Net income at Dana for the fourth quarter of 2014 was $109m, compared with $42m in 2013.
A charge of $77m was booked in the fourth quarter of 2014 after Venezuelan operations were sold to a local company. The company also booked $42m of pension settlement charges in the quarter. Q4 results also include a loss on debt extinguishment of $19m.
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The company’s 2014 results also included a $179m tax benefit offset by the $138m of one-off costs in the final quarter.
Excluding these, adjusted EBITDA was $178m compared with $174m in 2013.
Sales for the fourth quarter totaled $1.58bn compared with $1.62 billion a year ago, due largely to currency effects.
Sales for the year were $6.6bn, $152m lower, with unfavorable currency accounting for more than $200m of the change. Cost recovery increased sales by $65m. Volume and mix was largely neutral compared with last year, as stronger demand in North American and European light- and commercial-vehicle markets were more than offset by weaker demand in global off-highway and South American medium- and heavy-truck markets.
Net income was $319m, which included a net benefit of $41m from the fourth quarter’s non-recurring items.
Adjusted EBITDA for 2014 was $746m, slightly higher than 2013.
