Dana Holding on Tuesday said third quarter earnings before interest, taxes, depreciation, amortisation, and restructuring (EBITDA) was US$101m, up $7m from the previous quarter.

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The improvement was primarily driven by increased production volumes and operational improvements.


The company reduced its third-quarter net loss to $38m, compared to a loss of $256m a year ago.


Third-quarter sales of $1,329m, though down 31% from the same period last year, increased by $139m compared with the prior quarter.


Dana recently completed a successful public offering of common stock that raised approximately $250m, including $33m in proceeds from the sale of additional shares sold in October. The company intends to use the net proceeds from the offering for general corporate purposes, including restructuring of operations, and to maintain flexibility for future growth. Additionally, in accordance with its credit agreement, the company used approximately 50% of the proceeds to repay debt.


At September 30, 2009, cash balances had increased to $814m, compared to $553m at June 30, 2009.  Total available liquidity rose by 39% to $920m, while net debt was reduced to $182m, a 67% decrease from the second quarter.


During the first nine months of 2009, Dana’s cost reductions and pricing improvements resulted in significant margin improvement over the same period one year ago.  Third-quarter 2009 gross margin was 6.2%, compared with 2.5% in the same period in 2008.


Sales for the nine months ended 30 September were $3,735m versus $6,574m for the same period in 2008.  The company reported a net loss of $195m compared with net income of $281m for the same period in 2008. The nine-month 2008 results included a net gain of $754m recognised in connection with the company’s emergence from bankruptcy and application of fresh start accounting.


EBITDA for the first nine months of 2009 was $211m, compared with $345m during the same period in 2008.

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