Dana announces second-quarter results

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Dana Holding Corporation announced its second-quarter 2011 results, including net income of $68 million and adjusted EBITDA of $201 million, which compared to $9 million and $154 million, respectively, for the prior-year period.

Sales for the quarter were $1.9 billion, up more than 25 percent over the second quarter of 2010.  Higher production volumes and ongoing operating improvements enabled Dana to achieve an adjusted EBITDA margin of 10.4 percent, compared to 10.1 percent for the previous and prior-year periods. Diluted adjusted earnings per share (EPS) in the quarter were $0.45, compared to $0.24 in the prior-year period.

Dana generated free cash flow of $44 million during the second quarter.  While the company made cash investments in the quarter totaling $137 million in China and India, global liquidity remains strong at $1.2 billion.

“Our second-quarter results show continued and overall positive momentum in our business units and our markets,” said Dana President and Chief Executive Officer Roger J. Wood.  â€śNew business wins demonstrate that our customers see value in our driveline and power technologies, as well as our global footprint.”

For the six months ended June 30, 2011, net income was $91 million, excluding $53 million of one-time charges associated with the refinancing and restructuring of debt in January; this compares with a net loss of $22 million in the first half of 2010.

Adjusted EBITDA for the first six months of the year was $382 million, up $120 million over the same period in 2010.  Sales for the six-month period were $3.7 billion, up $700 million over the same period one year ago.