Dana Holding Corp. managed to break even during the second quarter of 2009, while the company lost $122 million during the same quarter of last year.
However, the company's earnings and sales were affected by weak market demand and low vehicle production levels, especially within its off-highway sector. Earnings before interest, taxes, depreciation, amortization, and restructuring landed at $94 million, versus $164 million in the year-ago quarter.
Sales were down 49 percent to $1.19 billion, compared with sales of $2.33 billion during the same period of 2008.
"Our second-quarter revenues reflected the continued weak demand in all three of our market segments," said John Devine, Dana executive chairman. "Despite this difficult environment, our aggressive efforts to resize our organization, implement permanent structural improvements, and address pricing continued to take hold. These actions resulted in substantial profit and cash flow improvements compared to the prior quarter, despite slightly lower sales."
The second quarter was full of restructuring efforts within the company, including reducing its workforce by about 1,400 employees as well as bringing on James Sweetnam as president and CEO. Sweetnam, who was appointed to Dana's board of directors on July 1, is the former president of Eaton Corp.'s global truck group.
However, the company's earnings and sales were affected by weak market demand and low vehicle production levels, especially within its off-highway sector. Earnings before interest, taxes, depreciation, amortization, and restructuring landed at $94 million, versus $164 million in the year-ago quarter.
Sales were down 49 percent to $1.19 billion, compared with sales of $2.33 billion during the same period of 2008.
"Our second-quarter revenues reflected the continued weak demand in all three of our market segments," said John Devine, Dana executive chairman. "Despite this difficult environment, our aggressive efforts to resize our organization, implement permanent structural improvements, and address pricing continued to take hold. These actions resulted in substantial profit and cash flow improvements compared to the prior quarter, despite slightly lower sales."
The second quarter was full of restructuring efforts within the company, including reducing its workforce by about 1,400 employees as well as bringing on James Sweetnam as president and CEO. Sweetnam, who was appointed to Dana's board of directors on July 1, is the former president of Eaton Corp.'s global truck group.
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