Dana Holding Corp. had a full-year net income of $219 million, compared to $11 million the previous year. Diluted adjusted earnings per share more than doubled to $1.66 from 79 cents in 2010, and sales increased 24% year-over-year to $7.6 billion.
Stronger sales were primarily driven by higher vehicle production volumes and acquisitions; the latter accounted for more than $400 million in additional sales. Higher sales, significant material cost recovery, and cost reductions boosted the company's earnings in 2011, more than offsetting increased raw material prices.
Dana reported adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $765 million last year, up 38% over 2010. Adjusted EBITDA as a percentage of sales for the year was 10.1%, compared to 9.1% in 2010 and 6.2% in 2009.
The company generated free cash flow of $174 million in 2011, the third consecutive year of positive results in this area.
Sales for the fourth quarter were $1.9 billion, up $348 million over the same period in 2010. Adjusted EBITDA for the quarter was $183 million, up $40 million over the same period one year ago. Fourth-quarter free cash flow was $115 million.
"I'm pleased to say the Dana team delivered stronger results in 2011," says Roger J. Wood, president and CEO. "We improved in the key areas of product quality, delivery, and innovation. And, we improved both top- and bottom-line results to position the company to drive shareholder value going forward."
Stronger sales were primarily driven by higher vehicle production volumes and acquisitions; the latter accounted for more than $400 million in additional sales. Higher sales, significant material cost recovery, and cost reductions boosted the company's earnings in 2011, more than offsetting increased raw material prices.
Dana reported adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $765 million last year, up 38% over 2010. Adjusted EBITDA as a percentage of sales for the year was 10.1%, compared to 9.1% in 2010 and 6.2% in 2009.
The company generated free cash flow of $174 million in 2011, the third consecutive year of positive results in this area.
Sales for the fourth quarter were $1.9 billion, up $348 million over the same period in 2010. Adjusted EBITDA for the quarter was $183 million, up $40 million over the same period one year ago. Fourth-quarter free cash flow was $115 million.
"I'm pleased to say the Dana team delivered stronger results in 2011," says Roger J. Wood, president and CEO. "We improved in the key areas of product quality, delivery, and innovation. And, we improved both top- and bottom-line results to position the company to drive shareholder value going forward."
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