Dana Holding turned around first quarter results in 2012, booking net income of US$70m, compared to a net loss of $30m a year ago.

Adjusted earnings per share (EPS) were $0.44, up nearly 30% compared to $0.34.  Sales increased nearly 10% year over year to about $2bn.

The increase in first quarter sales was driven primarily by higher vehicle production volumes, more than offsetting the effects of foreign currency, which reduced sales by nearly $40m.

Dana reported strong adjusted EBITDA of $212m in the quarter, a 17% increase. Adjusted EBITDA was 10.7% of sales compared to 10.1%.

Dana revised its sales growth forecast for the year to 3% or more over 2011.