Tenneco Q4 net income increases

Tenneco Inc. has reported a net income attributable to the company of $33 million, or $0.54 per diluted share, for the fourth quarter ended December 31, 2012, compared to $30 million, or $0.49 per diluted share, for the fourth quarter ended December 31, 2011.

Net sales and operating revenues for the fourth quarter ended December 31, 2012 were $1.75 billion, compared to $1.78 billion for the fourth quarter ended December 31, 2011.

Net income attributable to the company for the year ended December 31, 2012 was $275 million, or $4.50 per diluted share, compared to $157 million, or $2.55 per diluted share, for the year ended December 31, 2011.

Net sales and operating revenues for the year ended December 31, 2012 were $7.36 billion, compared to $7.2 billion for the year ended December 31, 2011.

Gregg Sherrill, chairman and CEO, Tenneco, said: "Despite volume weakness late in the year, we recorded our highest-ever annual revenue and continued to deliver year-over-year adjusted EBIT margin improvement in the fourth quarter and the full year. Our focus on operational excellence drove our earnings improvement as we effectively converted on light vehicle revenues in North America and China, and benefitted from strong execution on the launch of commercial vehicle programs. I'm also pleased with the strong cash generation driven by higher earnings and effective working capital management."