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TENNECO INC

tenneco.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Oct 31, 2022. Its latest SEC filing is a SC 13G/A from Feb 14, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Makes vehicle parts and systems—including emissions-control, powertrain and suspension products—for vehicle manufacturers and the repair-and-replacement market.

How Did They Make Money?

Tenneco sells OE and aftermarket goods and services, invoices customers when they receive them, and is generally paid soon after invoicing.

revenue
SegmentShareRevenue
Motorparts
Sold outright

17%
FY2018: 15%
Performance Solutions
Sold outright

16%
FY2018: 18%
Clean Air
Sold outright

45%
FY2018: 57%
Powertrain
Sold outright

22%
FY2018: 9.5%

Who Were Their Customers?

Vehicle and equipment makers buy OE parts directly. Aftermarket products reach service providers and consumers through distributors, retailers and mass merchants, as well as Tenneco’s direct retailer, service-chain and online sales.

Customers above 10% of revenue, FY2021
of revenue from two customers (11%, 10%)
FY2019: 21% from two customers

Did Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2021, but spent more cash than it brought in: free cash flow was −$154M.

Net income, FY2021
0% of revenue
▲ Now profitable vs FY2020 (−$1.5B, −10%)
Free cash flow, FY2021
−1% of revenue
▼ Now a loss vs FY2020 ($235M, 2%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▲ +14%
vs $4.3B in Q3 FY2021
Net income
▼ Now a loss
vs $15M in Q3 FY2021
Clean Air share of revenue vs 44.7% in Q3 FY2021
  • Nov 17, 2022 Apollo Funds completed the acquisition and appointed Jim Voss CEO Tenneco became a wholly owned subsidiary of Parent, and its common stock stopped trading on the New York Stock Exchange.

Grew. Revenue grew 94% in 4 years, from $9.3B in FY2017 to $18B in FY2021, about 18% a year.

Revenue over time
Motorparts Performance Solutions Clean Air Powertrain
$20B$10B$0

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