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.”