Tenneco posts profit gains for Q4 and 2013
DETROIT -- Tenneco Inc., a supplier of ride-control and emissions-control systems, said its fourth-quarter adjusted net income rose 33 percent from a year earlier.
The company posted adjusted net income of $59 million, or 96 cents per diluted share, up from $40 million, or 66 cents per diluted share, last year, Tenneco said in a statement on Thursday.
The adjusted results beat analyst expectations by 13 cents per share. Revenue for the quarter rose 14 percent to $2 billion.
Fourth-quarter revenue from the clean-air division rose 13 percent over last year to $93 million because of increased light-vehicle production in North America, South America and China and revenue growth from commercial and light vehicles in Europe, the company said.
Revenue from the ride-performance division increased 53 percent from a year earlier to $46 million, mostly as a result of strong light-vehicle production in China.
"We delivered our highest-ever fourth quarter and full year revenue by capitalizing on stronger global light vehicle volumes, launching new light vehicle platforms and growing our commercial truck and off-highway business," Tenneco CEO Gregg Sherrill said in a statement. "Our solid operational performance drove greater profitability for the year with improvements in both the Clean Air and Ride Performance businesses."
Full-year net income improved 13 percent to $233 million while 2013 revenue was up 8 percent to a record $7.96 billion.
Tenneco, of Lake Forest, Ill., ranks No. 36 on Automotive News' list of the top 100 global suppliers, with worldwide parts sales to automakers of $6.1 billion in 2012.