tenneco inc (TEN) Key Developments
Tenneco Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended Mar. 31, 2015; Provides Financial Guidance for the Second Quarter of Fiscal 2015; Reaffirms Revenue Guidance for Fiscal 2015
Apr 27 15
Tenneco Inc. reported unaudited consolidated financial results for the first quarter ended Mar. 31, 2015. The company reported first quarter net income attributable to the company of $49 million, or 80 cents per diluted share, compared with $46 million, or 75 cents per diluted share, in first quarter 2014. Excluding expenses for restructuring and tax adjustments, net income was $54 million, or 88 cents per diluted share, versus $56 million, or 91 cents per diluted share a year ago. Tenneco reported quarterly revenue of $2.023 billion. Excluding a negative currency impact of $160 million, revenue in the quarter was up 4% to $2.183 billion, driven by growth in both the Clean Air and Ride Performance businesses, with OE light vehicle revenue improving 5%, commercial truck and off-highway revenue up 1%, and aftermarket revenue increasing 4% versus last year. First quarter EBIT (earnings before interest, taxes and non-controlling interests) rose 6% to $120 million, versus $113 million last year. Adjusted EBIT for the first quarter rose to $125 million. The year-over-year EBIT comparison includes $8 million in unfavorable currency. Net sales and operating revenues were $2,023,000 against $2,094,000 for the same period of last year. Earnings before income taxes and non-controlling interests was $104,000 against $94,000 for the same period of last year. Net cash used by operating activities was $50,000 against $140,000 for the same period of last year. Cash payments for plant, property & equipment was $77,000 against $83,000 for the same period of last year. Cash payments for software-related intangible assets was $5,000 against $7,000 for the same period of last year.
Tenneco expects growth will continue to be driven by well-established structural growth drivers which include: Increasing global light vehicle industry production; Emissions regulations which require new content to meet more stringent requirements; Increased demand for MONROE Intelligent Suspension technologies; The growing global car parc, which the company serves with aftermarket brands. In the second quarter, global light vehicle industry production is expected to increase 3% in the regions where Tenneco operates. The company is well-positioned to leverage higher light vehicle volumes with its strong platform position with leading global OEMs. Tenneco also expects continued regulatory-driven, incremental content growth on commercial truck and off-highway programs to meet global emissions requirements, and a solid contribution from its global aftermarket business. Excluding currency, Tenneco anticipates total revenue growth of about 5% in the second quarter. Based on current exchange rates, the company anticipates a currency headwind in the second quarter of approximately 9%.
The company also reaffirms its full-year 2015 revenue guidance for total revenue growth of 5% to 8%, excluding currency.
Tenneco Inc. Reaffirms Earnings Guidance for the First Quarter of 2015; Reaffirms Tax Rate Guidance for 2015
Apr 20 15
Tenneco Inc. reaffirmed earnings guidance for the first quarter of 2015. The company is re-affirming its positive revenue growth in the first quarter, excluding currency, and providing additional financial information. The company is confirming that it expects first quarter total revenue, excluding the impact of currency, to increase about 4% versus first quarter 2014. Tenneco is expecting that its tax rate in the first quarter will be similar to the rate in first quarter 2014, which is higher than the company's full-year guidance.
However, the company still expects a 2015 full-year tax rate between 33% and 36%.
Tenneco Inc. to Supply New Ford Focus and Ford C-MAX with High Performance Suspension Technology
Apr 15 15
Tenneco Inc. announced that Ford has chosen Tenneco’s high-performance damper technology for its new Ford Focus and Ford C-MAX, both of which are built on Ford’s C-Car global platform. According to Ford, these latest launches introduce a number of advanced new technologies focused on enhanced comfort, safety and ride quality. Tenneco’s Multi-Tuned Valve (MTV) is a cost-effective twin tube valve system that provides a wide range of tuning options. MTV offers improved shock absorber performance and durability compared to conventional valves, and enables the optimum balance between body control and driver comfort. Tenneco’s MTV technology complements Ford’s Enhanced Transitional Stability system which debuts on the new Ford Focus.
Tenneco Inc. Provides Revenue Guidance for the Fiscal 2015
Apr 1 15
Tenneco Inc. provided revenue guidance for the fiscal 2015. For 2015, total revenue growth, the company is expecting 5% to 8%, excluding currency. CapEx guidance of 2015 of about $300 million to $320 million.
Tenneco Develops Gasoline Particulate Filter Technology for European Light Vehicles
Mar 31 15
Tenneco announced that it is leveraging its expertise in diesel particular filter technology to develop gasoline particulate filters for 2017 model year light vehicles. These filters are designed for gasoline direct injection (GDI) engines to reduce particulate emissions in compliance with the Euro 6c emissions regulation, which takes effect on September 1, 2017. GDI engines help improve fuel economy and therefore reduce CO2 emissions; however, they can have higher particulate emissions due to shorter fuel/air mixing times in the cylinder compared to multiport fuel injection engines. Advanced fuel injection strategies are currently used to control gasoline particulate emissions in-cylinder but they are designed for a particular emission test cycle and may be less effective under real driving conditions. Gasoline particulate filters effectively control particulate emissions under all operating conditions.