Tenneco (TEN) Tops Q1 EPS by 6c

Tenneco (NYSE: TEN) reported Q1 EPS of $0.91, $0.06 better than the analyst estimate of $0.85. Revenue for the quarter came in at $2.09 billion versus the consensus estimate of $2.06 billion.

“I am very pleased with our strong results this quarter as we continue to capitalize on Tenneco’s outstanding growth drivers and balance across regions and end-markets. We delivered revenue growth in all Clean Air and Ride Performance operating segments, including year-over-year increases in light vehicle, commercial truck and off-highway, and the aftermarket,” said Gregg Sherrill, chairman and CEO. “We continue to improve profitability and delivered significant margin improvement by leveraging our top-line growth with strong operational performance.”

Outlook

For the second quarter, IHS forecasts global light vehicle production to increase 2% year-over-year in the regions where Tenneco operates. This includes IHS estimates of year-over-year increases in North America (2%), China (11%) and India (6%). Europe is forecasted to be down 1%, South America down 26% and Australia is expected to decrease 3%.

The company expects to outpace global light vehicle production in the second quarter with its strong platform position globally. Commercial truck and off-highway equipment revenue is expected to increase consistent with the full-year revenue growth estimate of 20% to 30%, driven by new business and incremental content launching on current platforms. Tenneco also expects a steady performance from its global aftermarket business, up slightly in the second quarter versus last year with some growth in North America and Europe.

“This quarter continues to demonstrate that our growth is well-balanced across end-markets and geographically. We expect our revenue growth to continue in the second quarter with a slightly stronger light vehicle production environment and incremental revenue from our growing commercial truck and off-highway equipment business,” said Sherrill. “We are also staying focused on continuously driving improved operational performance across all our businesses.”

For earnings history and earnings-related data on Tenneco (TEN) click here.

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