Dana Holding Corp. announced strong results for the first quarter of 2012 with a fourth straight quarter of positive net income. The company's net income for the quarter was $70 million, compared to a net loss of $30 million for the same period in 2011.
Dana's diluted adjusted earnings per share were 44 cents, up nearly 30% compared to 34 cents in 1Q 2011. Sales increased nearly 10% year over year to about $2 billion.
The increase in first-quarter sales was driven primarily by higher vehicle production volumes, more than offsetting the effects of foreign currency, which reduced sales by nearly $40 million.
Dana reported strong adjusted EBITDA of $212 million in the quarter, a 17% increase over 2011. Adjusted EBITDA as a percent of sales for the quarter was 10.7%, compared to 10.1% for the same period in 2011. Higher sales, material cost recovery, and cost reductions boosted first-quarter earnings, more than offsetting currency effects and material cost increases.
"The Dana team is off to a solid start in 2012," says President and CEO Roger J. Wood. "Our earnings growth far outpaced our sales growth. The fundamentals, including a very strong balance sheet, position us to continue to leverage our core areas of expertise across our markets to attract new business and drive shareholder value."
For more information, go to www.dana.com.