Dana Holding announced a net loss of $82m for the fourth quarter of 2015 versus a profit of $109m in 2014.

Sales totalled $1.38bn, compared with $1.58bn for 2014, after foreign currency affects and the sale of operations in Venezuela hit sales by $103m and $38m, respectively. Adjusted for those factors, the Light Vehicle Driveline, Off-Highway Driveline, and Power Technologies business units posted combined organic sales growth of $34m, or 3% higher than a year ago, while Commercial Vehicle Driveline sales for the quarter, adjusted for currency effects, were $100m lower, or about 23%.

“Significant demand weakness in Brazilian truck production, combined with lower market share with a major North American customer, were the principal drivers of the comparison,” Dana said.

Q4 2014 results included a $179m tax benefit in the US partially offset by $138m of one-off costs related to the divestiture of Venezuela operations and costs associated with pension settlement and debt refinancing actions completed in the quarter.

Adjusted EBITDA for the quarter was $129m, compared with $178m in 2014.

Sales for full year 2015 were $557m lower at $6.06bn compared with last year, with unfavorable currency and Venezuela lowering sales by $516m and $107m, respectively. Strong performance in three of the four business units provided a combined increase in sales of about $250m, or 5%, helped by stronger demand in North America, Europe and Asia but offset by lower sales in the Commercial Vehicle Driveline unit due to “significantly weaker” demand levels in Brazilian medium- and heavy-truck sectors and lower sales to a major North American commercial vehicle customer, as well as continued weaker demand in global off-highway markets.

Net income was $159m compared with $319m in 2014. Adjusted earnings per share were $1.74, compared with $1.99 in 2014.

“Despite the challenging economic environment in some of our markets, three of our business units combined to grow sales organically by 5% and delivered improved margin performance over 2014.  Our Commercial Vehicle Driveline business underwent a major supplier transition that adversely impacted our 2015 performance, but this initiative is now complete and has better positioned this business for success going forward,” Dana said.

“Looking ahead, we have retained our key replacement programmes and continue to grow our sales backlog with new customer programmes in each of our businesses.  This illustrates that our focus on delivering advanced technologies is meeting the needs of our customers worldwide.”

2016 full-year targets were confirmed: sales of $5.8 to 6.0bn; adjusted EBITDA of $640 to $670m; adjusted EBITDA as 11% to 11.2% of sales; adjusted EPS of approximately $1.65 to $1.80.