Dana Holding Corporation has reported second quarter 2011 results, including net income of $68m and adjusted EBITDA of $201m, compared to $9m and $154m, respectively, a year ago.
Sales for the quarter rose 25% to $1.9bn. Higher production volumes and ongoing operating improvements enabled Dana to achieve an adjusted EBITDA margin of 10.4% compared to 10.1% in both Q1 2011 and Q2 2010. Earnings per share (EPS) were $0.45, compared to $0.21.
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“Our second-quarter results show continued and overall positive momentum in our business units and our markets,” said president and CEO Roger Wood.
Net income for the first half ended 30 June, 2011, was $91m, excluding $53m of one-time charges associated with the refinancing and restructuring of debt in January; this compared with a net loss of $22m in the first half of 2010.
Adjusted EBITDA for the first six months of the year was $382m, up $120m year on year. Sales were $3.7bn, up $700m.
Dana updated its assumptions and earnings guidance for 2011 saying revenues are now expected to increase more than 25% over 2010, up from the previous forecast of over 20% growth; adjusted EBITDA is now projected to be $765m to $785m versus the previous guidance of $755m to $775m; and earnings per share are expected to total $1.60 to $1.70 compared to $1.55 to $1.65.
