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Tenneco Inc. (TEN) is a prominent global designer, manufacturer, and marketer of automotive products for both original equipment and aftermarket customers. With 2019 revenues hitting $17.5 billion and a workforce of approximately 78,000 employees across more than 300 sites worldwide, Tenneco stands as a cornerstone in the automotive industry.
Tenneco operates through four primary business groups: Motorparts, Ride Performance, Clean Air, and Powertrain. Each division contributes to the company's mission of advancing global mobility by delivering cutting-edge technology solutions. These solutions cater to a diverse range of markets including light vehicles, commercial trucks, off-highway, industrial applications, motorsport, and the aftermarket.
The Motorparts group is dedicated to manufacturing and marketing a comprehensive range of products for vehicle maintenance and repair, ensuring longevity and performance. The Ride Performance division focuses on developing suspension and braking systems that enhance vehicle stability and comfort.
Through the Clean Air division, Tenneco provides advanced emissions control solutions that help in reducing pollutants from vehicles, contributing to a cleaner environment. The Powertrain segment specializes in engine components and systems that improve fuel efficiency and reduce emissions, supporting the demand for more sustainable transportation solutions.
Recent achievements of Tenneco include strategic partnerships that bolster their product offerings and market reach. The company is heavily invested in innovation, consistently working on projects that drive technological advancements in the automotive sector. Financially, Tenneco maintains a robust position with substantial revenues and a global presence that underscores its significance in the industry.
For the latest updates and in-depth information on Tenneco's performance, events, and developments, stay connected to their official news releases and investor relations communications.
Tenneco (NYSE: TEN) announced the appointment of John Stroup to its Board of Directors effective September 18, 2020. Stroup, with over 30 years of diverse business management experience, currently serves as Executive Chairman at Belden, Inc. His extensive background includes leadership roles at renowned companies like Danaher and Rockwell Automation. Tenneco expects Stroup to bring fresh perspectives that will enhance value for shareholders, customers, and employees.
Garage Gurus® from Tenneco has partnered with Dobbs Tire & Auto Centers™ to enhance technical training for technicians across 41 locations. This collaboration, announced on September 9, 2020, will leverage comprehensive, instructor-led automotive training, covering topics like ABS, electronic suspension, and hybrid vehicle diagnostics. The courses will be conducted at Garage Gurus' training center in Maryland Heights, Missouri, featuring master technicians with ASE® certifications. This initiative aims to ensure Dobbs technicians are equipped with up-to-date knowledge, ultimately enhancing customer service and repair quality.
On September 1, 2020, Tenneco announced that its advanced semi-active suspension technology is featured in Volkswagen's new ID.3 electric vehicle. The CVSAe suspension adapts to road conditions using electronically controlled dampers for enhanced ride comfort. The ID.3 is built on Volkswagen's modular electric platform and offers features such as voice-activated controls and augmented reality displays. Tenneco reported $17.45 billion in revenues in 2019 and operates globally with various automotive product lines.
Tenneco (NYSE: TEN) will participate in the 2020 RBC Capital Markets Industrials Conference on September 15, 2020. The virtual presentation starts at 8:40 a.m. Eastern, featuring CEO Brian Kesseler and CFO Matti Masanovich, who will discuss Tenneco's strategic outlook. The webcast is accessible via the investor section of Tenneco's website, with slides available under 'Events & Presentations.' A replay will be available until October 15, 2020.
Tenneco will participate in the Morgan Stanley Virtual 8th Annual Laguna Conference on September 17, 2020, starting at 9:00 a.m. Eastern. CEO Brian Kesseler and CFO Matti Masanovich will discuss Tenneco's strategic overview and outlook. The live webcast can be accessed via the investors section of Tenneco's website, with a replay available until October 17, 2020. Tenneco had $17.45 billion in 2019 revenues and employs approximately 78,000 team members globally.
Tenneco reported a significant decline in second quarter 2020 revenue of $2.6 billion, down 39% year-over-year due to the impact of COVID-19 and a 45% decrease in light vehicle production. The company experienced a net loss of $350 million, equating to $(4.30) per diluted share, primarily influenced by a $113 million non-cash charge. Despite the challenges, Tenneco maintains solid liquidity with cash balances of $1.37 billion. Looking ahead, while Q3 2020 revenue is expected to improve significantly from Q2 2020, it will remain lower than Q3 2019 results.
Tenneco Inc. (NYSE: TEN) will participate in the J.P. Morgan Auto Conference 2020 on August 11, 2020. The event will take place virtually, with a webcast starting at 9:20 a.m. Eastern. CEO Brian Kesseler will provide a strategic overview and address factors influencing Tenneco's outlook. The presentation will be accessible via the company's website, where a replay will be available until September 11, 2020. For more details, visit www.investors.tenneco.com.
Tenneco Inc. (NYSE: TEN) appointed Kevin Baird as Chief Operating Officer, effective August 3, 2020. Baird brings extensive experience from Guardian Industries, enhancing Tenneco's leadership team with his automotive and operational expertise. CEO Brian Kesseler highlighted Baird's track record in driving profitability and cash flow. The reinstatement of the COO role aims to boost margin expansion and cash generation capabilities. Baird received restricted stock units as part of his compensation, ensuring alignment with shareholder interests.
Tenneco Inc. has appointed Matti Masanovich as its new Chief Financial Officer, effective August 10, 2020. Masanovich, who has over 25 years of experience in the automotive sector, will succeed interim CFO Ken Trammell. CEO Brian Kesseler highlighted Masanovich's expertise in financial strategy and capital allocation, which is expected to enhance Tenneco's focus on margin expansion and cash generation. Masanovich will receive 146,472 restricted stock units as part of his compensation, vesting over three years.
Tenneco Inc. (NYSE: TEN) will announce its second quarter 2020 financial results on August 6, 2020.
The results will be disclosed before the market opens, followed by a conference call at 9:30 a.m. ET to discuss the financial performance and outlook of the company.
Investors can participate via telephone or listen to the webcast on the company’s investor website.
A playback option will be available for one week after the call.
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