EBIT for Europe, South America and India for the quarter was $9 million versus $28 million a year ago. Adjusted for restructuring and asset impairment charges, EBIT was $18 million versus $28 million. The adjusted EBIT decrease was driven by unfavorable currency of $4 million, a 7% decline in Europe OE light vehicle production, significantly lower aftermarket sales in Europe and the impact from underutilized capacity due to low industry production volumes.
|(millions except percents)||Q4 12|
% Change vs.
|Substrate||% Change vs.|
|Total Asia Pacific||$||241||15||%||$||213||17||%|
Reported and adjusted EBIT for Asia Pacific rose 50% to $21 million compared with $14 million in 2011. EBIT was driven by higher China OE volumes, Tenneco’s strong position on top-selling platforms and improved manufacturing efficiency with the ramp up at new plants. Higher OE volumes in Thailand and the benefit of restructuring and operating improvements in Australia also contributed to year-over-year EBIT improvement.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts