Dana Holding has reported a significantly improved first quarter as its CEO said he believed the worst of the global economic downturn was “behind” the company.
First-quarter adjusted EBITDA was US$108m, a significant improvement over $16m reported for the first three months of 2009. In the first quarter of 2010, Dana narrowed its net loss to $31m, compared with a net loss of $157m for the same period one year ago. Sales for the period were $1,508m, which compares with $1,216m for the first quarter of 2009.
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Driven by restructuring efforts, first-quarter margins were significantly improved over 2009, with first-quarter 2010 adjusted EBITDA margin of 7.2%, compared with 1.3% one year ago. Cost savings of more than $50 million, including reductions in conversion and material costs, contributed substantially to the improvement, the company said.
“One year ago, we were wrestling with the effects of a global recession and the resulting downturn in our global markets,” said Dana president and chief executive officer Jim Sweetnam. “Today, we believe the worst is behind us. And, building upon the hard work and achievements of our global team, we continue to improve our fundamentals and position Dana to create profitable and sustainable market share growth in 2010 and beyond.”
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