Capital expenditures in the quarter were $77 million versus $80 million a year ago, primarily to support customer programs and growth in China and the North America emission control business.
FULL-YEAR 2012 RESULTS
Tenneco reported total annual revenue of $7.363 billion, up from $7.205 billion in 2011. Excluding substrate sales and the impact of currency, revenue increased 7% to $5.938 billion versus $5.527 billion the prior year. Higher light vehicle production in North America, China and India, strong aftermarket sales in North America, and incremental revenue from commercial vehicle business drove record-high revenue despite lower OE volumes and aftermarket sales in Europe and South America. Total OE commercial and specialty vehicle revenue increased 22% year-over-year to $804 million.
The company reported net income of $275 million, or $4.50 per diluted share, compared with net income of $157 million, or $2.55 per diluted share a year ago. Adjusted for the items in the table below, net income rose to $203 million, or $3.32 per diluted share, compared with $163 million, or $2.66 per diluted share, a year ago.For the year, Tenneco EBIT increased to $428 million from $379 million in 2011. Adjusted for the items below, EBIT was up 11% to $443 million versus $398 million a year ago. Earnings were driven by managing operational costs on higher year-over-year OE light vehicle volumes, efficient execution on the launch of commercial vehicle programs, and higher North American aftermarket volumes.
Adjusted 2012 and 2011 Results
|(millions except per share amounts)||2012||2011|
|Net income||Net income|
|attributable to||attributable to|
|EBITDA*||EBIT||Tenneco Inc.||Per Share||EBITDA*||EBIT||Tenneco Inc.||Per Share|
|Adjustments (reflects non-GAAP measures):|
|Restructuring and related expenses||13||13||8||0.14||8||8||5||0.09|
|Asset impairment charge||-||7||7||0.11||-||-||-||-|
|Goodwill impairment charge||-||-||-||-||11||11||7||0.11|
|Costs related to refinancing||-||-||12||0.19||-||-||1||0.01|
|Net tax adjustments||-||-||(96||)||(1.57||)||-||-||(7||)||(0.10||)|
|Non-GAAP earnings measures||$||641||$||443||$||203||$||3.32||$||605||$||398||$||163||$||2.66|
|* EBITDA including noncontrolling interests (EBIT before depreciation and amortization)|
In addition to the items set forth above, the tables at the end of this press release reconcile GAAP to non-GAAP results.
|EBIT as a percent of revenue||5.8%||5.3%|
|EBIT as a percent of value-add revenue||7.5%||6.9%|
|Adjusted EBIT as a percent of revenue||6.0%||5.5%|
|Adjusted EBIT as a percent of value-add revenue||7.8%||7.2%|