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news release ● Lake Forest , Illinois , May 6 , 2021 – Tenneco ( NYSE : TEN ) today announced results for the first quarter ended March 31 , 2021 , including the following : ● ● ● TENNECO TENNECO DELIVERS STRONG FIRST QUARTER 2021 RESULTS Posts robust revenue growth and margin expansion ; cash flow discipline continues Raising 2021 full - year outlook ; initiating outlook for second quarter First quarter 2021 total revenue climbed 23 % year - over - year to $ 4.7 billion . Value - add revenue for the first quarter 2021 increased to $ 3.6 billion , 13 % higher versus the first quarter of last year , excluding positive currency impact of $ 104 million . The Company reported first quarter 2021 net income of $ 65 million , or $ 0.79 per diluted share , versus a net loss of $ 839 million or $ ( 10.34 ) per diluted share last year . Adjusted net income for the first quarter 2021 was $ 90 million , or $ 1.09 per diluted share . First quarter 2021 EBIT * was $ 204 million , compared with a loss of $ 845 million in first quarter 2020. EBIT as a percent of revenue increased to 4.3 % versus -22.0 % in the prior year . First quarter 2021 adjusted EBITDA ** jumped 62 % to $ 388 million , compared to $ 239 million in the first quarter of the prior year . Adjusted EBITDA as a percent of value - add revenue was 10.7 % , a 310 basis point increase year - over - year . Seasonally better first quarter 2021 cash flow and higher earnings resulted in a 0.4x improvement in net leverage ratio compared to December 31 , 2020 . Quarter - end liquidity of $ 2.1 billion , including no balance drawn on the $ 1.5 billion revolving credit facility . During the quarter , the Company completed refinancing to extend debt maturities of $ 800 million from 2024 to 2029 , enhancing the Company's maturity profile and increasing financial flexibility . " The Tenneco team continues to build on the positive momentum from the second half of last year and delivered strong Q1 results . Our disciplined performance focus , including our Accelerate + program , resulted in margin expansion in all operating segments and better free cash flow performance , " said Brian Kesseler , Tenneco CEO . " We're proud of the dedication of our team and their continuing progress on performance improvement . " -More