TENNECO INC (TEN) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K/A
Revenues:
OE Substrate	10,677	9,243	11,203	7,483	5,836	5,329
Aftermarket	3,067	2,781	3,220	1,780	1,251	1,240	941	976
OE Value-add	4,291	3,355	3,027	2,500	2,187	2,028
China	3,219	2,817	2,377	1,553	1,283	1,186	1,101	1,079
Other							6,139	6,326
Total revenues	18,035	15,379	17,450	11,763	9,274	8,597	8,181	8,381
Revenue growth [+]	17.3%	-11.9%	48.3%	26.8%	7.9%	5.1%	-2.4%	5.2%
OE Substrate	15.5%	-17.5%	49.7%	28.2%	9.5%
Aftermarket	10.3%	-13.6%	80.9%	42.3%	0.9%	31.8%	-3.6%	2.4%
OE Value-add	27.9%	10.8%	21.1%	14.3%	7.8%
China	14.3%	18.5%	53.1%	21.0%	8.2%	7.7%	2.0%	23.3%
Germany	22.8%	-19.5%	83.7%	51.9%	4.5%	-5.3%	-15.5%	1.5%
Cost of goods sold	15,665	13,402	14,912	10,002	7,771	7,126	6,828	6,989
Gross profit	2,370	1,977	2,538	1,761	1,503	1,471	1,353	1,392
Gross margin	13.1%	12.9%	14.5%	15.0%	16.2%	17.1%	16.5%	16.6%
Selling, general and administrative	1,017	889	1,138	752	632	514	491	519
Research and development	285	273	324	200	158	153	146	169
Equity in earnings	57	47	43	18	-1
Other operating expenses	-29	-22	11	40	18	107	-59	-45
EBITDA [+]	1,154	884	1,108	787	694	697	775	749
EBITDA growth	30.5%	-20.2%	40.8%	13.4%	-0.4%	-10.1%	3.5%	5.9%
EBITDA margin	6.4%	5.7%	6.3%	6.7%	7.5%	8.1%	9.5%	8.9%
Depreciation	465	509	535	313	223	210	198	204
EBITA	689	375	573	474	471	487	577	545
EBITA margin	3.8%	2.4%	3.3%	4.0%	5.1%	5.7%	7.1%	6.5%
Amortization of intangibles	128	130	138	32	3	3	5	4
EBIT [+]	561	245	435	442	468	484	572	541
EBIT growth	129.0%	-43.7%	-1.6%	-5.6%	-3.3%	-15.4%	5.7%	7.8%
EBIT margin	3.1%	1.6%	2.5%	3.8%	5.0%	5.6%	7.0%	6.5%
Non-recurring items [+]	69	1,005	367	120	58	30	63	49
Asset impairment		383	241	3	11
Interest expense	274	277	322	148	77	68	67	91
Interest expense	274	277	322	148	77	68	67	91
Other income (expense), net	64	36	53		3	25	-1	-3
Pre-tax income	282	-1,001	-201	174	336	411	441	398
Income taxes	182	459	19	63	71	-4	146	131
Tax rate	64.5%			36.2%	21.1%		33.1%	32.9%
Minority interest	65	61	114	56	67	68	54	42
Net income	35	-1,521	-334	55	198	347	241	225
Net margin	0.2%	-9.9%	-1.9%	0.5%	2.1%	4.0%	2.9%	2.7%

Basic EPS [+]	$0.43	($18.69)	($4.13)	$0.94	$3.75	$6.20	$4.04	$3.70
Growth	-102.3%	352.7%	-540.0%	-75.0%	-39.5%	53.6%	9.0%	22.4%
Diluted EPS [+]	$0.14	($18.69)	($4.13)	$0.31	$1.25	$6.15	$4.00	$3.64
Growth	-100.8%	352.7%	-1422.1%	-74.9%	-79.7%	53.6%	9.9%	22.6%

Dividends per share [+]			$0.25	$1.01	$1.00
Growth		-100.0%	-75.4%	0.3%

Shares outstanding (basic) [+]	82	81	81	59	53	56	60	61
Growth	1.0%	0.6%	38.0%	11.0%	-5.6%	-6.3%	-1.7%	0.4%
Shares outstanding (diluted) [+]	249	81	81	176	159	56	60	62
Growth	206.5%	0.6%	-54.1%	10.9%	181.6%	-6.3%	-2.6%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.