Dana Holding booked Q3 2011 net income of US$110m, which included a $60m gain from the sale of interests in two joint ventures to Getrag, and adjusted EBITDA of $200m. These compared to $46m and $148m, respectively, for Q3 2010. Year-to-date net income was $148m, compared to $24m in 2010.
Sales rose around 30% to $2bn. Adjusted EBITDA margin was 10.2% versus 9.8%. Adjusted earnings per share were $0.45 compared to $0.28.
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Dana generated free cash flow of $50m during the third quarter. It also received $136m in cash from the sale of joint venture interests to Getrag. Global liquidity remained “strong” at $1.3bn.
“Achieving our third-quarter targets reflects disciplined execution of the fundamentals – delivering quality product on time, controlling costs, and offering innovative technologies to help our customers improve fuel efficiency,” said Dana president and CEO Roger Wood. “Order volumes remain strong overall, and we remain on track to meet our 2011 objectives.”
Sales for the first nine months of the year were $5.7bn, up $1.1bn year on year. Adjusted EBITDA was $582m, up $172m.
Dana has updated its earnings guidance for 2011. Adjusted EBITDA is now projected to be approximately $780m versus the previous guidance of $765m to $785m and adjusted earnings per share are expected to total $1.65 to $1.70 compared to earlier guidance of $1.60 to $1.70.
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