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Tenneco Inc Class A TEN

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Economic Moat




Tenneco's Q2 Smacked Hard by COVID-19, but Decremental Margin Impresses; We Raise FVE to $29

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Tenneco reported a second-quarter loss of $2.15 per share before special items, handily beating the $3.53 CapIQ consensus estimate loss by $1.38, but thanks to the COVID-19 smackdown that closed industry factories, down $3.35 from the $1.20 EPS reported a year ago. Revenue plummeted 42% to $2.6 billion from $4.5 billion last year. Excluding negative currency effects, the organic revenue decline would have been 39%. Adjusted EBIT swung into the red for a loss of $149 million, plunging $397 million from a profit of $248 million reported a year ago.

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Company Profile

Business Description

Tenneco's emissions-control products meet strict air-quality legislation, optimize engine performance, improve fuel economy, and acoustically tune engine sound to fit a vehicle's profile. Ride-control products enhance safety by enabling improved steering, braking, and acceleration as well as improving ride comfort. Champion, Fel-Pro, Moog, Monroe, and Walker are some of Tenneco's well-known aftermarket brands.

500 North Field Drive
Lake Forest, IL, 60045
T +1 847 482-5000
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 78,000