Tenneco Announces Organizational Changes

Tenneco Inc. (NYSE: TEN) today announced organizational changes that will align its businesses along product lines to support the company’s plans for revenue and earnings growth and its longer-term strategic vision. The company has established a Clean Air division, which includes Tenneco’s emissions control businesses, and a Ride Performance division, comprised of its ride control businesses.

These organizational shifts will help drive greater integration across regions and a more focused strategic approach for each product line, all designed to further drive growth and profit improvement opportunities unique to each business.

Neal Yanos, executive vice president, has been appointed to lead the Clean Air division and Josep Fornos, executive vice president, will lead the Ride Performance division. The appointments are effective immediately and both divisions will report to Hari Nair, chief operating officer. The South America, India and Asia Pacific regions will align strategically with the Clean Air and Ride Performance divisions and report operationally to Nair.

“Today’s announcement brings even greater focus on our product lines as we continue to execute distinct strategies for each business and drive profitable growth,” said Gregg Sherrill, chairman and CEO, Tenneco. “In Clean Air, Tenneco is well-positioned to build on our current light and commercial vehicle success and increase our focus on a broad range of regulatory-driven opportunities in other industries. I am equally excited about Ride Performance as we take a strategic approach that will unleash new opportunities by leveraging product cost and functionality leadership, commercializing advanced technologies and continuing to build on our leading aftermarket positions with our powerful brands.”

In line with the organizational changes announced today, the company’s financial reporting segments will change as noted in the attachments. Tenneco’s new reporting segments will now be comprised of the three current geographical segments split along product lines. The six new reporting segments are Clean Air North America; Clean Air Europe, South America and India; Clean Air Asia Pacific; Ride Performance North America; Ride Performance Europe, South America and India; and Ride Performance Asia Pacific.

Tenneco is hosting an investor meeting in New York today, February 14, beginning at 1:30 pm Eastern time. Senior management will review the company’s long-term strategic vision, business operations and revenue guidance. The webcast can be accessed by going to the financial/investor section of the company’s website at www.tenneco.com.

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 clean air and ride performance products and systems for automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco’s principal brand names are Monroe®, Walker® , XNOx™ and Clevite®Elastomer.

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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
10-Q SEGMENT DATA
Unaudited
(Millions)
                 
Q1 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 669 $ 460 $ 156 $ 317 $ 272 $ 38 $ - $ - $ 1,912
Intersegment revenues 4 30 - 2 14 8 - (58 ) -

EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure)
48 16 12 35 10 (2 ) (23 ) - 96
Total assets 1,037 808 396 570 625 185 - 30 3,651
 
Q2 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 671 $ 434 $ 169 $ 325 $ 276 $ 45 $ - $ - $ 1,920
Intersegment revenues 1 29 - 3 14 8 - (55 ) -
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 57 20 18 37 16 2 (13 ) - 137
Total assets 1,021 804 384 595 604 190 - 29 3,627
 
Q3 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 592 $ 414 $ 179 $ 299 $ 245 $ 49 $ - $ - $ 1,778
Intersegment revenues 1 21 - 3 11 7 - (43 ) -
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 48 7 20 35 10 3 (12 ) - 111
Total assets 1,069 820 401 617 582 202 - 11 3,702
 
Q4 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 574 $ 418 $ 190 $ 272 $ 248 $ 51 $ - $ - $ 1,753
Intersegment revenues - 21 1 2 14 7 - (45 ) -
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 49 11 21 15 5 2 (19 ) - 84
Total assets 1,028 725 435 592 600 202 - 24 3,606

We are a global manufacturer managed and organized along our two major product lines (emissions control and ride control) and three geographic areas (North America (“NA”); Europe, South America and India (“ESI”); and Asia Pacific (“AP”)), resulting in six operating segments (NA Clean Air, NA Ride Performance, ESI Clean Air, ESI Ride Performance, AP Clean Air and AP Ride Performance). Within each geographical area, each operating segment manufactures and distributes either ride control or emission control products primarily for the automotive industry. Each of the six operating segments constitutes a reportable segment. Costs related to other business activities, primarily corporate headquarter functions, are disclosed separately from the six operating segments. We evaluate segment performance based primarily on earnings before interest expense, income taxes, and noncontrolling interests. Products are transferred between segments and geographic areas on a basis intended to reflect as nearly as possible the “market value” of the products.
                 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
10-K SEGMENT DATA
Unaudited
(Millions)
 
FY 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 2,506 $ 1,726 $ 694 $ 1,213 $ 1,041 $ 183 $ - $ - $ 7,363
Intersegment revenues 6 101 1 10 53 30 - (201 ) -
Interest income - 1 1 - - - - - 2
Depreciation and amortization of intangibles 58 43 18 30 48 8 - - 205
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 202 54 71 122 41 5 (67 ) - 428
Total assets 1,028 725 435 592 600 202 - 24 3,606
Equity in net assets of unconsolidated affiliates - 8 - - - - - - 8
Expenditures for plant, property and equipment 76 56 40 46 32 13 - - 263
Noncash items other than depreciation and amortization 7 2 - 4 (2 ) - - - 11
 
FY 2011
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 2,288 $ 1,849 $ 624 $ 1,126 $ 1,164 $ 154 $ - $ - $ 7,205
Intersegment revenues 3 104 - 9 52 26 - (194 ) -
Interest income - 1 1 - 2 - - - 4
Depreciation and amortization of intangibles 60 47 16 30 45 9 - - 207
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 172 79 47 76 69 (6 ) (58 ) - 379
Total assets

902
719 386

517
607 181 - 25 3,337
Equity in net assets of unconsolidated affiliates - 9 - - - - - - 9
Expenditures for plant, property and equipment 49 55 24 39 40 11 - - 218
Noncash items other than depreciation and amortization 5 11 2 1 1 9 - - 29
 
FY 2010
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia Reclass
America SA & India Pacific America SA & India Pacific Other & Elims Total
 
Revenues from external customers $ 1,810 $ 1,473 $ 542 $ 1,011 $ 973 $ 128 $ - $ - $ 5,937
Intersegment revenues 3 89 1 8 59 27 - (187 ) -
Interest income - 1 1 - 2 - - - 4
Depreciation and amortization of intangibles 66 46 14 37 45 8 - - 216
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) 114 50 53 87 55 3 (81 ) - 281
Total assets

806
688 348

475
649 177 - 24 3,167
Equity in net assets of unconsolidated affiliates - 9 - - - - - - 9
Expenditures for plant, property and equipment 37 44 24 22 22 5 - - 154
Noncash items other than depreciation and amortization 3 6 - 1 - - - - 10
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)
Unaudited
(Millions)
       
Q1 2012
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 669 $ 277 $ 392
Europe, South America & India 460 153 307
Asia Pacific   156   26   130
Total Clean Air Division 1,285 456 829
 
Ride Performance Division
North America 317 - 317
Europe, South America & India 272 - 272
Asia Pacific   38   -   38
Total Ride Performance Division 627 - 627
 
Total Tenneco Inc. $ 1,912 $ 456 $ 1,456
 
Q2 2012
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 671 $ 269 $ 402
Europe, South America & India 434 137 297
Asia Pacific   169   23   146
Total Clean Air Division 1,274 429 845
 
Ride Performance Division
North America 325 - 325
Europe, South America & India 276 - 276
Asia Pacific   45   -   45
Total Ride Performance Division 646 - 646
 
Total Tenneco Inc. $ 1,920 $ 429 $ 1,491
 
Q3 2012
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 592 $ 227 $ 365
Europe, South America & India 414 139 275
Asia Pacific   179   20   159
Total Clean Air Division 1,185 386 799
 
Ride Performance Division
North America 299 - 299
Europe, South America & India 245 - 245
Asia Pacific   49   -   49
Total Ride Performance Division 593 - 593
 
Total Tenneco Inc. $ 1,778 $ 386 $ 1,392
 
Q4 2012        
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 574 $ 224 $ 350
Europe, South America & India 418 141 277
Asia Pacific   190   24   166
Total Clean Air Division 1,182 389 793
 
Ride Performance Division
North America 272 - 272
Europe, South America & India 248 - 248
Asia Pacific   51   -   51
Total Ride Performance Division 571 - 571
 
Total Tenneco Inc. $ 1,753 $ 389 $ 1,364
(1) Generally Accepted Accounting Principles
   
(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which 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 this factor. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)
Unaudited
(Millions)
       
FY 2012
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 2,506 $ 997 $ 1,509
Europe, South America & India 1,726 570 1,156
Asia Pacific   694   93   601
Total Clean Air Division 4,926 1,660 3,266
 
Ride Performance Division
North America 1,213 - 1,213
Europe, South America & India 1,041 - 1,041
Asia Pacific   183   -   183
Total Ride Performance Division 2,437 - 2,437
 
Total Tenneco Inc. $ 7,363 $ 1,660 $ 5,703
 
FY 2011
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 2,288 $ 971 $ 1,317
Europe, South America & India 1,849 597 1,252
Asia Pacific   624   110   514
Total Clean Air Division 4,761 1,678 3,083
 
Ride Performance Division
North America 1,126 - 1,126
Europe, South America & India 1,164 - 1,164
Asia Pacific   154   -   154
Total Ride Performance Division 2,444 - 2,444
 
Total Tenneco Inc. $ 7,205 $ 1,678 $ 5,527
 
FY 2010
Substrate Value-add
Revenues Sales Revenues
Clean Air Division
North America $ 1,810 $ 739 $ 1,071
Europe, South America & India 1,473 427 1,046
Asia Pacific   542   118   424
Total Clean Air Division 3,825 1,284 2,541
 
Ride Performance Division
North America 1,011 - 1,011
Europe, South America & India 973 - 973
Asia Pacific   128   -   128
Total Ride Performance Division 2,112 - 2,112
 
Total Tenneco Inc. $ 5,937 $ 1,284 $ 4,653
(1) Generally Accepted Accounting Principles
   
(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which 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 this factor. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP(1) TO NON-GAAP EARNINGS MEASURES(2)

Unaudited
(Millions)
               
Q1 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 48 $ 16 $ 12 $ 35 $ 10 $ (2 ) $ (23 ) $ 96
Restructuring and related expenses   -   -   -   -     1   -     -     1  
Adjusted EBIT $ 48 $ 16 $ 12 $ 35   $ 11 $ (2 ) $ (23 ) $ 97  
 
Q2 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 57 $ 20 $ 18 $ 37 $ 16 $ 2 $ (13 ) $ 137
Restructuring and related expenses   -   1   -   -     1   -     -     2  
Adjusted EBIT $ 57 $ 21 $ 18 $ 37   $ 17 $ 2   $ (13 ) $ 139  
 
Q3 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 48 $ 7 $ 20 $ 35 $ 10 $ 3 $ (12 ) $ 111
Restructuring and related expenses - 4 - - 3 - - 7
Pullman recoveries   -   -   -   (5 )   -   -     -     (5 )
Adjusted EBIT $ 48 $ 11 $ 20 $ 30   $ 13 $ 3   $ (12 ) $ 113  
 
Q4 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 49 $ 11 $ 21 $ 15 $ 5 $ 2 $ (19 ) $ 84
Restructuring and related expenses - 2 - 1 - - - 3
Asset impairment charge   -   -   -   -     7   -     -     7  
Adjusted EBIT $ 49 $ 13 $ 21 $ 16   $ 12 $ 2   $ (19 ) $ 94  
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP(1) TO NON-GAAP EARNINGS MEASURES(2)

Unaudited
(Millions)
               
FY 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 202 $ 54 $ 71 $ 122 $ 41 $ 5 $ (67 ) $ 428
Restructuring and related expenses - 7 - 1 5 - - 13
Asset impairment charge - - - - 7 - - 7
Pullman recoveries   -   -   -   (5 )   -   -     -     (5 )
Adjusted EBIT $ 202 $ 61 $ 71 $ 118   $ 53 $ 5   $ (67 ) $ 443  
 
FY 2011
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 172 $ 79 $ 47 $ 76 $ 69 $ (6 ) $ (58 ) $ 379
Restructuring and related expenses - 3 2 2 - 1 - 8
Goodwill impairment charge   -   -   1   -     -   10     -     11  
Adjusted EBIT $ 172 $ 82 $ 50 $ 78   $ 69 $ 5   $ (58 ) $ 398  
 
FY 2010
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT $ 114 $ 50 $ 53 $ 87 $ 55 $ 3 $ (81 ) $ 281
Restructuring and related expenses 3 3 1 11 - 1 - 19
Pension charge   4   -   -   2     -   -     -     6  
Adjusted EBIT $ 121 $ 53 $ 54 $ 100   $ 55 $ 4   $ (81 ) $ 306  
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES (2)

Unaudited
(Millions except percents)
                 
Q1 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 669 $ 460 $ 156 $ 317 $ 272 $ 38 $ - $ 1,912
 
Less: Substrate sales 277 153 26 - - - - 456
               
Value-add revenues $ 392   $ 307   $ 130   $ 317   $ 272   $ 38   $ -   $ 1,456  
 
EBIT $ 48 $ 16 $ 12 $ 35 $ 10 $ (2 ) $ (23 ) $ 96
 
EBIT as a % of revenue 7.2 % 3.5 % 7.7 % 11.0 % 3.7 % -5.3 % 5.0 %
EBIT as a % of value-add revenue 12.2 % 5.2 % 9.2 % 11.0 % 3.7 % -5.3 % 6.6 %
 
Adjusted EBIT $ 48 $ 16 $ 12 $ 35 $ 11 $ (2 ) $ (23 ) $ 97
 
Adjusted EBIT as a % of revenue 7.2 % 3.5 % 7.7 % 11.0 % 4.0 % -5.3 % 5.1 %
Adjusted EBIT as a % of value-add revenue 12.2 % 5.2 % 9.2 % 11.0 % 4.0 % -5.3 % 6.7 %
 
Q2 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 671 $ 434 $ 169 $ 325 $ 276 $ 45 $ - $ 1,920
 
Less: Substrate sales 269 137 23 - - - - 429
               
Value-add revenues $ 402   $ 297   $ 146   $ 325   $ 276   $ 45   $ -   $ 1,491  
 
EBIT $ 57 $ 20 $ 18 $ 37 $ 16 $ 2 $ (13 ) $ 137
 
EBIT as a % of revenue 8.5 % 4.6 % 10.7 % 11.4 % 5.8 % 4.4 % 7.1 %
EBIT as a % of value-add revenue 14.2 % 6.7 % 12.3 % 11.4 % 5.8 % 4.4 % 9.2 %
 
Adjusted EBIT $ 57 $ 21 $ 18 $ 37 $ 17 $ 2 $ (13 ) $ 139
 
Adjusted EBIT as a % of revenue 8.5 % 4.8 % 10.7 % 11.4 % 6.2 % 4.4 % 7.2 %
Adjusted EBIT as a % of value-add revenue 14.2 % 7.1 % 12.3 % 11.4 % 6.2 % 4.4 % 9.3 %
 
Q3 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 592 $ 414 $ 179 $ 299 $ 245 $ 49 $ - $ 1,778
 
Less: Substrate sales 227 139 20 - - - - 386
               
Value-add revenues $ 365   $ 275   $ 159   $ 299   $ 245   $ 49   $ -   $ 1,392  
 
EBIT $ 48 $ 7 $ 20 $ 35 $ 10 $ 3 $ (12 ) $ 111
 
EBIT as a % of revenue 8.1 % 1.7 % 11.2 % 11.7 % 4.1 % 6.1 % 6.2 %
EBIT as a % of value-add revenue 13.2 % 2.5 % 12.6 % 11.7 % 4.1 % 6.1 % 8.0 %
 
Adjusted EBIT $ 48 $ 11 $ 20 $ 30 $ 13 $ 3 $ (12 ) $ 113
 
Adjusted EBIT as a % of revenue 8.1 % 2.7 % 11.2 % 10.0 % 5.3 % 6.1 % 6.4 %
Adjusted EBIT as a % of value-add revenue 13.2 % 4.0 % 12.6 % 10.0 % 5.3 % 6.1 % 8.1 %
 
Q4 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 574 $ 418 $ 190 $ 272 $ 248 $ 51 $ - $ 1,753
 
Less: Substrate sales 224 141 24 - - - - 389
               
Value-add revenues $ 350   $ 277   $ 166   $ 272   $ 248   $ 51   $ -   $ 1,364  
 
EBIT $ 49 $ 11 $ 21 $ 15 $ 5 $ 2 $ (19 ) $ 84
 
EBIT as a % of revenue 8.5 % 2.6 % 11.1 % 5.5 % 2.0 % 3.9 % 4.8 %
EBIT as a % of value-add revenue 14.0 % 4.0 % 12.7 % 5.5 % 2.0 % 3.9 % 6.2 %
 
Adjusted EBIT $ 49 $ 13 $ 21 $ 16 $ 12 $ 2 $ (19 ) $ 94
 
Adjusted EBIT as a % of revenue 8.5 % 3.1 % 11.1 % 5.9 % 4.8 % 3.9 % 5.4 %
Adjusted EBIT as a % of value-add revenue 14.0 % 4.7 % 12.7 % 5.9 % 4.8 % 3.9 % 6.9 %
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect EBIT as a percent of both total revenues and 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES (2)

Unaudited
(Millions except percents)
                 
FY 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 2,506 $ 1,726 $ 694 $ 1,213 $ 1,041 $ 183 $ - $ 7,363
 
Less: Substrate sales 997 570 93 - - - - 1,660
               
Value-add revenues $ 1,509   $ 1,156   $ 601   $ 1,213   $ 1,041   $ 183   $ -   $ 5,703  
 
EBIT $ 202 $ 54 $ 71 $ 122 $ 41 $ 5 $ (67 ) $ 428
 
EBIT as a % of revenue 8.1 % 3.1 % 10.2 % 10.1 % 3.9 % 2.7 % 5.8 %
EBIT as a % of value-add revenue 13.4 % 4.7 % 11.8 % 10.1 % 3.9 % 2.7 % 7.5 %
 
Adjusted EBIT $ 202 $ 61 $ 71 $ 118 $ 53 $ 5 $ (67 ) $ 443
 
Adjusted EBIT as a % of revenue 8.1 % 3.5 % 10.2 % 9.7 % 5.1 % 2.7 % 6.0 %
Adjusted EBIT as a % of value-add revenue 13.4 % 5.3 % 11.8 % 9.7 % 5.1 % 2.7 % 7.8 %
 
FY 2011
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 2,288 $ 1,849 $ 624 $ 1,126 $ 1,164 $ 154 $ - $ 7,205
 
Less: Substrate sales 971 597 110 - - - - 1,678
               
Value-add revenues $ 1,317   $ 1,252   $ 514   $ 1,126   $ 1,164   $ 154   $ -   $ 5,527  
 
EBIT $ 172 $ 79 $ 47 $ 76 $ 69 $ (6 ) $ (58 ) $ 379
 
EBIT as a % of revenue 7.5 % 4.3 % 7.5 % 6.7 % 5.9 % -3.9 % 5.3 %
EBIT as a % of value-add revenue 13.1 % 6.3 % 9.1 % 6.7 % 5.9 % -3.9 % 6.9 %
 
Adjusted EBIT $ 172 $ 82 $ 50 $ 78 $ 69 $ 5 $ (58 ) $ 398
 
Adjusted EBIT as a % of revenue 7.5 % 4.4 % 8.0 % 6.9 % 5.9 % 3.2 % 5.5 %
Adjusted EBIT as a % of value-add revenue 13.1 % 6.5 % 9.7 % 6.9 % 5.9 % 3.2 % 7.2 %
 
FY 2010
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
Net sales and operating revenues $ 1,810 $ 1,473 $ 542 $ 1,011 $ 973 $ 128 $ - $ 5,937
 
Less: Substrate sales 739 427 118 - - - - 1,284
               
Value-add revenues $ 1,071   $ 1,046   $ 424   $ 1,011   $ 973   $ 128   $ -   $ 4,653  
 
EBIT $ 114 $ 50 $ 53 $ 87 $ 55 $ 3 $ (81 ) $ 281
 
EBIT as a % of revenue 6.3 % 3.4 % 9.8 % 8.6 % 5.7 % 2.3 % 4.7 %
EBIT as a % of value-add revenue 10.6 % 4.8 % 12.5 % 8.6 % 5.7 % 2.3 % 6.0 %
 
Adjusted EBIT $ 121 $ 53 $ 54 $ 100 $ 55 $ 4 $ (81 ) $ 306
 
Adjusted EBIT as a % of revenue 6.7 % 3.6 % 10.0 % 9.9 % 5.7 % 3.1 % 5.2 %
Adjusted EBIT as a % of value-add revenue 11.3 % 5.1 % 12.7 % 9.9 % 5.7 % 3.1 % 6.6 %
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect EBIT as a percent of both total revenues and 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP(1) EBIT TO EBITDA INCLUDING NONCONTROLLING INTERESTS (2)

Unaudited
(Millions)
                 
Q1 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 48 $ 16 $ 12 $ 35 $ 10 $ (2 ) $ (23 ) $ 96
 
Depreciation and amortization of other intangibles 14 11 4 7 11 2 - 49
               
Total EBITDA including noncontrolling interests (2) $ 62 $ 27 $ 16 $ 42 $ 21 $ -   $ (23 ) $ 145
 
Q2 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 57 $ 20 $ 18 $ 37 $ 16 $ 2 $ (13 ) $ 137
 
Depreciation and amortization of other intangibles 15 10 5 8 10 2 - 50
               
Total EBITDA including noncontrolling interests (2) $ 72 $ 30 $ 23 $ 45 $ 26 $ 4   $ (13 ) $ 187
 
Q3 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 48 $ 7 $ 20 $ 35 $ 10 $ 3 $ (12 ) $ 111
 
Depreciation and amortization of other intangibles 14 11 5 7 10 2 - 49
               
Total EBITDA including noncontrolling interests (2) $ 62 $ 18 $ 25 $ 42 $ 20 $ 5   $ (12 ) $ 160
 
Q4 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 49 $ 11 $ 21 $ 15 $ 5 $ 2 $ (19 ) $ 84
 
Depreciation and amortization of other intangibles 15 11 4 8 17 2 - 57
               
Total EBITDA including noncontrolling interests (2) $ 64 $ 22 $ 25 $ 23 $ 22 $ 4   $ (19 ) $ 141
(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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP(1) EBIT TO EBITDA INCLUDING NONCONTROLLING INTERESTS (2)

Unaudited
(Millions)
                 
FY 2012
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 202 $ 54 $ 71 $ 122 $ 41 $ 5 $ (67) $ 428
 
Depreciation and amortization of other intangibles 58 43 18 30 48 8 - 205
               
Total EBITDA including noncontrolling interests (2) $ 260 $ 97 $ 89 $ 152 $ 89 $ 13 $ (67) $ 633
 
FY 2011
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 172 $ 79 $ 47 $ 76 $ 69 $ (6) $ (58) $ 379
 
Depreciation and amortization of other intangibles 60 47 16 30 45 9 - 207
               
Total EBITDA including noncontrolling interests (2) $ 232 $ 126 $ 63 $ 106 $ 114 $ 3 $ (58) $ 586
 
FY 2010
Clean Air Division Ride Performance Division
North Europe, Asia North Europe, Asia
America SA & India Pacific America SA & India Pacific Other Total
EBIT, Earnings before interest expense, income taxes and noncontrolling interests (GAAP measure) $ 114 $ 50 $ 53 $ 87 $ 55 $ 3 $ (81) $ 281
 
Depreciation and amortization of other intangibles 66 46 14 37 45 8 - 216
               
Total EBITDA including noncontrolling interests (2) $ 180 $ 96 $ 67 $ 124 $ 100 $ 11 $ (81) $ 497
(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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)
Unaudited
(Millions)
           
Q1 2012
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 669 $ 277 $ 392 $ - $ 392
Europe, South America & India 460 153 307 (18 ) 325
Asia Pacific   156   26   130   (8 )   138
Total Clean Air Division 1,285 456 829 (26 ) 855
 
Ride Performance Division
North America 317 - 317 - 317
Europe, South America & India 272 - 272 (17 ) 289
Asia Pacific   38   -   38   -     38
Total Ride Performance Division 627 - 627 (17 ) 644
 
Total Tenneco Inc. $ 1,912 $ 456 $ 1,456 $ (43 ) $ 1,499
 
Q2 2012
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 671 $ 269 $ 402 $ - $ 402
Europe, South America & India 434 137 297 (47 ) 344
Asia Pacific   169   23   146   3     143
Total Clean Air Division 1,274 429 845 (44 ) 889
 
Ride Performance Division
North America 325 - 325 (2 ) 327
Europe, South America & India 276 - 276 (48 ) 324
Asia Pacific   45   -   45   (2 )   47
Total Ride Performance Division 646 - 646 (52 ) 698
 
Total Tenneco Inc. $ 1,920 $ 429 $ 1,491 $ (96 ) $ 1,587
 
Q3 2012
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 592 $ 227 $ 365 $ - $ 365
Europe, South America & India 414 139 275 (32 ) 307
Asia Pacific   179   20   159   1     158
Total Clean Air Division 1,185 386 799 (31 ) 830
 
Ride Performance Division
North America 299 - 299 1 298
Europe, South America & India 245 - 245 (40 ) 285
Asia Pacific   49   -   49   -     49
Total Ride Performance Division 593 - 593 (39 ) 632
 
Total Tenneco Inc. $ 1,778 $ 386 $ 1,392 $ (70 ) $ 1,462
 
Q4 2012
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 574 $ 224 $ 350 $ - $ 350
Europe, South America & India 418 141 277 (16 ) 293
Asia Pacific   190   24   166   4     162
Total Clean Air Division 1,182 389 793 (12 ) 805
 
Ride Performance Division
North America 272 - 272 1 271
Europe, South America & India 248 - 248 (15 ) 263
Asia Pacific   51   -   51   -     51
Total Ride Performance Division 571 - 571 (14 ) 585
 
Total Tenneco Inc. $ 1,753 $ 389 $ 1,364 $ (26 ) $ 1,390
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)
Unaudited
(Millions)
           
FY 2012
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 2,506 $ 997 $ 1,509 $ - $ 1,509
Europe, South America & India 1,726 570 1,156 (113) 1,269
Asia Pacific 694 93 601 - 601
Total Clean Air Division 4,926 1,660 3,266 (113) 3,379
 
Ride Performance Division
North America 1,213 - 1,213 - 1,213
Europe, South America & India 1,041 - 1,041 (120) 1,161
Asia Pacific 183 - 183 (2) 185
Total Ride Performance Division 2,437 - 2,437 (122) 2,559
 
Total Tenneco Inc. $ 7,363 $ 1,660 $ 5,703 $ (235) $ 5,938
 
FY 2011
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 2,288 $ 971 $ 1,317 $ - $ 1,317
Europe, South America & India 1,849 597 1,252 - 1,252
Asia Pacific 624 110 514 - 514
Total Clean Air Division 4,761 1,678 3,083 - 3,083
 
Ride Performance Division
North America 1,126 - 1,126 - 1,126
Europe, South America & India 1,164 - 1,164 - 1,164
Asia Pacific 154 - 154 - 154
Total Ride Performance Division 2,444 - 2,444 - 2,444
 
Total Tenneco Inc. $ 7,205 $ 1,678 $ 5,527 $ - $ 5,527
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues 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.
 
 
TENNECO INC.
CLEAN AIR AND RIDE PERFORMANCE DIVISIONS
RECONCILIATION OF GAAP (1) REVENUE TO NON-GAAP REVENUE MEASURES (2)
Unaudited
(Millions)
           
FY 2011
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 2,288 $ 971 $ 1,317 $ 3 $ 1,314
Europe, South America & India 1,849 597 1,252 60 1,192
Asia Pacific 624 110 514 29 485
Total Clean Air Division 4,761 1,678 3,083 92 2,991
 
Ride Performance Division
North America 1,126 - 1,126 9 1,117
Europe, South America & India 1,164 - 1,164 49 1,115
Asia Pacific 154 - 154 13 141
Total Ride Performance Division 2,444 - 2,444 71 2,373
 
Total Tenneco Inc. $ 7,205 $ 1,678 $ 5,527 $ 163 $ 5,364
 
FY 2010
Currency Value-add
Impact on Revenues
Substrate Value-add Value-add excluding
Revenues Sales Revenues Revenues Currency
Clean Air Division
North America $ 1,810 $ 739 $ 1,071 $ - $ 1,071
Europe, South America & India 1,473 427 1,046 - 1,046
Asia Pacific 542 118 424 - 424
Total Clean Air Division 3,825 1,284 2,541 - 2,541
 
Ride Performance Division
North America 1,011 - 1,011 - 1,011
Europe, South America & India 973 - 973 - 973
Asia Pacific 128 - 128 - 128
Total Ride Performance Division 2,112 - 2,112 - 2,112
 
Total Tenneco Inc. $ 5,937 $ 1,284 $ 4,653 $ - $ 4,653
(1) Generally Accepted Accounting Principles
 
(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues 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.

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX