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Tenneco Reports Third Quarter Financial Results

Tenneco Inc. (NYSE: TEN) reported third quarter net income of $125 million, or $2.05 per diluted share, which includes a benefit of $74 million, or $1.22 per diluted share, primarily related to the reversal of a U.S. tax valuation allowance. On an adjusted basis, net income rose to $52 million, or 85-cents per diluted share, compared with $42 million, or 67-cents per diluted share, a year ago.
 

Adjusted third quarter 2012 and 2011 results:

(millions except per share amounts)
 
  Q3 2012 Q3 2011
EBITDA*   EBIT  

Net incomeattributableto Tenneco Inc.
  Per Share EBITDA*   EBIT  

Net incomeattributable toTenneco Inc.
  Per Share
Earnings Measures $ 160 $ 111 $ 125 $ 2.05 $ 135 $ 84 $ 30 $ 0.49
 
Adjustments (reflect non-GAAP measures):
Restructuring and related expenses 7 7 4 0.07 4

4
3 0.05
Pullman recoveries (5 ) (5 ) (3 ) (0.05 )
Goodwill impairment charge - - - - 11 11 7 0.11
Net tax adjustments - - (74 ) (1.22 ) - - 2 0.02
               
Non-GAAP earnings measures $ 162   $ 113   $ 52   $ 0.85   $ 150 $ 99 $ 42 $ 0.67
 

*EBITDA including noncontrolling interests (EBIT before depreciation and amortization)

In addition to the information set forth above, the tables at the end of this press release reconcile GAAP results to non-GAAP results
 

Third quarter 2012 adjustments:
  • Restructuring and related expenses of $7 million pre-tax, or 7-cents per diluted share;
  • EBIT benefit of $5 million, or 5-cents per diluted share, from property recoveries related to transactions originated by The Pullman Company before being acquired by Tenneco in 1996;
  • Net tax benefit of $74 million, or $1.22 per diluted share, primarily related to the reversal of the tax valuation allowance on the company’s U.S. net operating loss position and recording a tax valuation allowance in Spain for tax credits that may not be utilized due to tax losses there.

Third quarter 2011 adjustments:
  • Restructuring and related expenses of $4 million pre-tax, or 5-cents per diluted share;
  • Non-cash goodwill impairment charge of $11 million pre-tax, or 11-cents per diluted share, related to the Australian operations;
  • Net tax charges of $2 million or 2-cents per diluted share, primarily related to tax adjustments based on filed tax returns.

Revenue

Total revenue in the quarter was $1.778 billion, compared with $1.773 billion in third quarter 2011. Revenue excluding substrate sales and currency increased 6% to $1.462 billion, versus $1.373 billion a year ago. The revenue increase was driven primarily by strong OE light vehicle production volumes in North America and China and incremental commercial vehicle revenue. In the third quarter, total OE commercial and specialty vehicle revenue increased 8% year-over-year to $184 million, and represented approximately 10% of total revenue.

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