Dana Holdings net income for the second quarter of 2010 was US$9m compared to break-even a year ago.
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Second-quarter adjusted EBIT was US$154m, up from US$94m; adjusted EBITDA margin for the quarter improved to 10.1% compared with 7.9%. Sales were US$1.5bn, up from US$1.1bn.
The company said it generated free cash flow of US$137m during the second quarter, versus US$73m in Q2 2009. This was the fifth consecutive quarter in which the company achieved positive free cash flow.
During the second quarter, total cash improved by US$33m from the prior quarter to US$1.059bn. Since the end of 2009, total debt has been reduced by US$64m to US$939m.
“I am particularly pleased with our progress during the past quarter, as evidenced by the swing to positive net income and achieving positive free cash flow for a fifth consecutive quarter,” said president and CEO Jim Sweetnam.
“Combined with substantial operating profit improvements and the effects of our continued restructuring efforts, the increase in revenues this quarter enabled us to make further progress in reinforcing our strong cash position.
“Overall, our second-quarter results underscore the consistent improvements that are positioning Dana for profitable growth,” he added.
