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Dana Holding Corp. Reports Strong Second Quarter Results


8/24/2010

Sales for the period were $1.526 billion, up from $1.190 billion for the second quarter last year.
 
MAUMEE, Ohio — Dana Holding Corp. announced its second quarter 2010 results.

The company reported quarterly net income of $9 million, compared to break-even net income one year ago. Second-quarter adjusted EBITDA was $154 million, a substantial improvement over the $94 million reported for the same period in 2009, and adjusted EBITDA margin for the quarter improved to 10.1 percent, compared with 7.9 percent one year ago. Sales for the period were $1.526 billion, up from $1.190 billion for the second quarter last year.

Dana generated free cash flow of $137 million during the second quarter, which compares to $73 million one year ago. This marked the fifth consecutive quarter in which the company achieved positive free cash flow. The company increased its related guidance, indicating that it expects to achieve positive free cash flow of more than $100 million in 2010.

“I am particularly pleased with our progress during the past quarter, as evidenced by the swing to positive net income and achieving positive free cash flow for a fifth consecutive quarter,” said Dana President and Chief Executive Officer Jim Sweetnam. “Combined with substantial operating profit improvements and the effects of our continued restructuring efforts, the increase in revenues this quarter enabled us to make further progress in reinforcing our strong cash position.”

















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