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."
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