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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.
TEN reported strong results for Q1 2024, with voyage revenues of $201.6 million and net income of $54 million, translating to $1.60 per share. The company's fleet renewal and growth initiatives are on track, with the delivery of three dual-fuel LNG vessels, and the sale and purchase of multiple ships. Cash reserves stood at $344 million, and bank debt reached $1.66 billion. Operating income was $76.2 million, including $16.2 million from vessel sales. Despite reduced fleet utilization and higher drydocking days, TEN maintained healthy TCE earnings of $33,403 per ship per day. The company announced a semi-annual dividend of $0.60 per share, double that of the previous year, to be distributed on July 18, 2024. The NYSE ticker symbol will change to 'TEN' effective July 1, 2024. The tanker market fundamentals remain solid, and TEN's fleet modernization efforts are contributing to its sustainable growth.
TEN , a leading operator in the crude, product, and LNG tanker market, announced a ticker symbol change for its NYSE-listed shares. Effective July 1, 2024, the common shares will change from 'TNP' to 'TEN.' The Series E and Series F Preferred Shares will also change to 'TEN-PRE' and 'TEN-PRF,' respectively. The new ticker symbol aims to align with the company's brand and growth in the maritime industry. No actions are required from existing shareholders, and the CUSIPs will remain the same.
Tenneco Inc. has announced an extension of the redemption date for its 5⅜% Senior Notes due 2024 and 5.0% Senior Notes due 2026 from November 7, 2022, to November 14, 2022. The redemption price for the 2024 Notes is set at 100.896% of the principal, plus accrued interest, with an outstanding amount of $225 million. For the 2026 Notes, valued at $500 million, the redemption price is 101.667% of the principal, plus accrued interest. All other terms remain unchanged as specified in the Notice of Redemption dated October 6, 2022.
Tenneco Inc. announced the impending appointment of Jeff Stafeil as Executive Vice President and Chief Financial Officer, subject to the completion of its acquisition transaction. Stafeil, currently serving at Adient PLC, will replace Matti Masanovich, who will leave the CFO position upon the merger's completion. Tenneco's CEO Jim Voss expressed gratitude towards Masanovich for his contributions during challenging times and welcomed Stafeil, citing his extensive experience in the automotive industry.
Tenneco Inc. (NYSE: TEN) reported third-quarter results for the period ending September 30, 2022, achieving total revenues of $4.9 billion, a 14% year-over-year increase. Value-add revenue rose 17% to $3.6 billion, with a notable 32% growth in OE light vehicle segments. Despite these gains, the company recorded a net loss of $44 million compared to prior year earnings. Adjusted EBITDA improved 8% to $301 million. Tenneco anticipates closing a transaction with Apollo Funds in mid-November 2022, with all regulatory conditions satisfied.
MOOG, a leading steering and suspension brand from Tenneco's DRiV group, has launched 79 new part numbers in Q3 2022, raising the total for the year to 148. New products include control arms and ball joints covering nearly 5.5 million vehicles, enhancing the brand's market presence. Innovations such as induction-hardened studs and carbon fiber-reinforced bearings improve product durability and performance. MOOG's commitment to quality is evident in its High Utilization hub assemblies, designed for reliability in tough conditions, showcasing ongoing advancements in automotive solutions.
Tenneco Inc. (NYSE: TEN) has rescinded its previous conditional redemption notice and will redeem all outstanding 5⅜% Senior Notes due 2024 and 5.0% Senior Notes due 2026 on November 7, 2022, contingent upon certain conditions. The total outstanding amount for the 2024 Notes is $225 million, with a redemption price of $1,030.16 per $1,000 principal, while the 2026 Notes total $500 million, with a redemption price of $1,032.23. These redemptions depend on the completion of a merger with Pegasus Holdings and a successful debt securities offering.
Tenneco's Monroe brand has launched new part numbers for its shocks and struts, enhancing its offerings for passenger cars, CUVs, trucks, and commercial applications. The new products cover nearly 2 million vehicles in the U.S. and Canada, including Quick-Strut assemblies and OESpectrum shocks specifically designed for high durability and easy installation. Notable new offerings include Monroe Quick-Strut assemblies for Honda CR-V and shocks for Honda Civic and Ram 1500. These developments reflect Tenneco's commitment to expanding its product line and providing high-quality, easily-installable automotive solutions.
Tenneco (NYSE:TEN) has announced a supply agreement for its electronic suspension technology to be featured in the upcoming L9 electric luxury SUV from Li Auto. The Advanced Suspension Technologies (AST) division will produce Monroe® Intelligent Suspension CVSAe™ dampers, enhancing ride comfort and handling. This technology is already in over 75 vehicle models and is compatible with both battery-electric and hybrid vehicles. Manufacturing will occur at Tenneco's Changzhou, China facility, which began operations in 2021.
Tenneco Inc. (NYSE: TEN) announced plans to redeem all outstanding 5⅜% Senior Notes due 2024 and 5.0% Senior Notes due 2026 on October 7, 2022. The total outstanding amounts are $225 million for the 2024 Notes and $500 million for the 2026 Notes, with redemption prices of $1,025.68 and $1,028.06 per $1,000 principal, respectively. Redemption is contingent on the completion of Tenneco's acquisition by Pegasus Holdings and successful debt securities offering. If conditions aren’t met, Tenneco may rescind the redemption notice.
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