US: Dana Holding posts $10m net income for 2010
Dana Holding reported net income of US$10m for 2010 with sales of US$6.1bn - up 17% compared to 2009.
The results are in contrast to a US$431m loss the previous year, while the company also posted adjusted EBITDA for 2010 of US$553m compared to US$326m the previous year.
Restructuring and cost-reduction actions contributed to a US$124m reduction in conversion costs in 2010 and a significant improvement in margins. Adjusted EBITDA margin reached the full-year target of 9%, compared to 6% in 2009.
"Dana met or exceeded its 2010 targets including operational improvements, profitable growth and improved margins - with a continued focus on our strong balance sheet," said Dana executive chairman and interim CEO John Devine.
"The entire Dana team worked together to deliver on our commitments. More remains to be done, but we have a strong foundation to keep improving top- and bottom-line results in 2011 and beyond."
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