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Tenneco Reports Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: TEN

CONFERENCE CALL

The company will host a conference call on Thursday, January 31, 2013 at 9:00 a.m. ET. The dial-in number is 888-946-9420 (domestic) or 312-470-7418 (international). The passcode is TENNECO. The call and accompanying slides will be available on the financial section of the Tenneco web site at www.tenneco.com. A recording of the call will be available one hour following completion of the call on January 31, 2013, through February 28, 2013. To access this recording, dial 800-756-3941 (domestic) or 203-369-3592 (international). The purpose of the call is to discuss the company’s operations for the quarter, as well as other matters that may impact the company’s outlook. A copy of the press release is available on the financial and news sections of the Tenneco web site.

ANNUAL MEETING

The Tenneco Board of Directors has scheduled the corporation’s annual meeting of shareholders for Wednesday, May 15, 2013 at 10:00 a.m. CT. The meeting will be held at the corporate headquarters, 500 North Field Drive, Lake Forest, Illinois. The record date for shareholders eligible to vote at the meeting is March 18, 2013.

Tenneco is a $7.4 billion global manufacturing company with headquarters in Lake Forest, Illinois and more than 24,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker® and Clevite®Elastomer brand names.

This press release contains forward-looking statements. Words such as “may,” “expects,” “anticipate,” ”projects,” “will,” and “outlook” and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the company (including its subsidiaries). Because these forward-looking statements involve risks and uncertainties, the company's plans, actions and actual results could differ materially. Among the factors that could cause these plans, actions and results to differ materially from current expectations are:

(i) general economic, business and market conditions;

(ii) the company’s ability to source and procure needed materials, components and other products and services in accordance with customer demand and at competitive prices;

(iii) changes in capital availability or costs, including increases in the company's costs of borrowing (i.e., interest rate increases), the amount of the company's debt, the ability of the company to access capital markets at favorable rates, and the credit ratings of the company’s debt;

(iv) changes in consumer demand, prices and the company’s ability to have our products included on top selling vehicles, including any shifts in consumer preferences to lower margin vehicles, for which we may or may not have supply arrangements;

(v) changes in automotive and commercial vehicle manufacturers' production rates and their actual and forecasted requirements for the company's products such as the significant production cuts during recent years by automotive manufacturers in response to difficult economic conditions;

(vi) the overall highly competitive nature of the automobile and commercial vehicle parts industries, and any resultant inability to realize the sales represented by the company’s awarded book of business which is based on anticipated pricing and volumes over the life of the applicable program;

(vii) the loss of any of our large original equipment manufacturer (“OEM”) customers (on whom we depend for a substantial portion of our revenues), or the loss of market shares by these customers if we are unable to achieve increased sales to other OEMs or any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations;

(viii) workforce factors such as strikes or labor interruptions;

(ix) increases in the costs of raw materials, including the company’s ability to successfully reduce the impact of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery and other methods;

(x) the negative impact of higher fuel prices on transportation and logistics costs, raw material costs and discretionary purchases of vehicles or aftermarket products;

(xi) the cyclical nature of the global vehicular industry, including the performance of the global aftermarket sector and longer product lives of automobile parts;

(xii) the company's continued success in cost reduction and cash management programs and its ability to execute restructuring and other cost reduction plans and to realize anticipated benefits from these plans;

(xiii) product warranty costs;

(xiv) the cost and outcome of existing and any future legal proceedings;

(xv) economic, exchange rate and political conditions in the countries where we operate or sell our products;

(xvi) the company's ability to develop and profitably commercialize new products and technologies, and the acceptance of such new products and technologies by the company's customers and the market;

(xvii) changes by the Financial Accounting Standards Board or other accounting regulatory bodies to authoritative generally accepted accounting principles or policies;

(xviii) changes in accounting estimates and assumptions, including changes based on additional information;

(xix) governmental actions, including the ability to receive regulatory approvals and the timing of such approvals, as well as the impact of the enforcement of, changes to or compliance with laws and regulations, including those pertaining to environmental concerns, pensions or other regulated activities;

(xx) natural disasters, acts of war and/or terrorism and the impact of these occurrences or acts on economic, financial, industrial and social condition, including, without limitation, with respect to supply chains and customer demand in the countries where the company operates; and

(xxi) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances beyond the control of the company and its subsidiaries.

The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2011.

 
ATTACHMENT 1
TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF INCOME

Unaudited

THREE MONTHS ENDED DECEMBER 31,
(Millions except per share amounts)
   
 
2012 2011
Net sales and operating revenues $ 1,753   $ 1,784  

 

Costs and expenses
Cost of sales (exclusive of depreciation and amortization shown below) 1,474

(a)

1,514 (d)
Engineering, research and development 32 31
Selling, general and administrative 106 100
Depreciation and amortization of other intangibles

 

  57   (b)   51  
Total costs and expenses   1,669     1,696  
 
Loss on sale of receivables (1 ) (1 )
Other income (expense)   1     1  
Total other income (expense)   -     -  
 

 

Earnings before interest expense, income taxes, and noncontrolling interests

North America 54 (a) 46 (d)
Europe, South America & India 9 (a) (b) 28
Asia Pacific   21     14  
84 88
 
Interest expense (net of interest capitalized)   21     27  
Earnings before income taxes and noncontrolling interests 63 61
 
Income tax expense   22   (c)   23   (e)
Net income 41 38
 
Less: Net income attributable to noncontrolling interests   8     8  
Net income attributable to Tenneco Inc. $ 33   $ 30  
 
 
Weighted average common shares outstanding:
Basic   60.0     59.9  
Diluted   61.1     61.4  
 
Earnings per share of common stock:
Basic $ 0.55   $ 0.50  
Diluted $ 0.54   $ 0.49  
 

(a) Includes restructuring and related charges of $3 million pre-tax, $2 million after tax or $0.04 per diluted share, which is recorded in cost of sales. Geographically, $1 million is recorded in North America and $2 million in Europe, South America and India.

(b) Includes an asset impairment charge of $7 million or $0.11 per diluted share related to the European ride control business.
(c) Includes net tax benefits of $2 million or $0.03 per diluted share primarily related to recording adjustments to prior year estimates.
(d) Includes restructuring and related charges of $1 million pre-tax, less than $1 million after tax or $0.01 per diluted share, which is recorded in cost of sales in North America.
(e) Includes net tax charges of $2 million or $0.03 per diluted share primarily related to recording a valuation allowance against the foreign losses and withholding taxes on foreign dividends, mostly offset by adjustments to prior year estimates.
 

ATTACHMENT 1
TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF INCOME

Unaudited

TWELVE MONTHS ENDED DECEMBER 31,
(Millions except per share amounts)
 
  2012   2011
Net sales and operating revenues $ 7,363   $ 7,205  
 
Costs and expenses
Cost of sales (exclusive of depreciation and amortization shown below) 6,170 (a) 6,037 (f)
Goodwill impairment charge - 11 (g)
Engineering, research and development 126 133
Selling, general and administrative 427 (a) (c) 428
Depreciation and amortization of other intangibles   205   (b)   207  
Total costs and expenses   6,928     6,816  
 
Loss on sale of receivables (4 ) (5 )
Other income (expense)   (3 )   (5 )
Total other income (expense)   (7 )   (10 )
 

Earnings before interest expense, income taxes, and noncontrolling interests

North America 288 (a) (c) 216 (f)
Europe, South America & India 71 (a) (b) 125 (f)
Asia Pacific   69     38   (f) (g)
428 379
 
Interest expense (net of interest capitalized)   105   (d)   108   (h)
Earnings before income taxes and noncontrolling interests 323 271
 
Income tax expense   19   (e)   88   (i)
Net income 304 183
 
Less: Net income attributable to noncontrolling interests   29     26  
Net income attributable to Tenneco Inc. $ 275   $ 157  
 
 
Weighted average common shares outstanding:
Basic   60.0     59.9  
Diluted   61.1     61.5  
 
Earnings per share of common stock:
Basic $ 4.58   $ 2.62  
Diluted $ 4.50   $ 2.55  
 
(a) Includes restructuring and related charges of $13 million pre-tax, $8 million after tax or $0.14 per diluted share. Of the adjustment $10 million is recorded in cost of sales and $3 million is recorded in selling, general and administrative expenses. Geographically, $1 million is recorded in North America and $12 million in Europe, South America and India.
(b) Includes an asset impairment charge of $7 million or $0.11 per diluted share related to the European ride control business.
(c) Includes a benefit of $5 million pre-tax, $3 million after tax or 5-cents per diluted share, from property recoveries related to transactions originated by The Pullman Company before being acquired by Tenneco in 1996.
(d) Includes pre-tax expenses of $18 million, $12 million after tax or $0.19 per share for costs related to refinancing activities.
(e) Includes net tax benefits of $96 million or $1.57 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.
(f) Includes restructuring and related charges of $8 million pre-tax, $5 million after tax or $0.09 per diluted share, which is recorded in cost of sales. Geographically, $2 million is recorded in North America, $3 million in Europe, South America and India and $3 million in Asia Pacific.
(g) Represents Goodwill impairment charge recorded in Australia of $11 million pre-tax, $7 million after tax or $0.11 per diluted share.
(h) Includes pre-tax expenses of $1 million, $1 million after tax or $0.01 per share for costs related to refinancing activities.
(i) Includes net tax benefits of $7 million or $0.10 per diluted share primarily related to U.S. taxable income with no associated tax expense due to the company's net operating loss carryforward and adjustments to prior years' tax estimates, partially offset by the impact of recording a valuation allowance against the tax benefit for losses in certain foreign jurisdictions.
 

ATTACHMENT 1
TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
BALANCE SHEETS
(Unaudited)
(Millions)
       
December 31, 2012 December 31, 2011
 
Assets
 
Cash and cash equivalents $ 223 $ 214
 
Receivables, net 986 (a) 980 (a)
 
Inventories 667 592
 
Other current assets 244 193
 
Investments and other assets 364 311
 
Plant, property, and equipment, net   1,122   1,047
 
Total assets $ 3,606 $ 3,337
 
 
 
 
Liabilities and Shareholders' Equity
 
Short-term debt $ 113 $ 66
 
Accounts payable 1,186 1,171
 
Accrued taxes 50 44
 
Accrued interest 10 13
 
Other current liabilities 280 276
 
Long-term debt 1,067 (b) 1,158 (b)
 
Deferred income taxes 27 51
 
Deferred credits and other liabilities 567 503
 
Redeemable noncontrolling interests 15 12
 
Tenneco Inc. shareholders' equity 246 -
 
Noncontrolling interests   45   43
 

Total liabilities, redeemable noncontrolling interests and shareholders' equity

$ 3,606 $ 3,337
 
 
 
December 31, 2012 December 31, 2011
(a) Accounts Receivables net of:
Europe - Accounts receivables securitization programs $ 95 $ 121
 
December 31, 2012 December 31, 2011
(b) Long term debt composed of:
Borrowings against revolving credit facilities $ 92 $ 24
Term loan A (Due 2017) 241 -
Term loan B (Due 2016) - 148
8.125% senior notes (Due 2015) - 250
7.75% senior notes (Due 2018) 225 225
6.875% senior notes (Due 2020) 500 500
Other long term debt 9 11
   
$ 1,067 $ 1,158
 

ATTACHMENT 1
Tenneco Inc. and Consolidated Subsidiaries
Statements of Cash Flows
(Unaudited)
(Millions)
 
  Three Months Ended
December 31,
2012   2011
 
Operating activities:
Net income $ 41 $ 38

Adjustments to reconcile net income to net cash provided by operating activities -

Depreciation and amortization of other intangibles 57 51
Stock-based compensation 2 2
Deferred income taxes 29 (2 )
Loss on sale of assets 1 1
Changes in components of working capital-
(Inc.)/dec. in receivables 148 131
(Inc.)/dec. in inventories 9 21
(Inc.)/dec. in prepayments and other current assets 19 5
Inc./(dec.) in payables (24 ) (15 )
Inc./(dec.) in accrued taxes (30 ) -
Inc./(dec.) in accrued interest (4 ) (9 )
Inc./(dec.) in other current liabilities (5 ) (22 )
Changes in long-term assets (2 ) 3
Changes in long-term liabilities 3 (10 )
Other   -     7  
Net cash provided by operating activities 244 201
 
Investing activities:
Proceeds from sale of assets 1 -
Cash payments for plant, property & equipment (61 ) (68 )
Cash payments for software-related intangible assets   (3 )   (5 )
Net cash used by investing activities   (63 )   (73 )
 
Financing activities:
Retirement of long-term debt (5 ) (1 )
Net inc./(dec.) in bank overdrafts 3 -

Net inc./(dec.) in revolver borrowings and short-term debt excluding current maturities on long-term debt and short-term borrowings secured by accounts receivable

(150 ) (78 )
Net inc./(dec.) in short-term debt secured by accounts receivable (10 ) -
Distribution to noncontrolling interest partners   (2 )   -  
Net cash used by financing activities   (164 )   (79 )
 

Effect of foreign exchange rate changes on cash and cash equivalents

  (1 )   2  
 
Increase in cash and cash equivalents 16 51
Cash and cash equivalents, October 1   207     163  
Cash and cash equivalents, December 31 $ 223   $ 214  
 
Supplemental Cash Flow Information
Cash paid during the period for interest (net of interest capitalized) $ 25 $ 35
Cash paid during the period for income taxes (net of refunds) 26 27
 
Non-cash Investing and Financing Activities
Period ended balance of payables for plant, property, and equipment $ 42 $ 35
 

ATTACHMENT 1
Tenneco Inc. and Consolidated Subsidiaries
Statements of Cash Flows
(Unaudited)
(Millions)
 
  Twelve Months Ended
December 31,
2012   2011
 
Operating activities:
Net income 304 183

Adjustments to reconcile net income to net cash provided by operating activities -

Goodwill impairment charge - 11
Depreciation and amortization of other intangibles 205 207
Stock-based compensation 11 8
Deferred income taxes (65 ) (5 )
Loss on sale of assets 4 4
Changes in components of working capital-
(Inc.)/dec. in receivables (9 ) (183 )
(Inc.)/dec. in inventories (72 ) (64 )
(Inc.)/dec. in prepayments and other current assets (21 ) (13 )
Inc./(dec.) in payables 12 144
Inc./(dec.) in accrued taxes 7 (7 )
Inc./(dec.) in accrued interest (3 ) -
Inc./(dec.) in other current liabilities 10 (7 )
Changes in long-term assets 14 1
Changes in long-term liabilities (32 ) (41 )
Other   5     7  
Net cash provided by operating activities 370 245
 
Investing activities:
Proceeds from sale of assets 3 4
Cash payments for plant, property & equipment (256 ) (213 )
Cash payments for software-related intangible assets (13 ) (15 )
Cash payment for net assets purchased   (7 )   -  
Net cash used by investing activities   (273 )   (224 )
 
Financing activities:
Purchase of common stock under the share repurchase program (18 ) (16 )
Issuance of long-term debt 250 5
Debt issuance costs on long-term debt (13 ) (1 )
Retirement of long-term debt (411 ) (24 )
Net inc./(dec.) in bank overdrafts 5 3

Net inc./(dec.) in revolver borrowings and short-term debt excluding current maturities on long-term debt and short-term borrowings secured by accounts receivable

67 30
Net inc./(dec.) in short-term debt secured by accounts receivable 50 -
Capital contribution from noncontrolling interest partner 5 1
Purchase of additional noncontrolling equity interest - (4 )
Distribution to noncontrolling interest partners   (29 )   (20 )
Net cash used by financing activities   (94 )   (26 )
 

Effect of foreign exchange rate changes on cash and cash equivalents

  6     (14 )
 
Increase (Decrease) in cash and cash equivalents 9 (19 )
Cash and cash equivalents, January 1   214     233  
Cash and cash equivalents, December 31 $ 223   $ 214  
 
Supplemental Cash Flow Information
Cash paid during the period for interest (net of interest capitalized) $ 100 $ 106
Cash paid during the period for income taxes (net of refunds) 80 85
 
Non-cash Investing and Financing Activities
Period ended balance of payables for plant, property, and equipment $ 42 $ 35
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) NET INCOME TO EBITDA INCLUDING NONCONTROLLING INTERESTS (2)

Unaudited

(Millions)
 
  Q4 2012
North   Europe,   Asia  
America SA & India Pacific Total
Net income attributable to Tenneco Inc. $ 33
 
Net income attributable to noncontrolling interests   8
 
Net income 41
 
Income tax expense 22
 
Interest expense (net of interest capitalized)   21
 
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 54 $ 9 $ 21 84
 
Depreciation and amortization of other intangibles   24   27   6   57
 
Total EBITDA including noncontrolling interests (2) $ 78 $ 36 $ 27 $ 141
 
 
Q4 2011
North Europe, Asia
America SA & India Pacific Total
Net income attributable to Tenneco Inc. $ 30
 
Net income attributable to noncontrolling interests   8
 
Net income 38
 
Income tax expense 23
 
Interest expense (net of interest capitalized)   27
 
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 46 $ 28 $ 14 88
 
Depreciation and amortization of other intangibles   24   21   6   51
 
Total EBITDA including noncontrolling interests (2) $ 70 $ 49 $ 20 $ 139
 
(1) Generally Accepted Accounting Principles
 

(2) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization.  EBITDA including noncontrolling interests is not a calculation based upon generally accepted accounting principles.  The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data.  In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to Tenneco Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity.  Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance.  In addition, Tenneco believes its investors utilize and analyze our EBITDA including noncontrolling interests for similar purposes.  Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) TO NON-GAAP EARNINGS MEASURES (2)

Unaudited

(Millions except per share amounts)
 
  Q4 2012   Q4 2011
    Net income       Net income  
attributable to attributable to

EBITDA (3)

EBIT Tenneco Inc. Per Share

EBITDA (3)

EBIT Tenneco Inc. Per Share
Earnings Measures $ 141 $ 84 $ 33 $ 0.54 $ 139 $ 88 $ 30 $ 0.49
 
Adjustments (reflect non-GAAP measures):
Restructuring and related expenses 3 3 2 0.04 1 1 - 0.01
Asset impairment charge (4) - 7 7 0.11 - - - -
Net tax adjustments - - (2 ) (0.03 ) - - 2 0.03
               
Non-GAAP earnings measures $ 144 $ 94 $ 40   $ 0.66   $ 140 $ 89 $ 32 $ 0.53
 
 
Q4 2012
North Europe, Asia
America SA & India Pacific Total
EBIT $ 54 $ 9 $ 21 $ 84
Restructuring and related expenses 1 2 - 3
Asset impairment charge (4)   -   7   -   7
Adjusted EBIT $ 55 $ 18 $ 21 $ 94
 
 
Q4 2011
North Europe, Asia
America SA & India Pacific Total
EBIT $ 46 28 $ 14 $ 88
Restructuring and related expenses   1   -   -   1
Adjusted EBIT $ 47 $ 28 $ 14 $ 89
 
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results for the fourth quarters of 2012 and 2011 in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.
 
(3) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon generally accepted accounting principles. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to Tenneco Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance. In addition, Tenneco believes its investors utilize and analyze our EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.
 

(4) Non-cash asset impairment charge related to the European ride control business.

 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) NET INCOME TO EBITDA INCLUDING NONCONTROLLING INTERESTS (2)

Unaudited

(Millions)
 
  YTD 2012
North   Europe,   Asia  
America SA & India Pacific Total
Net income attributable to Tenneco Inc. $ 275
 
Net income attributable to noncontrolling interests 29
 
Net income 304
 
Income tax expense 19
 
Interest expense (net of interest capitalized) 105
 
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 288 $ 71 $ 69 428
 
Depreciation and amortization of other intangibles 91 89 25 205
 
Total EBITDA including noncontrolling interests (2) $ 379 $ 160 $ 94 $ 633
 
 
YTD 2011
North Europe, Asia
America SA & India Pacific Total
Net income attributable to Tenneco Inc. $ 157
 
Net income attributable to noncontrolling interests 26
 
Net income 183
 
Income tax expense 88
 
Interest expense (net of interest capitalized) 108
 
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 216 $ 125 $ 38 379
 
Depreciation and amortization of other intangibles 95 88 24 207
 
Total EBITDA including noncontrolling interests (2) $ 311 $ 213 $ 62 $ 586
 
(1) Generally Accepted Accounting Principles
 
(2) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon generally accepted accounting principles. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to Tenneco Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance. In addition, Tenneco believes its investors utilize and analyze our EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) TO NON-GAAP EARNINGS MEASURES (2)

Unaudited

(Millions except per share amounts)
 
  YTD 2012   YTD 2011
    Net income       Net income  
attributable to attributable to

EBITDA (3)

EBIT Tenneco Inc. Per Share

EBITDA (3)

EBIT Tenneco Inc. Per Share
Earnings Measures $ 633 $ 428 $ 275 $ 4.50 $ 586 $ 379 $ 157 $ 2.55
 
Adjustments (reflect non-GAAP measures):
Restructuring and related expenses 13 13 8 0.14 8 8 5 0.09
Asset impairment charge (4) - 7 7 0.11 - - - -
Pullman recoveries (5) (5 ) (5 ) (3 ) (0.05 ) - - - -
Goodwill impairment charge (6) - - - - 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  
 
 
YTD 2012
North Europe, Asia
America SA & India Pacific Total
EBIT $ 288 $ 71 $ 69 $ 428
Restructuring and related expenses 1 12 - 13
Asset impairment charge (4) - 7 - 7
Pullman recoveries (5)   (5 )   -   -     (5 )
Adjusted EBIT $ 284   $ 90 $ 69   $ 443  
 
 
YTD 2011
North Europe, Asia
America SA & India Pacific Total
EBIT $ 216 125 $ 38 $ 379
Restructuring and related expenses 2 3 3 8
Goodwill impairment charge (6)   -     -   11     11  
Adjusted EBIT $ 218   $ 128 $ 52   $ 398  
 
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results for 2012 and 2011 in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.
 
(3) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon generally accepted accounting principles. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to Tenneco Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance. In addition, Tenneco believes its investors utilize and analyze our EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.
 

(4) Non-cash asset impairment charge related to the European ride control business.

 

(5) Benefit from property recoveries related to transactions originated by the Pullman company before being acquired by Tenneco in 1996.

 

(6) Non-cash asset impairment charge related to goodwill for Australia.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)

Unaudited

(Millions)
 
  Q4 2012
      Substrate   Revenues
Sales Excluding
Revenues Excluding Currency
Currency Excluding Currency and Substrate
Revenues Impact Currency Impact Sales
North America Original Equipment
Ride Control $ 156 $ 1 $ 155 $ - $ 155
Emission Control   526   -     526   224   302
Total North America Original Equipment 682 1 681 224 457
 
North America Aftermarket
Ride Control 116 - 116 - 116
Emission Control   48   -     48   -   48
Total North America Aftermarket 164 - 164 - 164
 
Total North America 846 1 845 224 621
 
Europe Original Equipment
Ride Control 115 (4 ) 119 - 119
Emission Control   338   (12 )   350   125   225
Total Europe Original Equipment 453 (16 ) 469 125 344
 
Europe Aftermarket
Ride Control 47 (1 ) 48 - 48
Emission Control   25   (1 )   26   -   26
Total Europe Aftermarket 72 (2 ) 74 - 74
 
South America & India 141 (18 ) 159 21 138
 
Total Europe, South America & India 666 (36 ) 702 146 556
 
Asia 206 4 202 21 181
 
Australia   35   -     35   3   32
 
Total Asia Pacific 241 4 237 24 213
 
Total Tenneco Inc. $ 1,753 $ (31 ) $ 1,784 $ 394 $ 1,390
 
 
Q4 2011
Substrate Revenues
Sales Excluding
Revenues Excluding Currency
Currency Excluding Currency and Substrate
Revenues Impact Currency Impact Sales
North America Original Equipment
Ride Control $ 146 $ - $ 146 $ - $ 146
Emission Control   539   -     539   251   288
Total North America Original Equipment 685 - 685 251 434
 
North America Aftermarket
Ride Control 113 - 113 - 113
Emission Control   49   -     49   -   49
Total North America Aftermarket 162 - 162 - 162
 
Total North America 847 - 847 251 596
 
Europe Original Equipment
Ride Control 139 - 139 - 139
Emission Control   359   -     359   120   239
Total Europe Original Equipment 498 - 498 120 378
 
Europe Aftermarket
Ride Control 48 - 48 - 48
Emission Control   31   -     31   -   31
Total Europe Aftermarket 79 - 79 - 79
 
South America & India 151 - 151 22 129
 
Total Europe, South America & India 728 - 728 142 586
 
Asia 173 - 173 25 148
 
Australia   36   -     36   2   34
 
Total Asia Pacific 209 - 209 27 182
 
Total Tenneco Inc. $ 1,784 $ -   $ 1,784 $ 420 $ 1,364
 
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect the trend in the company's sales, in various product lines and geographical regions, separately from the effects of doing business in currencies other than the U.S. dollar. Additionally, substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before these factors. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)

Unaudited

(Millions)
 
  YTD 2012
      Substrate   Revenues
Sales Excluding
Revenues Excluding Currency
Currency Excluding Currency and Substrate
Revenues Impact Currency Impact Sales
North America Original Equipment
Ride Control $ 660 $ (1 ) $ 661 $ - $ 661
Emission Control   2,297   -     2,297   997   1,300
Total North America Original Equipment 2,957 (1 ) 2,958 997 1,961
 
North America Aftermarket
Ride Control 553 1 552 - 552
Emission Control   209   -     209   -   209
Total North America Aftermarket 762 1 761 - 761
 
Total North America 3,719 - 3,719 997 2,722
 
Europe Original Equipment
Ride Control 496 (43 ) 539 - 539
Emission Control   1,398   (125 )   1,523   534   989
Total Europe Original Equipment 1,894 (168 ) 2,062 534 1,528
 
Europe Aftermarket
Ride Control 197 (20 ) 217 - 217
Emission Control   106   (9 )   115   -   115
Total Europe Aftermarket 303 (29 ) 332 - 332
 
South America & India 570 (89 ) 659 89 570
 
Total Europe, South America & India 2,767 (286 ) 3,053 623 2,430
 
Asia 724 2 722 80 642
 
Australia   153   (2 )   155   11   144
 
Total Asia Pacific 877 - 877 91 786
 
Total Tenneco Inc. $ 7,363 $ (286 ) $ 7,649 $ 1,711 $ 5,938
 
 
YTD 2011
Substrate Revenues
Sales Excluding
Revenues Excluding Currency
Currency Excluding Currency and Substrate
Revenues Impact Currency Impact Sales
North America Original Equipment
Ride Control $ 608 $ - $ 608 $ - $ 608
Emission Control   2,085   -     2,085   971   1,114
Total North America Original Equipment 2,693 - 2,693 971 1,722
 
North America Aftermarket
Ride Control 518 - 518 - 518
Emission Control   203   -     203   -   203
Total North America Aftermarket 721 - 721 - 721
 
Total North America 3,414 - 3,414 971 2,443
 
Europe Original Equipment
Ride Control 567 - 567 - 567
Emission Control   1,455   -     1,455   494   961
Total Europe Original Equipment 2,022 - 2,022 494 1,528
 
Europe Aftermarket
Ride Control 219 - 219 - 219
Emission Control   140   -     140   -   140
Total Europe Aftermarket 359 - 359 - 359
 
South America & India 632 - 632 103 529
 
Total Europe, South America & India 3,013 - 3,013 597 2,416
 
Asia 618 - 618 98 520
 
Australia   160   -     160   12   148
 
Total Asia Pacific 778 - 778 110 668
 
Total Tenneco Inc. $ 7,205 $ -   $ 7,205 $ 1,678 $ 5,527
 
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect the trend in the company's sales, in various product lines and geographical regions, separately from the effects of doing business in currencies other than the U.S. dollar. Additionally, substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before these factors. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.
 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP REVENUE TO NON-GAAP REVENUE MEASURES

Unaudited

(Millions except percents)
 
  Q4 2012 vs. Q4 2011 $ Change and % Change Increase (Decrease)
    Revenues  
Excluding
Currency and
Revenues % Change Substrate Sales   % Change
North America Original Equipment
Ride Control $ 10 7 % $ 9 6 %
Emission Control   (13 ) (2 %)   14   5 %
Total North America Original Equipment (3 ) 0 % 23 5 %
 

North America Aftermarket

Ride Control 3 3 % 3 3 %
Emission Control   (1 ) (2 %)   (1 ) (2 %)
Total North America Aftermarket 2 1 % 2 1 %
 
Total North America (1 ) 0 % 25 4 %
 

Europe Original Equipment

Ride Control (24 ) (17 %) (20 ) (14 %)
Emission Control   (21 ) (6 %)   (14 ) (6 %)
Total Europe Original Equipment (45 ) (9 %) (34 ) (9 %)
 

Europe Aftermarket

Ride Control (1 ) (2 %) - 0 %
Emission Control   (6 ) (19 %)   (5 ) (16 %)
Total Europe Aftermarket (7 ) (9 %) (5 ) (6 %)
 
South America & India (10 ) (7 %) 9 7 %
 
Total Europe, South America & India (62 ) (9 %) (30 ) (5 %)
 
Asia 33 19 % 33 22 %
 
Australia (1 ) (3 %) (2 ) (6 %)
       
Total Asia Pacific 32 15 % 31 17 %
 
Total Tenneco Inc. $ (31 ) (2 %) $ 26   2 %
 
 
 
YTD Q4 2012 vs. YTD Q4 2011 $ Change and % Change Increase (Decrease)
Revenues
Excluding
Currency and
Revenues % Change Substrate Sales   % Change
North America Original Equipment
Ride Control $ 52 9 % $ 53 9 %
Emission Control   212   10 %   186   17 %
Total North America Original Equipment 264 10 % 239 14 %
 

North America Aftermarket

Ride Control 35 7 % 34 7 %
Emission Control   6   3 %   6   3 %
Total North America Aftermarket 41 6 % 40 6 %
 

Total North America

305 9 % 279 11 %
 

Europe Original Equipment

Ride Control (71 ) (13 %) (28 ) (5 %)
Emission Control   (57 ) (4 %)   28   3 %
Total Europe Original Equipment (128 ) (6 %) - 0 %
 

Europe Aftermarket

Ride Control (22 ) (10 %) (2 ) (1 %)
Emission Control   (34 ) (24 %)   (25 ) (18 %)
Total Europe Aftermarket (56 ) (16 %) (27 ) (8 %)
 
South America & India (62 ) (10 %) 41 8 %
 
Total Europe, South America & India (246 ) (8 %) 14 1 %
 
Asia 106 17 % 122 23 %
 
Australia (7 ) (4 %) (4 ) (3 %)
       
Total Asia Pacific 99 13 % 118 18 %
 
Total Tenneco Inc. $ 158   2 % $ 411   7 %
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF NON-GAAP MEASURES
Debt net of cash / Adjusted LTM EBITDA including noncontrolling interests

Unaudited

(Millions except ratios)
 
  Quarter Ended December 31,
     
2012 2011
 
Total debt $ 1,180 $ 1,224
 
Cash and cash equivalents 223 214
   
Debt net of cash balances (1) $ 957 $ 1,010
 
 
Adjusted LTM EBITDA including noncontrolling interests (2) (3) $ 641 $ 605
 
Ratio of debt net of cash balances to adjusted LTM EBITDA including noncontrolling interests (4) 1.5x 1.7x
 
(1) Tenneco presents debt net of cash balances because management believes it is a useful measure of Tenneco's credit position and progress toward reducing leverage. The calculation is limited in that the company may not always be able to use cash to repay debt on a dollar-for- dollar basis.
 
(2) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon generally accepted accounting principles. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to Tenneco Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance. In addition, Tenneco believes its investors utilize and analyze our EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.
 
(3) Adjusted EBITDA including noncontrolling interests is presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between the periods. Similar adjustments to EBITDA including noncontrolling interests have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.
 
(4) Tenneco presents the above reconciliation of the ratio of debt net of cash to annual adjusted EBITDA including noncontrolling interests to show trends that investors may find useful in understanding the company's ability to service its debt. For purposes of this calculation, annual adjusted EBITDA including noncontrolling interests is used as an indicator of the company's performance and debt net of cash is presented as an indicator of our credit position and progress toward reducing our financial leverage. This reconciliation is provided as supplemental information and not intended to replace the company's existing covenant ratios or any other financial measures that investors may find useful in describing the company's financial position. See notes (1), (2) and (3) for a description of the limitations of using debt net of cash, EBITDA including noncontrolling interests and adjusted EBITDA including noncontrolling interests.
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES

Unaudited

(Millions)
 
  Three Months Ended December 31,
 
2012 2011
 
Original equipment revenues $ 1,470 $ 1,488
 
Aftermarket revenues   283   296
 
Net sales and operating revenues $ 1,753 $ 1,784
 
 
Twelve Months Ended December 31,
 
2012 2011
 
Original equipment revenues $ 6,101 $ 5,910
 
Aftermarket revenues   1,262   1,295
 
Net sales and operating revenues $ 7,363 $ 7,205
 
(1) Generally Accepted Accounting Principles
 

ATTACHMENT 2

TENNECO INC.
RECONCILIATION OF GAAP (1) REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES (2)

Unaudited

(Millions except percents)
 
  Q4 2012   Q4 2011
North   Europe,   Asia   North   Europe,   Asia  
America SA & India Pacific Total America SA & India Pacific Total
Net sales and operating revenues $ 846 $ 666 $ 241 $ 1,753 $ 847 $ 728 $ 209 $ 1,784
 
Less: Substrate sales 224 141 24 389 251 142 27 420
               
Value-add revenues $ 622 $ 525 $ 217 $ 1,364 $ 596 $ 586 $ 182 $ 1,364
 
EBIT $ 54 $ 9 $ 21 $ 84 $ 46 $ 28 $ 14 $ 88
 
EBIT as a % of revenue 6.4 % 1.4 % 8.7 % 4.8 % 5.4 % 3.8 % 6.7 % 4.9 %
EBIT as a % of value-add revenue 8.7 % 1.7 % 9.7 % 6.2 % 7.7 % 4.8 % 7.7 % 6.5 %
 
Adjusted EBIT $ 55 $ 18 $ 21 $ 94 $ 47 $ 28 $ 14 $ 89
 
Adjusted EBIT as a % of revenue 6.5 % 2.7 % 8.7 % 5.4 % 5.5 % 3.8 % 6.7 % 5.0 %
Adjusted EBIT as a % of value-add revenue 8.8 % 3.4 % 9.7 % 6.9 % 7.9 % 4.8 % 7.7 % 6.5 %
 
 
YTD 2012 YTD 2011
North Europe, Asia North Europe, Asia
America SA & India Pacific Total America SA & India Pacific Total
Net sales and operating revenues $ 3,719 $ 2,767 $ 877 $ 7,363 $ 3,414 $ 3,013 $ 778 $ 7,205
 
Less: Substrate sales 997 570 93 1,660 971 597 110 1,678
               
Value-add revenues $ 2,722 $ 2,197 $ 784 $ 5,703 $ 2,443 $ 2,416 $ 668 $ 5,527
 
EBIT $ 288 $ 71 $ 69 $ 428 $ 216 $ 125 $ 38 $ 379
 
EBIT as a % of revenue 7.7 % 2.6 % 7.9 % 5.8 % 6.3 % 4.1 % 4.9 % 5.3 %
EBIT as a % of value-add revenue 10.6 % 3.2 % 8.8 % 7.5 % 8.8 % 5.2 % 5.7 % 6.9 %
 
Adjusted EBIT $ 284 $ 90 $ 69 $ 443 $ 218 $ 128 $ 52 $ 398
 
Adjusted EBIT as a % of revenue 7.6 % 3.3 % 7.9 % 6.0 % 6.4 % 4.2 % 6.7 % 5.5 %
Adjusted EBIT as a % of value-add revenue 10.4 % 4.1 % 8.8 % 7.8 % 8.9 % 5.3 % 7.8 % 7.2 %
 
(1) Generally Accepted Accounting Principles

 

(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues. Substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Further, presenting EBIT as a percent of value-add revenue assists investors in evaluating our company's operational performance without the impact of such substrate sales.

 




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