US-based automotive components and systems supplier, Tenneco, has announced results for the third quarter ended 30 September 2022, via a press release dated 31 October.
Company's total revenue stood at USD4.9 billion in the third quarter of 2022 as compared to USD4.3 billion in third quarter of 2021, up 14% year-over-year. EBIT was USD129 million in the third quarter of 2022 as compared with EBIT of USD125 million in the third quarter of 2021. Adjusted EBITDA as a % of revenue was 6.1% in the third quarter of 2022 as compared to 6.4% in the prior year.
Adjusted EBITDA improved 8% year-over-year to USD301 million, from USD279 million last year. The increase in earnings is primarily a result of higher light vehicle volumes. The Aftermarket & Original Equipment Service revenue stood at USD1,046 million in the third quarter of FY 2022 whereas a revenue of USD1,094 million in the third quarter of FY 2021 was reported. The third quarter of 2022 YTD revenue stood at USD3,153 million as compared to USD3259 million in the third quarter of 2021 YTD.
Significance: Brian Kesseler, Tenneco's CEO commented, "In a tough business environment, I'm proud of how Team Tenneco delivered year-over-year growth in revenue and adjusted EBITDA.Our continued focus on operational excellence, cash generation, and cost control actions also helped us deliver both significant sequential margin improvement across all business groups, and lower net debt."