is effective immediately. Henry Hummel succeeds Fornos, joining Tenneco as senior vice president and general manager, Clean Air. He will be responsible for leading Tenneco’s Clean Air business globally. Hummel joins Tenneco from GE Healthcare.
Tenneco Inc. Announces Launch of Two New Advanced Suspension Technologies
Sep 29 15
Tenneco Inc. has announced that it will launch two new advanced suspension technologies in its Monroe intelligent suspension portfolio in series production by the end of 2015. CVSA2, the newest generation of Tenneco's continuously variable semi-active suspension, will be launched on a luxury supercar, while Dual Mode adaptive shock absorbers will debut on a mid-sized performance road car. The Monroe Intelligent Suspension portfolio offers a range of systems that can be tailored to very specific OE customer requirements for ride, handling and comfort. It provides dynamic driving solutions for all vehicle segments from compact cars to supercars. Common to all technologies in the Monroe Intelligent Suspension portfolio are the intelligent shock absorbers. These act as a sixth sense, working constantly with the driver and the vehicle to adapt to the desired driving experience and road conditions to enhance driving pleasure and increase the feeling of security. CVSA2 is Tenneco's newest generation of lightweight semi-active dampers. It offers significant improvements in ride performance from single valve technology as each damper features two independent electro-hydraulic valves for the rebound and compression motions to provide an increased tuning range for even greater vehicle dynamics and higher comfort levels. Dual Mode is an adaptive suspension solution for the small and medium vehicle segments, offering drivers the choice of different suspension modes, a feature previously only available to the large and luxury vehicle segments. The switchable shock absorbers offer drivers a choice of suspension modes by using an intelligent valve that opens or closes to provide softer damping for improved comfort, or firmer damping for a more muscular ride. The success of CVSAe, Tenneco's first-generation semi-active suspension system has been launched on 37 vehicle models, which has provided the foundation for further growth in advanced suspension technologies. Tenneco is currently quoting applications for Dual Mode on four new compact and mid-sized vehicle platforms and a further five new applications for CVSA2 on luxury vehicles.
Tenneco Unveils New Generation of Electronically Controlled Valves
Sep 29 15
Tenneco has unveiled new generation of electronically controlled valves. The valves, which are designed to support low pressure exhaust gas recirculation (EGR) for diesel engines and acoustic tuning for gasoline engines, feature a unique new modular design which offers vehicle manufacturers custom flexibility and adaptability for any engine architecture. Tenneco's latest generation valve features a dynamic flap control designed to generate optimal pressure conditions for efficient EGR and also provides fail-safe operation. The actuator is interchangeable using a simple mounting concept without any loose interface components and the valve's flexible actuator orientation allows for simple installation in any engine control environment, without the need to change parts. The valve delivers important acoustical benefits as well. Whether during engine start or while idling, the flap minimizes internal leakage, which helps to optimize sound quality. The electronically controlled variable flap remains closed during normal driving conditions for a quieter ride and opens during harder acceleration, creating lower backpressure, higher attenuation and more engine power for maximum efficiency.