Tenneco Q4 Profit Rises, Results Beat View

(RTTNews) - Tenneco Inc. (TEN), a manufacturer of emission control and ride control systems, said that net income attributable to the company for the fourth quarter was $54 million or $0.88 per share, up from $33 million or $0.54 per share in the year-ago period.

The latest quarter's results include restructuring and related expenses of $0.13 per share as well as net tax adjustments of $0.05 per share.

On an adjusted basis, net income for the quarter was $59 million or $0.96 per share, compared to $40 million or $0.66 per share in the same period last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 16 percent to $2.03 billion from $1.75 billion in the prior-year quarter, reflecting revenue growth across segments. Analysts had a consensus revenue estimate of $1.94 billion.

For the first quarter of 2014, IHS Automotive projects that industry light vehicle production in the regions where Tenneco operates will increase 6 percent year-over-year.

Tenneco expects first-quarter revenue from commercial truck and off-highway customers to increase about 20 percent year-over-year. The company expects its global aftermarket revenue in the first quarter to remain at the strong levels achieved in the same period of the previous year.

For fiscal 2014, Tenneco expects its total original equipment or OE revenue will increase between 7 percent and 11 percent, including both light vehicle, and commercial truck and off-highway revenue growth.

Tenneco anticipates its 2014 commercial truck and off-highway revenue will increase in a range of 20 percent to 30 percent despite the expectation that overall, the company's commercial truck and off-highway markets will see relatively flat volumes in 2014. The company also expects its global aftermarket business to continue to be a stable contributor to its revenue performance.