Dana Holding Corp. reported adjusted earnings of $181 million in the first quarter of 2011. The company had a net loss of $30 million, which included $53 million of one-time charges for refinancing and restructuring of debt in January.
Excluding these charges, Dana posted first-quarter net income of $23 million.
Strong sales of $1.8 billion, up nearly 20 percent over the first quarter of 2010, and continued operating improvements enabled the company to achieve an adjusted EBITDA margin of 10.1 percent. Diluted adjusted earnings per share in the quarter were 34 cents, compared to 6 cents in the prior-year period.
Free cash flow use of $35 million in the quarter was driven by increased working capital requirements associated with the higher level of sales. Global liquidity continues to exceed $1.1 billion. The company's strong balance sheet, cash position, and financial flexibility are supporting its aggressive, long-term growth plans in emerging markets and the development of new drivetrain, sealing, and thermal technologies.
The light and commercial vehicle markets continue to improve, Dana said. Light vehicle production was up 5 percent globally and 14 percent in North America compared to the same period last year. Commercial vehicle production in the quarter was up 41 percent in North America.
Dana now predicts 2011 revenues will increase more than 20 percent over 2010, versus the previous forecast of more than 17 percent growth.
Excluding these charges, Dana posted first-quarter net income of $23 million.
Strong sales of $1.8 billion, up nearly 20 percent over the first quarter of 2010, and continued operating improvements enabled the company to achieve an adjusted EBITDA margin of 10.1 percent. Diluted adjusted earnings per share in the quarter were 34 cents, compared to 6 cents in the prior-year period.
Free cash flow use of $35 million in the quarter was driven by increased working capital requirements associated with the higher level of sales. Global liquidity continues to exceed $1.1 billion. The company's strong balance sheet, cash position, and financial flexibility are supporting its aggressive, long-term growth plans in emerging markets and the development of new drivetrain, sealing, and thermal technologies.
The light and commercial vehicle markets continue to improve, Dana said. Light vehicle production was up 5 percent globally and 14 percent in North America compared to the same period last year. Commercial vehicle production in the quarter was up 41 percent in North America.
Dana now predicts 2011 revenues will increase more than 20 percent over 2010, versus the previous forecast of more than 17 percent growth.
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