Dana Holding has booked full year 2011 net income of US$219m, compared to $11m in 2010 on sales up 24% to $7.6bn. Earnings per share more than doubled to $1.66 from $0.79.
Stronger sales were primarily driven by higher vehicle production volumes and acquisitions; the latter accounted for more than $400m in additional sales.
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Higher sales, significant material cost recovery, and cost reductions boosted the company’s earnings in 2011, more than offsetting increased raw material prices, Dana said.
Dana reported adjusted EBITDA of $765m last year, up 38% over 2010. Adjusted EBITDA as a percentage of sales for the year was 10.15, compared to 9.1% in 2010 and 6.2% in 2009.
Sales for the fourth quarter were $1.9bn, up $348m over the same period in 2010. Adjusted EBITDA for the quarter was $183m, up $40m over the same period one year ago.
As previously announced, Dana targets for 2012 are: sales growth of at least 5%, adjusted EBITDA of $845m to $865m, adjusted EBITDA as a percentage of sales of 10.5% to 11%, diluted adjusted EPS of $1.95 to $2.05, capital spending of $225m to $250m, and free cash flow of more than $200m, excluding a special one-time pension contribution of $150m.
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