The BRAKE Report
  • Home
  • News
    • Automotive
    • Commercial Vehicle
    • Motorcycle/ATV
    • Motorsports
    • Rail
    • Other
  • Interviews
    • Coffee Brake
    • Leadership Spotlight
  • Technical Articles
  • Test Drives
  • Brake Careers
  • Sponsors
  • Subscribe
Saturday, April 10
  • About
  • Contact
  • Sponsorship Guide
Facebook Twitter Instagram YouTube LinkedIn
The BRAKE Report
  • Home
  • News
    • Automotive
    • Commercial Vehicle
    • Motorcycle/ATV
    • Motorsports
    • Rail
    • Other
  • Interviews
    • Coffee Brake
    • Leadership Spotlight
  • Technical Articles
  • Test Drives
  • Brake Careers
  • Sponsors
  • Subscribe
The BRAKE Report
Home » Automotive » Tenneco’s Earnings Down, Along With Share Price
Automotive

Tenneco’s Earnings Down, Along With Share Price

David KileyBy David KileyMay 10, 2019No Comments2 Mins Read
Tenneco restructuring
  • LinkedIn
  • Twitter
  • Facebook
  • Print

DETROIT, Mich.–Tenneco Inc. (TEN-NYSE) reported first-quarter 2019 results, with adjusted earnings per share of 52 cents, missing the Zacks Consensus Estimate of 94 cents by a wide margin. Also, the company’s bottom line declined from the prior-year quarter figure of $1.62.

In the last six months, Tenneco shares have fallen from $36.09 to $12.75.

In the reported quarter, Tenneco’s adjusted net income was $42 million compared with $83 million in first-quarter 2018.

Quarterly revenues rose 74% year over year to $4.5 billion, almost in line with the Zacks Consensus Estimate. On a constant-currency basis, organic revenues rose 4%, and net revenue growth from acquisitions and divestitures was 75%, partly offset by 5% negative impact of currency translation.

Price, Consensus and EPS Surprise

Adjusted EBITDA (income before interest expenses, income taxes, noncontrolling interests and depreciation, and amortization) was $327 million compared with $212 million recorded in the prior-year quarter. Apart from the acquired Federal-Mogul business, the figure includes weaker aftermarket, and China OE volumes and related operational inefficiencies.

Segment Results

After the inclusion of Federal-Mogul business, Tenneco operates under four segments, consisting of Clean Air, Ride Performance, Powertrain and Motorparts. The Motorparts segment reflects the company’s historical Aftermarket units along with the Motorparts aftermarket business of Federal-Mogul. Further, Ride Performance division comprises Tenneco’s historical Ride Performance segment and Motorparts OE business of the acquired Federal-Mogul.

The Clean Air division’s first-quarter revenues were $1.78 billion compared with the year-earlier figure of $1.76 billion.

Revenues in the Ride Performance division were $733 million compared with $513 million recorded in the year-ago quarter.

The Powertrain division’s first-quarter revenues were $1.2 billion.

The Motorparts division’s revenues were $797 million, up from $312 million generated in first-quarter 2018.

Outlook

For the second quarter of 2019, the company expects revenues of $4.45-$4.55 billion, similar to the first quarter. Further, adjusted EBITDA is projected to be $375-$395 million.

Tenneco revised its guidance for 2019. It expects revenues of $17.7-$18.1 billion compared with $18.2-$18.4 billion stated earlier. On a pro forma basis, it expects organic revenue growth rate to be 3%, with currency translation impact of negative 2%.

Source: Zacks

Avatar
David Kiley
  • Website
  • LinkedIn

David Kiley is Chief of Content for The BRAKE Report. Kiley is an award-winning business journalist and author, having covered the auto industry for USA Today, Businessweek, AOL/Huffington Post, as well as written articles for Automobile and Popular Mechanics.

Related Posts

BBB Industries was recently named a 2021 Supplier of the Year by APA

APA Names BBB a 2021 Supplier of the Year

April 9, 2021
Andy Mayfield named chief commercial officer by IBI

IBI Names Andy Mayfield Chief Commercial Officer

April 9, 2021
Brake Engineering is celebrating 40 years of remanufacturing in conjunction with Global Reman Day

Brake Engineering Celebrates 40 Years

April 9, 2021
Industry Partners
Official Media Partner of
About

The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest coverage of news & insights from around the industry.

Latest News
Bremskerl recently filed registration with the U.S. Patent and Trademark Office for the company’s “Color Green as applied to the surface of brake pads for vehicles”

Bremskerl Registers “Color Green” Related to Pads

April 9, 2021
BBB Industries was recently named a 2021 Supplier of the Year by APA

APA Names BBB a 2021 Supplier of the Year

April 9, 2021
Translate:

Type above and press Enter to search. Press Esc to cancel.