Tenneco Receives Innovation Award
Tenneco Inc. (TEN) announced that it has received the 2012 supplier innovation award from Ill-based manufacturer of agricultural machinery, John Deere. The award was a recognition for the company in developing an integrated selective catalytic reduction (SCR) and mixing system, which will be incorporated into the Tier 4 Final diesel aftertreatment system.
Initiated in 2010, the supplier innovation award is given to suppliers to encourage them for their innovative product or service and to accredit suppliers for their creativity. The award is given based on four criteria namely – creativity, feasibility, collaboration, and bottom-line impact.
Tenneco is one of the global suppliers of John Deere. Tenneco has been supplying diesel aftertreatment products, including diesel oxidation catalysts (:DOC) and diesel particulate filters (:DPF) for certain Tier 4 interim applications, to John Deere since 2010.
Tenneco will work together with John Deere on aftertreatment technology for reducing nitrogen oxides (NOx) and maintaining emissions standards. Tenneco plans to strengthen its clean air technology portfolio to support the customers to comply with the strict emission standards.
Tenneco, a Zacks Rank #3 (Hold) stock, reported an adjusted profit of $40.0 million or 66 cents per share in the fourth quarter 2012, up 25% from $32.0 million or 53 cents in the corresponding quarter a year ago. However, earnings missed the Zacks Consensus Estimate by 2 cents.
Revenues decreased 1.7% to $1.75 billion, missing the Zacks Consensus Estimate of $1.78 billion. Excluding substrate sales and currency impact, revenues increased 1.9% to $1.39 billion. The year-over-year increase in revenues was attributable to a rise in sales volume of light vehicles in North America and China and higher North American aftermarket sales.
Few stocks that are performing well in the industry where Tenneco operates include STRATTEC Security Corporation (STRT), Gentherm Incorporated (THRM) and Oshkosh Corporation (OSK). Strattec Security and Gentherm are Zacks Rank #1 (Strong Buy) stocks while Oshkosh carries a Zacks Rank #2 (Buy).
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