Tenneco (TEN) Earnings And Revenues Beat Estimates In Q1
Zacks Investment Research | May 02, 2017 09:44PM ET
Tenneco Inc. (NYSE:TEN) recently reported first-quarter 2017 results, wherein adjusted earnings per share of $1.53 outpaced the Zacks Consensus Estimate of $1.41. Moreover, earnings increased 31% from $1.17 recorded in the prior-year quarter.
Adjusted net income went up 24% to $83 million from $67 million a year ago. Despite the favorable outcome, the company’s share price decreased 4.4% to $60.27 on May 1.
On a reported basis, Tenneco’s net income was a first-quarter record at $63 million or $1.16 per share compared with $57 million or 99 cents recorded in the year-ago quarter.
Revenues rose 7% year over year to $2.29 billion, surpassing the Zacks Consensus Estimate of $2.24 billion. The year-over-year improvement in the top line was aided by strong revenues at both the Clean Air and Ride Performance product lines. Excluding currency effects, revenues rose 9% to $2.33 billion.
Global aftermarket revenues was almost on par with the year-ago quarter figure. Commercial truck increased 15%, while off-highway revenues were on par with year-ago figure due to weak industry production. Meanwhile, light vehicle revenues rose 11% owing to the company’s global platform position.
Adjusted EBIT (earnings before interest, taxes and non-controlling interests) increased 11% to a first-quarter record of $153 million from $138 million a year ago. The upside was driven by leveraging strong light vehicle volumes, strong commercial truck growth and continuing operational efficiencies. Adjusted EBIT margin was 6.7% compared with 6.5% in the year-ago level.
Tenneco Inc. Price, Consensus and EPS Surprise
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