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Dana Swings to First-Quarter Profit
Dana Holding Corp. posted net income of $70 million in the first quarter of this year compared with a $30 million loss in the same period of 2011.
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Dana Holding Corp. posted net income of $70 million in the first quarter of this year compared with a $30 million loss in the same period of 2011. Revenue rose 10% to $2 billion.
Dana says the improvement came from higher vehicle production, which more than offset unfavorable exchange rates.
The Maumee, Ohio-based company's earnings before interest, taxes, depreciation and amortization, excluding one-time items, jumped 17% year over year to $212 million in the latest quarter. Adjusted EBITDA margin grew to 10.7% from 10.1% a year earlier.
Dana lowered its full-year revenue outlook to growth of 3% or more from its previous forecast of at least a 5% increase. Last year the company generated $7.6 billion in revenue. Dana affirmed its guidance of 2012 adjusted EBITDA of $845 million to $865 million compared with $765 million in 2011.
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