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TheStreet Open House

Tenneco Reports Fourth Quarter And Full-Year 2012 Financial Results

During the year, Tenneco completed a stock buyback plan, repurchasing 600,000 shares of its outstanding common stock for $18 million to offset dilution from shares issued to employees in 2012.

Debt

At December 31, 2012, Tenneco’s debt net of cash was $957 million, compared with $1.01 billion at the end of 2011. The company’s continued earnings improvement and strong cash generation resulted in a new all-time low net debt to adjusted EBITDA ratio of 1.5x.

Fourth quarter reporting segments

 

NORTH AMERICA

(millions except percents)           Q4 12    
Revenues
Excluding
Currency &
Q4 12 % Change vs. Substrate % Change vs.
Revenues     Q4 11 Sales     Q4 11
North America Original Equipment
Ride Control $ 156 7 % $ 155 6 %
Emission Control   526     (2 %)   302     5 %
Total North America Original Equipment 682 0 % 457 5 %
 
North America Aftermarket
Ride Control 116 3 % 116 3 %
Emission Control   48     (2 %)   48     (2 %)
Total North America Aftermarket 164 1 % 164 1 %
 
Total North America $ 846 0 % $ 621 4 %
 

North America EBIT increased to $54 million from $46 million one year ago. On an adjusted basis, EBIT rose 17% to $55 million from $47 million. EBIT performance was driven by leveraging volumes in both OE businesses, higher aftermarket sales, and effectively controlling operational costs.

 

EUROPE, SOUTH AMERICA, INDIA

(millions except percents)           Q4 12    
Revenues
Excluding
Currency &
Q4 12 % Change vs. Substrate % Change vs.
Revenues     Q4 11 Sales     Q4 11
Europe Original Equipment
Ride Control $ 115 (17 %) $ 119 (14 %)
Emission Control   338     (6 %)   225     (6 %)
Total Europe Original Equipment 453 (9 %) 344 (9 %)
 
Europe Aftermarket
Ride Control 47 (2 %) 48 0 %
Emission Control   25     (19 %)   26     (16 %)
Total Europe Aftermarket 72 (9 %) 74 (6 %)
 
South America & India 141 (7 %) 138 7 %
 
Total Europe, South America & India $ 666 (9 %) $ 556 (5 %)
 




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