Tenneco has reported fourth quarter net income of $54 million, or 88-cents per diluted share, compared with $33 million, or 54-cents per diluted share, in fourth quarter 2012. On an adjusted basis, net income rose to $59 million, or 96-cents per diluted share, versus $40 million, or 66-cents per diluted share a year ago.
Tenneco said results in the fourth quarter and for full-year 2013 reflect the company’s strong balance across end-markets, geographic regions, customers and platforms as the company continues to build on its strong position in its OE markets (light vehicle, commercial truck, off-highway and other markets); complemented by a market-leading global aftermarket business. Tenneco said it grew revenues across all segments in the fourth quarter and in 2013. Tenneco’s total light vehicle revenue outpaced global industry production with a 13 percent increase in the fourth quarter and an 8 percent rise for the full year. Commercial truck and off-highway revenue was up 51 percent in the fourth quarter and 18 percent for the full year. Global aftermarket revenue also increased, up 5 percent in the quarter and 1 percent in 2013.
Total revenue in the fourth quarter increased to $2.031 billion. Revenue excluding substrate sales was $1.569 billion, up 15 percent, driven by year-over-year increases in Clean Air and Ride Performance.
For the full year, Tenneco reported its highest-ever revenue of $7.964 billion, up 8 percent from a year ago. Excluding substrate sales, revenue increased 7 percent to $6.129 billion.
«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», - said Gregg Sherrill, chairman and CEO, Tenneco. «Our solid operational performance drove greater profitability for the year with improvements in both the Clean Air and Ride Performance businesses».