Diversified auto provider Tenneco Inc. said it swung to internet earnings of $167 million within the fourth quarter from a internet lack of $313 million within the year-earlier quarter.
Fourth-quarter income improved 12 % to $4.65 billion. Fourth-quarter adjusted earnings earlier than curiosity, taxes, depreciation and amortization elevated by $123 million to $410 million.
Tenneco posted a $350 million internet loss within the second quarter and a $499 million internet loss within the third.
The ride-control and emissions techniques producer joined a number of suppliers this month in reporting fourth-quarter and full-year earnings because the COVID-19 disaster lingers across the globe.
Tenneco mentioned the pandemic broken its full-year income and earnings throughout the first six months of 2020, however its efficiency within the second half improved margin and free money move technology.
“Sturdy operational efficiency within the quarter helped Tenneco generate important money move and year-over-year debt discount,” CEO Brian Kesseler mentioned in a information launch.
Tenneco reported a $1.52 billion internet loss for the complete yr — a pointy dip from a $334 million internet loss in 2019.
The corporate additionally reported whole income fell by about 12 % to $15.38 billion in 2020. Adjusted EBITDA dropped by 26 % $1.05 billion.
Tenneco mentioned it anticipates income of $4.45 billion to $4.55 billion within the first quarter of 2021 and $17.2 billion to $17.8 billion for the complete yr.
Shares of Tenneco grew 7.5 % to $11.50 in Wednesday afternoon buying and selling on Wall Road.
Tenneco, primarily based close to Chicago in Lake Forest, Unwell., ranks No. 23 on the Automotive News list of the highest 100 international suppliers, with worldwide components gross sales to automakers of $11 billion in 2019.