Tenneco Inc. (TEN, Financial) filed Quarterly Report for the period ended 2012-09-30.
Tenneco Inc has a market cap of $1.81 billion; its shares were traded at around $31.65 with a P/E ratio of 9.5 and P/S ratio of 0.3. Tenneco Inc had an annual average earning growth of 1.4% over the past 10 years.
Our European, South American and Indian segments revenues decreased in the third quarter of 2012 compared to the third quarter of last year, due to decreased sales in all European OE and aftermarket business units, as well as in South America. In the third quarter of 2012, total European light vehicle industry production was down six percent, and industry Class 8 commercial vehicle production was down nine percent while industry Class 4-7 commercial vehicle production was down two percent when compared to the third quarter of 2011. Currency negatively impacted Europe OE revenues by $51 million and also negatively impacted European aftermarket revenues by $9 million year-over-year. Excluding currency, Europe OE revenues improved due to higher volumes of $20 million as well as the ramp-up on commercial vehicle programs. Excluding currency, European ride control aftermarket revenues were down compared to last year due to lower sales volumes which had a $1 million impact. Excluding currency, European emission control aftermarket sales were down mainly due to volumes which accounted for $4 million of the decline, primarily related to weak market conditions. Light vehicle production increased two percent in South America but decreased three percent in India for the third quarter of 2012 when compared to the third quarter of 2011. Excluding the negative impact of currency, the South American revenue decline was more than offset by higher revenues in India in the third quarter of 2012 when compared to the prior years third quarter.
Total revenues for the first nine months of 2012 were up three percent to $5,610 million ($979 million in aftermarket revenues and $4,631 million in original equipment revenues), from $5,421 million ($999 million in aftermarket revenues and $4,422 million in original equipment revenues) for the first nine months of 2011.
Our European, South American and Indian segments EBIT was $62 million for the first nine months of 2012 compared to $97 million during the same period last year. Currency had an $20 million unfavorable impact on EBIT for 2012 when compared to last year. The decrease in EBIT was driven by unfavorable pricing, mainly contractual price reductions and increased manufacturing expense. In addition, lower volumes in our European OE ride control business, the Companys decision to relinquish a platform due to pricing and profitability in South America, lower Europe aftermarket emission control sales, as well as unfavorable aftermarket ride control product mix driven by higher unit sales in eastern Europe, where the premium mix is lower than western Europe where unit sales decreased, contributed to the year-over-year decrease. Stronger European OE emission control volumes, higher revenues in India, new platform launches, material cost management activities and higher engineering recoveries, partially offset the decrease. Restructuring and related expenses of $10 million was included in EBIT for the first nine months of 2012 and $3 million in the first nine months of 2011.
We reported net income attributable to Tenneco Inc. of $242 million or $3.95 per diluted common share for the first nine months of 2012. Included in the first nine months results for 2012 were negative impacts from expenses related to our restructuring activities and costs related to our refinancing activities, which were more than offset by the benefit from The Pullman Company property recoveries and net tax benefits. The net impact of these items increased earnings per diluted common share by $1.30. We reported net income attributable to Tenneco Inc. of $127 million or $2.06 per diluted common share for the first nine months of 2011. Included in the results for the first nine months of 2011 were negative impacts from expenses related to our restructuring activities, a goodwill impairment charge and costs related to our debt refinancing activities, partially offset by net tax benefits. The net impact of these items decreased earnings per diluted common share by $0.06.
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Tenneco Inc has a market cap of $1.81 billion; its shares were traded at around $31.65 with a P/E ratio of 9.5 and P/S ratio of 0.3. Tenneco Inc had an annual average earning growth of 1.4% over the past 10 years.
Highlight of Business Operations:
Total revenues for the first nine months of 2012 were up three percent to $5,610 million from $5,421 million for the first nine months of 2011. Excluding the impact of currency and substrate sales, revenue was up $385 million, from $4,163 million to $4,548 million, driven by higher year-over-year OE vehicle production levels, incremental commercial vehicle revenue and higher North American aftermarket sales.Our European, South American and Indian segments revenues decreased in the third quarter of 2012 compared to the third quarter of last year, due to decreased sales in all European OE and aftermarket business units, as well as in South America. In the third quarter of 2012, total European light vehicle industry production was down six percent, and industry Class 8 commercial vehicle production was down nine percent while industry Class 4-7 commercial vehicle production was down two percent when compared to the third quarter of 2011. Currency negatively impacted Europe OE revenues by $51 million and also negatively impacted European aftermarket revenues by $9 million year-over-year. Excluding currency, Europe OE revenues improved due to higher volumes of $20 million as well as the ramp-up on commercial vehicle programs. Excluding currency, European ride control aftermarket revenues were down compared to last year due to lower sales volumes which had a $1 million impact. Excluding currency, European emission control aftermarket sales were down mainly due to volumes which accounted for $4 million of the decline, primarily related to weak market conditions. Light vehicle production increased two percent in South America but decreased three percent in India for the third quarter of 2012 when compared to the third quarter of 2011. Excluding the negative impact of currency, the South American revenue decline was more than offset by higher revenues in India in the third quarter of 2012 when compared to the prior years third quarter.
Total revenues for the first nine months of 2012 were up three percent to $5,610 million ($979 million in aftermarket revenues and $4,631 million in original equipment revenues), from $5,421 million ($999 million in aftermarket revenues and $4,422 million in original equipment revenues) for the first nine months of 2011.
Our European, South American and Indian segments EBIT was $62 million for the first nine months of 2012 compared to $97 million during the same period last year. Currency had an $20 million unfavorable impact on EBIT for 2012 when compared to last year. The decrease in EBIT was driven by unfavorable pricing, mainly contractual price reductions and increased manufacturing expense. In addition, lower volumes in our European OE ride control business, the Companys decision to relinquish a platform due to pricing and profitability in South America, lower Europe aftermarket emission control sales, as well as unfavorable aftermarket ride control product mix driven by higher unit sales in eastern Europe, where the premium mix is lower than western Europe where unit sales decreased, contributed to the year-over-year decrease. Stronger European OE emission control volumes, higher revenues in India, new platform launches, material cost management activities and higher engineering recoveries, partially offset the decrease. Restructuring and related expenses of $10 million was included in EBIT for the first nine months of 2012 and $3 million in the first nine months of 2011.
We reported net income attributable to Tenneco Inc. of $242 million or $3.95 per diluted common share for the first nine months of 2012. Included in the first nine months results for 2012 were negative impacts from expenses related to our restructuring activities and costs related to our refinancing activities, which were more than offset by the benefit from The Pullman Company property recoveries and net tax benefits. The net impact of these items increased earnings per diluted common share by $1.30. We reported net income attributable to Tenneco Inc. of $127 million or $2.06 per diluted common share for the first nine months of 2011. Included in the results for the first nine months of 2011 were negative impacts from expenses related to our restructuring activities, a goodwill impairment charge and costs related to our debt refinancing activities, partially offset by net tax benefits. The net impact of these items decreased earnings per diluted common share by $0.06.
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