In 2016, Tenneco Inc. reported a total revenue of $8.599 billion.
Revenue growth was driven by a 10% increase in light vehicle revenue and a 2% increase in aftermarket sales, the company said. Commercial truck and off-highway revenue was down 4%, which included a 2% increase in Clean Air revenue due to incremental content growth, offset by lower Ride Performance revenue due to weak industry commercial truck production and the sale of the Marzocchi specialty business.
For the full year, cash generated by operations was $489 million, down from $517 million a year ago, due to the timing of revenue growth at the end of the year and the resulting impact on accounts receivable.
Additionally, the company repurchased a total of 4.2 million shares for $225 million.
Tenneco continues to invest in growth with total capital spending in 2016 of $343 million, primarily for new programs in Europe, North America and China.
The company expects total revenue growth to outpace light vehicle industry production by 4 percentage points, resulting in 5 percent growth in 2017.
The company’s revenue growth estimate assumes light vehicle industry production growth* of 1%, global commercial truck production** growth of about 2%, and growth in off-highway engine production** in regulated regions (North America and Europe) of about 2%.
*IHS Automotive January 2017 global light vehicle production and Tenneco estimates.
**Power Systems Research January 2017 global commercial truck and bus production, PSR off-highway engine production in North America and Europe and Tenneco estimates.
