Dana First-Quarter Net Down on Sales of $1.69 billion
Dana Holding Corporation (NYSE: DAN), a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies, has announced first quarter sales of $1.688 billion, compared with $1.676 billion for the same period in 2013.
Net income for the quarter was $34 million, compared with $42 million for the same period in 2013, and diluted adjusted earnings per share (EPS) was $0.32, compared with $0.28 in the first quarter of 2013.
Gross profit increased $20 million on higher sales of $12 million, reflecting favorable operating conversion on increased production demand. Increased restructuring charges principally in South America, the impact of Venezuela currency effects, and higher interest and tax expenses were offsetting factors. Adjusted EBITDA for the quarter was $165 million, compared with $158 million a year ago.
Adjusted EBITDA margin of 9.8 percent in the quarter improved 40 basis points when compared with last year. This improvement reflected the benefit of increased production volumes and continued cost discipline despite significant currency headwinds, most notably in Venezuela.
Light Vehicle Driveline Technologies: Sales were $618 million in the first quarter of 2014, compared with $619 million last year. Increased end-market demand for light trucks in North America was muted by unfavorable currency, principally in South America, and weak demand in India and Thailand.
Commercial Vehicle Driveline Technologies: Sales were $457 million in the first quarter of 2014, compared with $458 million last year. Improved end-market demand in Europe, South America, and North America was offset by unfavorable currency.
Off-Highway Driveline Technologies: Sales were $341 million in the first quarter of 2014, compared with $343 million last year. Favorable currency, reflecting the strength of the Euro, was offset by lower demand, principally mining-related equipment, when compared with 2013.
Power Technologies: Sales were $272 million in the first quarter of 2014, compared with $256 million last year, reflecting improved market demand in both North America and Europe.
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that are engineered to improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. The company serves three primary markets – passenger vehicle, commercial truck, and off-highway equipment.
Category: General Update
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