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Dana Holding Corporation Reports Strong Second Quarter 2013 Results; Refines 2013 Earnings Outlook

-- Sales of $1.8 billion

-- Net income of $92 million compared with $86 million in 2012

-- Adjusted EBITDA of $215 million, or 11.9 percent of sales, representing a 40 basis point improvement over 2012 results and a 250 basis point improvement over first quarter of this year

-- Strong free cash flow of $160 million, $53 million higher than 2012

-- Announced $1 billion common share repurchase program

-- Significant business wins through the second quarter

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MAUMEE, Ohio, July 25, 2013 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced its second quarter 2013 results.  Sales for the quarter totaled $1.8 billion compared with $1.9 billion for the same period in 2012.  The sales reduction was primarily driven by scheduled Light Vehicle program roll-offs and an Off-Highway divestiture that lowered sales by $84 million, along with currency effects that reduced sales by $38 million. Stronger second-quarter production levels in the North American light-vehicle and South American commercial-vehicle markets partially offset lower North American commercial-vehicle production and global off-highway market demand compared with a year ago.  

Sequentially, sales increased more than $120 million compared with the first quarter of 2013, largely driven by higher North American and South American light- and commercial-vehicle production volumes. 

Net income for the quarter was $92 million, compared with $86 million in the previous year. Reductions in SG&A expenses and lower restructuring costs more than offset the earnings impact of lower sales and increased income taxes.  Fully diluted adjusted earnings per share (EPS), which excludes restructuring, amortization, and other nonrecurring items, were $0.54 in the quarter, compared with $0.56 a year ago.

Adjusted EBITDA was $215 million for the second quarter compared with $225 million in the previous year.  Although sales were lower, Adjusted EBITDA as a percent of sales increased 40 basis points to 11.9 percent, reflecting the company's continued execution of cost-control and other actions.  Compared with the first quarter of this year, Adjusted EBITDA margin improved 250 basis points, reflecting the benefit of increased production volumes, continued cost discipline, and the recovery of a portion of the Venezuelan currency devaluation that occurred during the first quarter.

In this year's second quarter, Dana generated strong free cash flow of $160 million.  This was an increase of $53 million compared with the same period last year.  During the quarter, Dana returned $62 million to shareholders through its share repurchase program and $22 million through dividends.  Cash and marketable securities at the end of the quarter totaled $1.127 billion, an increase of $83 million from the first quarter of this year.

"I am pleased with Dana's second-quarter performance. We continue to focus on disciplined cost and investment actions to generate positive cash flow and improve margin performance in each of our four business segments," said company President and Chief Executive Officer Roger J. Wood. "Looking forward, political and economic uncertainties in a number of countries are putting pressure on volumes in some of our key markets. Yet I am confident in our ability to continue to remain flexible and execute on the levers within our control that are necessary to adjust our cost structure and respond quickly to changing market conditions."

Refined 2013 Financial Targets
Due to economic pressures in India and South America impacting its Light Vehicle Driveline business and continued softness in construction and mining equipment demand, Dana has refined its full-year financial targets to the lower end of its previous guidance for sales and adjusted EBITDA while maintaining its adjusted EBITDA margin target.

Dana has refined its full-year financial targets to the following:

  • Sales of approximately $7.0 billion, from $7.1 billion;
  • Adjusted EBITDA of approximately $800 million;
  • Adjusted EBITDA as a percent of sales maintained at approximately 11.4 percent;
  • Diluted adjusted EPS of approximately $1.90 (excluding the impact of share repurchases after June 30, 2013);
  • Capital spending of $180 million to $200 million; and
  • Free cash flow of $265 million to $285 million, $25 million higher, reflective of a second quarter 2013 note receivable interest payment.

Expansion of Common Share Repurchase Program
In June, Dana's Board of Directors approved an expanded common share repurchase program of up to $1 billion.  This action represents an increase of approximately $900 million over the more than $100 million already returned to shareholders under the company's previous repurchase authorization. 

Dana plans to repurchase its shares either in the open market or through privately negotiated transactions over the next two years. The stock repurchase is subject to prevailing market conditions and other considerations. 

Strong New and Replacement Business
Dana continues to win business around the world. Through the first half of the year, the company has secured significant business across all regions. Notably, Light Vehicle Driveline won business across a broad base of customers including Ford, Foton, Gaz, General Motors, Jaguar, Isuzu, Mahindra & Mahindra, Nissan, and Suzuki.

Dana also recently announced that it will provide its new light-weight Spicer® Pro-40™ tandem axles to the largest privately held flatbed carrier in the United States. Optimized for weight sensitive fleets with known duty cycles, the Spicer Pro-40 family of heavy-duty axles offers a dramatic weight reduction and improved power density, enabling customers to increase payload, improve fuel economy, and ultimately improve their bottom line. 

Dana was named the standard supplier of steer axles, drive axles, and driveshafts on the new International TerraStar 4x4 medium-duty truck and began shipping product to the customer earlier this month.

Dana also won off-highway axle business with a major agricultural manufacturer in Brazil, drivelines for a major construction manufacturer in India, and axles for a vocational truck manufacturer in China.

Dana's growth in emerging markets is illustrated by the company's announcement that its Power Technologies Group signed an agreement with Victor Reinz India (VRI), the company's joint venture with the Jayant Group, to manufacture engine oil coolers, fuel coolers, transmission oil coolers, and power steering oil coolers. The agreement leverages Dana's existing technical knowledge and manufacturing capabilities with Victor Reinz India's customer relationships and physical infrastructure to expand the company's reach and product offerings in India.

Dana to Host Conference Call at 11:30 a.m. Today
Dana will discuss its second-quarter results in a conference call at 11:30 a.m. EDT today.  Participants may listen to the conference call via audio streaming online or telephone.  Slide viewing is available via Dana's investor website – www.dana.com/investorsUnited States and Canadian locations should dial 1-888-311-4590 and international locations should call 1-706-758-0054, and enter 12388027. Please ask for the "Dana Holding Corporate Financial Webcast and Conference Call."  Phone registration will be available starting at 10:30 a.m. 

An audio recording of the webcast will be available after 5 p.m. today; dial 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and enter 12388027.  A webcast replay will be available after 5 p.m. today, and may be accessed via Dana's investor website.

Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure, which we have defined as earnings from continuing and discontinued operations before interest, taxes, depreciation, amortization, non-cash equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment or divestitures, impairment, etc.).  The most significant impact on Dana's ongoing results of operations as a result of applying fresh start accounting following our emergence from bankruptcy was higher depreciation and amortization.  By using adjusted EBITDA, a performance measure which excludes depreciation and amortization, the comparability of results is enhanced.  Management also believes that adjusted EBITDA is an important measure since the financial covenants in our debt agreements are based, in part, on adjusted EBITDA. Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP.   Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring income tax items, restructuring expense, amortization expense and other nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies.  Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.

Free cash flow is a non-GAAP financial measure, which we have defined as cash provided by (used in) operating activities excluding any bankruptcy claim-related payments, less purchases of property, plant and equipment.  We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP.  Free cash flow may not be comparable to similarly titled measures reported by other companies.

The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation
Dana is a world-leading supplier of driveline, sealing, and thermal-management technologies that improve the efficiency and performance of passenger, commercial, and off-highway vehicles with both conventional and alternative-energy powertrains. The company's global network of engineering, manufacturing, and distribution facilities provides original-equipment and aftermarket customers with local product and service support. Based in Maumee, Ohio, Dana employs more than 23,000 people in 26 countries and reported 2012 sales of $7.2 billion. For more information, please visit www.dana.com.

 

  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Operations (Unaudited) 






 For the Three Months Ended June 30, 2013 and 2012 












 (In millions except per share amounts) 



Three Months Ended




June 30, 




2013


2012

 Net sales 



$ 1,800


$ 1,936

 Costs and expenses 






     Cost of sales 



1,541


1,663

     Selling, general and administrative expenses 



105


110

     Amortization of intangibles 



18


19

     Restructuring charges, net 



4


19

     Other income, net 



18


8

 Income from continuing operations before 






     interest expense and income taxes 



150


133

 Interest expense 



21


20

 Income from continuing operations before 






     income taxes 



129


113

 Income tax expense 



35


27

 Equity in earnings of affiliates 



3


2

 Income from continuing operations 



97


88

 Income (loss) from discontinued operations 



(1)


1

 Net income 



96


89

     Less: Noncontrolling interests net income 



4


3

 Net income attributable to the parent company 



92


86

 Preferred stock dividend requirements 



7


7

 Net income available to common stockholders 



$       85


$       79







 Net income per share available to parent 






     company common stockholders: 






    Basic: 






         Income from continuing operations 



$   0.59


$   0.52

         Income (loss) from discontinued operations 



$  (0.01)


$   0.01

         Net income 



$   0.58


$   0.53

    Diluted: 






         Income from continuing operations 



$   0.44


$   0.40

         Income from discontinued operations 



$        -


$        -

         Net income 



$   0.44


$   0.40

 Weighted-average common shares outstanding 






    Basic 



145.9


147.9

    Diluted 



211.9


214.6







Dividends declared per common share



$   0.05


$   0.05

  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Operations (Unaudited) 






 For the Six Months Ended June 30, 2013 and 2012 












 (In millions except per share amounts) 



Six Months Ended




June 30, 




2013


2012

 Net sales 



$ 3,476


$ 3,900

 Costs and expenses 






     Cost of sales 



3,003


3,361

     Selling, general and administrative expenses 



208


223

     Amortization of intangibles 



37


38

     Restructuring charges, net 



6


24

     Other income, net 



20


7

 Income from continuing operations before 






     interest expense and income taxes 



242


261

 Interest expense 



42


41

 Income from continuing operations before 






     income taxes 



200


220

 Income tax expense 



62


64

 Equity in earnings of affiliates 



7


6

 Income from continuing operations 



145


162

 Income from discontinued operations 



1



 Net income 



146


162

     Less: Noncontrolling interests net income 



12


6

 Net income attributable to the parent company 



134


156

 Preferred stock dividend requirements 



15


15

 Net income available to common stockholders 



$    119


$    141







 Net income per share available to parent 






     company common stockholders: 






    Basic: 






         Income from continuing operations 



$   0.80


$   0.96

         Income from discontinued operations 



$   0.01


$        -

         Net income 



$   0.81


$   0.96

    Diluted: 






         Income from continuing operations 



$   0.62


$   0.73

         Income from discontinued operations 



$   0.01


$        -

         Net income 



$   0.63


$   0.73

 Weighted-average common shares outstanding 






    Basic 



146.9


147.7

    Diluted 



213.1


214.7







Dividends declared per common share



$   0.10


$   0.10

  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Comprehensive Income (Unaudited) 






 For the Three Months Ended June 30, 2013 and 2012 












 (In millions) 



Three Months Ended




June 30, 




2013


2012

 Net income 



$ 96


$ 89

         Less: Noncontrolling interests net income 



4


3

 Net income attributable to the parent company 



92


86







 Other comprehensive income (loss) attributable to  






   the parent company, net of tax: 






        Currency translation adjustments



(47)


(79)

        Change in unrealized hedging gains and losses



(6)



        Change in unrealized investment and other gains and losses



(10)


(1)

        Defined benefit plans



6


4

        Other comprehensive loss attributable to the






          parent company



(57)


(76)







 Other comprehensive income (loss) attributable to 






   noncontrolling interests, net of tax: 






        Currency translation adjustments



(3)


(1)

        Other comprehensive loss attributable to 






          noncontrolling interests



(3)


(1)







Total comprehensive income attributable






  to the parent company



35


10

Total comprehensive income attributable






  to noncontrolling interests



1


2

Total comprehensive income



$ 36


$ 12









  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Comprehensive Income (Unaudited) 






 For the Six Months Ended June 30, 2013 and 2012 












 (In millions) 



Six Months Ended




June 30, 




2013


2012

 Net income 



$ 146


$ 162

         Less: Noncontrolling interests net income 



12


6

 Net income attributable to the parent company 



134


156







 Other comprehensive income (loss) attributable to  






   the parent company, net of tax: 






        Currency translation adjustments



(64)


(35)

        Change in unrealized hedging gains and losses



(3)


8

        Change in unrealized investment and other gains and losses



(9)


1

        Defined benefit plans



14


6

        Other comprehensive loss attributable to the






          parent company



(62)


(20)







 Other comprehensive income (loss) attributable to 






   noncontrolling interests, net of tax: 






        Currency translation adjustments



(5)



        Other comprehensive loss attributable to 






          noncontrolling interests



(5)


-







Total comprehensive income attributable






  to the parent company



72


136

Total comprehensive income attributable






  to noncontrolling interests



7


6

Total comprehensive income



$   79


$ 142









  









 DANA HOLDING CORPORATION 






 Consolidated Balance Sheet (Unaudited) 






 As of June 30, 2013 and December 31, 2012 












 (In millions except share and per share amounts) 


June 30, 


December 31, 




2013


2012


 Assets 






 Current assets 






 Cash and cash equivalents 


$  1,030


$             1,059


 Marketable securities 


97


60


 Accounts receivable 






         Trade, less allowance for doubtful accounts of $8 in 2013 and 2012 


975


818


         Other 


163


170


 Inventories 


773


742


 Other current assets 


122


104


                 Total current assets 


3,160


2,953


 Goodwill 


100


101


 Intangibles 


273


325


 Other noncurrent assets 


252


324


 Investments in affiliates 


210


202


 Property, plant and equipment, net 


1,179


1,239


                 Total assets 


$  5,174


$             5,144








 Liabilities and equity 






 Current liabilities 






 Notes payable, including current portion of long-term debt 


$        74


$                101


 Accounts payable 


938


766


 Accrued payroll and employee benefits 


150


160


 Accrued restructuring costs 


15


23


 Taxes on income 


69


63


 Other accrued liabilities 


169


197


                 Total current liabilities 


1,415


1,310


 Long-term debt 


824


803


 Pension and postretirement obligations 


669


715


 Other noncurrent liabilities 


355


368


                 Total liabilities 


3,263


3,196


 Commitments and contingencies 






 Parent company stockholders' equity 






         Preferred stock, 50,000,000 shares authorized 






              Series A, $0.01 par value, 2,500,000 shares outstanding 


242


242


              Series B, $0.01 par value, 5,072,591 and 5,221,199 shares outstanding 


497


511


         Common stock, $0.01 par value, 450,000,000 shares authorized, 






              145,695,504 and 148,264,067 outstanding 


2


2


         Additional paid-in capital 


2,703


2,668


         Accumulated deficit 


(658)


(762)


         Treasury stock, at cost (6,966,217 and 1,797,988 shares) 


(115)


(25)


         Accumulated other comprehensive loss 


(858)


(793)


               Total parent company stockholders' equity 


1,813


1,843


 Noncontrolling equity 


98


105


                 Total equity 


1,911


1,948


                 Total liabilities and equity 


$  5,174


$             5,144










  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Cash Flows (Unaudited) 






 For the Three Months Ended June 30, 2013 and 2012 












 (In millions) 



Three Months Ended




June 30, 




2013


2012

 Operating activities 






 Net income 



$       96


$   89

 Depreciation 



40


47

 Amortization of intangibles 



21


22

 Amortization of deferred financing charges 



2


2

 Unremitted earnings of affiliates 



(2)


(1)

 Stock compensation expense 



4


3

 Deferred income taxes 



2


(7)

 Pension contributions, net 



(4)


(16)

 Interest payment received on payment-in-kind note receivable 



26



 Change in working capital 



25


(2)

 Other, net 



(8)


7

 Net cash flows provided by operating activities (1) 



202


144







 Investing activities 






 Purchases of property, plant and equipment (1) 



(42)


(37)

 Acquisition of business 



(4)



 Principal payment received on payment-in-kind note receivable 



33



 Purchases of marketable securities 



(66)


(8)

 Proceeds from sales of marketable securities 



24


4

 Proceeds from maturities of marketable securities 



5



 Other 



7


9

 Net cash flows used in investing activities 



(43)


(32)







 Financing activities 






 Net change in short-term debt 



2


23

 Proceeds from long-term debt 



4


13

 Repayment of long-term debt 



(18)


(2)

 Deferred financing payments 



(3)



 Dividends paid to preferred stockholders 



(7)


(7)

 Dividends paid to common stockholders 



(15)


(8)

 Distributions paid to noncontrolling interests 



(1)


(2)

 Repurchases of common stock 



(62)



 Payments to acquire noncontrolling interests 






 Other 



3



 Net cash flows provided by (used in) financing activities 



(97)


17







 Net increase in cash and cash equivalents 



62


129

 Cash and cash equivalents − beginning of period 



981


773

 Effect of exchange rate changes on cash balances 



(13)


(21)

 Cash and cash equivalents − end of period 



$ 1,030


$ 881







(1)  Free cash flow of $160 in 2013 and $107 in 2012 is the sum of net cash provided by 

      operating activities reduced by the purchases of property, plant and equipment.

  







 DANA HOLDING CORPORATION 






 Consolidated Statement of Cash Flows (Unaudited) 






 For the Six Months Ended June 30, 2013 and 2012 












 (In millions) 



Six Months Ended




June 30, 




2013


2012

 Operating activities 






 Net income 



$    146


$ 162

 Depreciation 



82


96

 Amortization of intangibles 



43


44

 Amortization of deferred financing charges 



3


3

 Unremitted earnings of affiliates 



(6)


(4)

 Stock compensation expense 



9


10

 Deferred income taxes 





(5)

 Pension contributions, net 



(20)


(181)

 Interest payment received on payment-in-kind note receivable 



26



 Change in working capital 



(84)


(139)

 Other, net 



(12)


5

 Net cash flows provided by (used) in operating activities (1) 



187


(9)







 Investing activities 






 Purchases of property, plant and equipment (1) 



(71)


(71)

 Acquisition of business 



(8)



 Principal payment received on payment-in-kind note receivable 



33



 Purchases of marketable securities 



(66)


(8)

 Proceeds from sales of marketable securities 



24


4

 Proceeds from maturities of marketable securities 



5


3

 Other 



8


4

 Net cash flows used in investing activities 



(75)


(68)







 Financing activities 






 Net change in short-term debt 



(1)


43

 Proceeds from long-term debt 



57


29

 Repayment of long-term debt 



(48)


(5)

 Deferred financing payments 



(3)



 Dividends paid to preferred stockholders 



(15)


(15)

 Dividends paid to common stockholders 



(15)


(15)

 Distributions paid to noncontrolling interests 



(2)


(2)

 Repurchases of common stock 



(86)



 Payments to acquire noncontrolling interests 



(7)



 Other 



3


1

 Net cash flows provided by (used in) financing activities 



(117)


36







 Net decrease in cash and cash equivalents 



(5)


(41)

 Cash and cash equivalents − beginning of period 



1,059


931

 Effect of exchange rate changes on cash balances 



(24)


(9)

 Cash and cash equivalents − end of period 



$ 1,030


$ 881







(1) Free cash flow of $116 in 2013 and $(80) in 2012 is the sum of net cash provided by (used in) 

      operating activities reduced by the purchases of property, plant and equipment.

  







 DANA HOLDING CORPORATION 






 Segment Sales & Segment EBITDA (Unaudited) 






 For the Three Months Ended June 30, 2013 and 2012 












 (In millions) 


Three Months Ended




June 30, 




2013


2012


 Segment Sales 






Light Vehicle Driveline


$   673


$   735


Power Technologies


265


262


Commercial Vehicle


498


513


Off-Highway


364


426


Total Sales


$1,800


$1,936








 Segment EBITDA 






Light Vehicle Driveline


$     71


$     76


Power Technologies


39


37


Commercial Vehicle


61


57


Off-Highway


46


56


 Total Segment EBITDA 


217


226


 Corporate expense and other items, net 


(2)


(4)


 Structures EBITDA 




3


 Adjusted EBITDA 


$   215


$   225














  






 DANA HOLDING CORPORATION 





 Segment Sales & Segment EBITDA (Unaudited) 





 For the Six Months Ended June 30, 2013 and 2012 










 (In millions) 


Six Months Ended



June 30, 



2013


2012

 Segment Sales 





Light Vehicle Driveline


$1,292


$1,462

Power Technologies


521


530

Commercial Vehicle


956


1,064

Off-Highway


707


844

Total Sales


$3,476


$3,900






 Segment EBITDA 





Light Vehicle Driveline


$   112


$   139

Power Technologies


75


77

Commercial Vehicle


102


118

Off-Highway


87


105

 Total Segment EBITDA 


376


439

 Corporate expense and other items, net 


(3)


(7)

 Structures EBITDA 




5

 Adjusted EBITDA 


$   373


$   437











  







 DANA HOLDING CORPORATION 






 Reconciliation of Segment and Adjusted EBITDA 






 to Net Income (Unaudited) 






 For the Three Months Ended June 30, 2013 and 2012 












 (In millions) 


Three Months Ended




June 30, 




2013


2012


 Segment EBITDA 


$217


$226


Corporate expense and other items, net


(2)


(4)


Structures EBITDA




3


 Adjusted EBITDA 


215


225


Depreciation


(40)


(46)


Amortization of intangibles


(21)


(22)


Restructuring


(4)


(19)


Strategic transaction and other items


(3)


(1)


Write off of deferred financing costs


(2)




Recognition of unrealized gain on






payment-in-kind note receivable


5




Impairment and loss on sale of assets




(3)


Structures EBITDA




(3)


Stock compensation expense


(4)


(2)


Foreign exchange on intercompany loans






and market value adjustments on forwards


(1)


(1)


Interest expense


(21)


(20)


Interest income


5


5


 Income from continuing operations before 






income taxes


129


113


 Income tax expense 


35


27


 Equity in earnings of affiliates 


3


2


 Income from continuing operations 


97


88


 Income (loss) from discontinued operations 


(1)


1


 Net income 


$  96


$  89








  






 DANA HOLDING CORPORATION 





 Reconciliation of Segment and Adjusted EBITDA 





 to Net Income (Unaudited) 





 For the Six Months Ended June 30, 2013 and 2012 










 (In millions) 


Six Months Ended



June 30, 



2013


2012

 Segment EBITDA 


$376


$439

Corporate expense and other items, net


(3)


(7)

Structures EBITDA




5

 Adjusted EBITDA 


373


437

Depreciation


(82)


(94)

Amortization of intangibles


(43)


(44)

Restructuring


(6)


(24)

Strategic transaction and other items


(6)


(5)

Write off of deferred financing costs


(2)



Recognition of unrealized gain on





payment-in-kind note receivable


5



Impairment and loss on sale of assets




(6)

Structures EBITDA




(5)

Stock compensation expense


(9)


(9)

Interest expense


(42)


(41)

Interest income


12


11

 Income from continuing operations before 





income taxes


200


220

 Income tax expense 


62


64

 Equity in earnings of affiliates 


7


6

 Income from continuing operations 


145


162

 Income from discontinued operations 


1



 Net income 


$146


$162






  






 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Three Months Ended June 30, 2013 and 2012 










 (In millions except per share amounts) 


Three Months Ended



June 30, 



2013


2012

 Net income attributable to parent company 


$    92


$    86

 Restructuring charges (1) 


6


16

 Amortization of intangibles (1) 


17


18

 Non-recurring items (1) 





 Adjusted net income 


$  115


$  120











 Diluted shares - as reported 


212


215

 Adjusted diluted shares 


212


215











 Diluted adjusted EPS 


$ 0.54


$ 0.56






 (1) Amounts are net of associated tax effect. 










  






 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Six Months Ended June 30, 2013 and 2012 










 (In millions except per share amounts) 


Six Months Ended



June 30, 



2013


2012

 Net income attributable to parent company 


$  134


$  156

 Restructuring charges (1) 


8


20

 Amortization of intangibles (1) 


34


34

 Non-recurring items (1) 


(2)


4

 Adjusted net income 


$  174


$  214











 Diluted shares - as reported 


213


215

 Adjusted diluted shares 


213


215











 Diluted adjusted EPS 


$ 0.82


$ 1.00






 (1) Amounts are net of associated tax effect. 










 

SOURCE Dana Holding Corporation



RELATED LINKS
http://www.dana.com

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