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news release TENNECO Lake Forest , Illinois , August 5 , 2021 - Tenneco ( NY SE : TEN ) today announced results for the second quarter ended June 30 , 2021 , including the following : ● ● TENNECO DELIVERS SOLID SECOND QUARTER 2021 RESULTS Strong execution on year - over - year revenue growth delivered margin expansion and higher cash flow Reconfirms midpoint of full - year adjusted EBITDA guidance ● ● Higher total revenue , up 74 % year - over - year to $ 4.6 billion . Value - add revenue increased to $ 3.5 billion , 68 % higher versus second quarter 2020 , excluding positive currency impact of $ 117 million . • Adjusted net income for the quarter was $ 69 million , or $ 0.84 per diluted share , an improvement of $ 244 million , or $ 2.99 per diluted share , as compared to prior year . The Company reported a net loss of $ 10 million , or $ ( 0.12 ) per diluted share , versus a net loss of $ 350 million or $ ( 4.30 ) per diluted share in the second quarter 2020. This quarter's net loss was primarily due to one - time charges related to the Accelerate + structural cost improvement program . EBIT * jumped to $ 127 million , compared to a loss of $ 375 million in second quarter 2020. EBIT as a percent of revenue increased to 2.8 % versus -14.2 % in the prior year . Adjusted EBITDA ** climbed to $ 356 million , compared to $ 8 million in second quarter 2020. Adjusted EBITDA as a percent of value - add revenue improved to 10.2 % , versus 0.4 % last year . Stronger first half 2021 cash flow and higher earnings resulted in a 1.4x improvement in the company's net leverage ratio *** compared to December 31 , 2020 . " Solid operational performance on higher revenue and structural cost savings from the Accelerate + program drove margin expansion and cash generation , " said Brian Kesseler , Tenneco CEO . " The global Tenneco team remained focused on driving operational improvements while managing through challenging market conditions , and our cash flow conversion focus continued to deliver net debt reduction . " Outlook For 2021 , Tenneco has updated its full year guidance ranges , reconfirmed the midpoint of its full - year adjusted EBITDA guidance of $ 1.4 billion and continues to expect its net debt to fall below $ 4.2 billion at year - end . Full Year 2021 Second Half 2021 Revenue Value Add Revenue Adjusted EBITDA ** Net Debt ( 1 ) $ 18.3-18.6B $ 13.8 14.1B $ 1.36- 1.44B < $ 4.2B Revenue Value - Add Revenue Adjusted EBITDA ** $ 9.0-9.3B $ 6.7-7.0B $ 616-696M ( 1 ) Total debt net of total cash balances . * EBIT : Eamings before interest expense , income taxes and noncontrolling interests . ** Adjusted EBITDA : Adjusted earnings before interest expense , income taxes , noncontrolling interests , and depreciation and amortization . *** Net leverage ratio : Ratio of debt net of total cash balances to adjusted LTM EBITDA including noncontrolling interests . -More