UPDATE: Tenneco Q4 Profit Beats Estimates

reported better-than-expected profit for the fourth quarter. The Lake Forest, Illinois-based company posted quarterly net income of $21 million, or $0.33 per share, compared to net income of $54 million, or $0.88 per share, in the year-ago period. On an adjusted basis, the company's net income surged to $65 million, or $1.05 per share, from $59 million, or $0.96 per share. Its total revenue declined slightly to $2.004 billion, while revenue, excluding currency, rose 3% to $2.088 billion. However, analysts were expecting earnings of $0.99 per share on revenue of $2.03 billion. Fourth quarter EBIT fell to $83 million from $118 million, while adjusted EBIT gained 7% to $136 million. Cash generated by operations in the quarter slipped to $252 million, from $412 million in the year-ago period. During the year, the company repurchased 400,000 shares of its outstanding common stock for $22 million. Tenneco also announced an enhanced share repurchase program. The company's board authorized the repurchase of up to $350 million. For the full year, Tenneco's total revenue jumped 6% to $8.420 billion. “We had strong fourth quarter earnings with record high adjusted net income and EBIT including improvement in both divisions despite significant currency headwinds. For the full year we delivered our highest ever revenue and EBIT. These results were driven by our strong light vehicle platform position, which helped us outpace industry light vehicle production, double-digit revenue growth in our commercial truck and off-highway business and higher global aftermarket sales,” said Gregg Sherrill, chairman and CEO, Tenneco. Tenneco shares fell 2.15% to close at $51.42 on Friday.