Key Developments: Tenneco Inc (TEN)
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22 May 2013
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Latest Key Developments (Source: Significant Developments)
TenneCo Inc Comments On FY, Q1 2013 Revenue Guidance; Issues FY 2017 Revenue Guidance-Conference Call
TenneCo Inc announced that it expected fiscal 2013 shaping up as overall a good year, just with the first quarter being relatively tough. Total revenue in the first quarter 2013 would be slightly down year-over-year; but overall, throughout the year, the Company should certainly see revenue growth on a full-year basis. The Company going forward expects up to about a $10 billion revenue line in fiscal 2017. The Company reported revenues of $1.912 billion in the first quarter of 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.814 billion for the first quarter of 2013 and revenues of $7.743 billion in fiscal 2013. Full Article
TenneCo Inc Issues Q1 2013 Revenue Guidance Below Analysts' Estimates-Conference Call
TenneCo Inc announced that it anticipates total revenue for the first quarter of 2013 will be down slightly year-over-year. The Company reported revenues of $1.912 billion in the first quarter of 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.966 billion for the first quarter of 2013. Full Article
TenneCo Inc Announces Share Repurchase Program
TenneCo Inc announced that board of directors has approved a share repurchase program, authorizing the repurchase of up to 550,000 shares of the Company`s outstanding common stock over the next 12 months. The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued to employees in 2013 under Tenneco`s long-term compensation plan. Tenneco has completed similar repurchases of common stock in 2011 and 2012 while remaining committed to further improving its financial position and investing in strategic initiatives. Full Article
TenneCo Inc And Cormetech Inc Sign Joint Development Agreement
TenneCo Inc and Cormetech Inc. announced that they have signed a joint development agreement to collaborate on designing ultra-large diameter selective catalytic reduction (SCR) catalysts for marine engine applications. The MARPOL Annex VI and EPA Tier IV regulations require an 80% reduction in NOx emissions, thus driving the need for engines to include aftertreatment strategies such as SCR. Tenneco`s SCR solution, incorporating the Cormetech catalyst, will be designed to help the marine industry comply with the new emission regulations. Full Article
TenneCo Inc Reaffirms Q4 2012 Revenue Gudiance-Conference Call
TenneCo Inc announced that for the fourth quarter of 2012, it expects revenue again being roughly flat on a year-over-year basis. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.775 billion for the fourth quarter of 2012. Full Article
TenneCo Inc Comments On Q4 2012 Revenue Guidance-Conference Call
TenneCo Inc announced that it expects to wind up the fourth quarter 2012 revenues essentially flat to third quarter revenues. Full Article
TenneCo Inc Establishes First Manufacturing Operation In Japan
TenneCo Inc announced the opening of its first manufacturing plant in Japan. Located in Osaka, the facility will initially produce emission control systems for Kubota, a global manufacturer of engines and equipment for agricultural and industrial applications. Tenneco is working to expand business with other Japan-based customers, using this facility and the Company's engineering and manufacturing capabilities. Full Article
TenneCo Inc To Close Vittaryd, Sweden, Manufacturing Plant
TenneCo Inc announced that it intends to close its emission control plant in Vittaryd, Sweden in response to weak market conditions throughout the European region, which have negatively impacted the Company’s aftermarket emissions control sales. Tenneco expects to complete the closure in the third quarter of 2013. The company currently employs about 113 hourly and nine salaried workers at the plant. The company expects a smooth transition of production to other Tenneco emission control operations in Laval, France; Edenkoben, Germany; Valencia, Spain and Rybnik, Poland, beginning later this year. The plant closure is subject to consultation with employee works councils. Tenneco expects to take restructuring and related charges in the range of $10 million to $14 million over the next four quarters. These charges include non-cash asset impairments, the cost of relocating tooling, equipment and production to other facilities, severance and retention payments to employees, and other costs related to the closure. The Company expects to record non-cash charges of $4 million in the third quarter of 2012 related to this announcement, with the remainder of the charges expected to be recorded over the next three quarters. Tenneco anticipates annual savings of $4 million beginning in late 2013 once this action is complete. Full Article
Tenneco Inc. Announces Share Repurchase Program
Tenneco Inc. announced that the Company’s Board of Directors has approved a share repurchase program, authorizing the repurchase of up to 600,000 shares of the Company’s outstanding common stock over the next 12 months. The repurchase program is intended to offset dilution from shares of restricted stock and stock options that were issued to employees in 2012 under Tenneco’s long-term compensation plan. Tenneco completed a similar repurchase of common stock in 2011 as the company expands its options for using cash while remaining committed to further improving its financial position and investing in strategic initiatives. Full Article
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