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Tenneco Reports Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: TEN

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    
Currency &
Q4 12

% Change vs.

Substrate % Change vs.

Q4 11

Sales     Q4 11
Asia $ 206 19 % $ 181 22 %
Australia 35 (3 %) 32 (6 %)
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.

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