Dana Holding Corporation Reports Third Quarter 2013 Results; Posts Higher Earnings, Returns Significant Value to Shareholders -- Sales of $1.67 billion

-- Net income of $68 million

-- Adjusted EBITDA of $198 million, 11.9 percent margin

-- Diluted adjusted earnings per share of $0.47, up $0.10 over last year

-- Successfully completed $750 million senior notes offering

-- Redeemed all Series A preferred shares

-- More than 34 million shares repurchased to date, returning approximately $780 million to shareholders

-- Secured new business through market-driven technologies

-- Tandem axle named Automotive News PACE Award finalist

MAUMEE, Ohio, Oct. 29, 2013 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced its third quarter 2013 financial results, which included higher net income and adjusted EBITDA over the same period last year. 

Sales for the quarter totaled $1.67 billion compared with $1.72 billion for the same period in 2012.  The effects of currency, scheduled light-vehicle program roll-offs, and an off-highway divestiture a year ago lowered sales by $79 million.  This was partially offset by increased demand in certain light- and commercial-vehicle markets around the world.

Net income for the quarter was $68 million, $12 million higher compared with the previous year, reflecting continued manufacturing execution and other actions.  Diluted adjusted earnings per share (EPS), which excludes restructuring, amortization, and other nonrecurring items, was $0.47 in the quarter, up $0.10 from a year ago. The increase in EPS represented both higher adjusted net income in the current quarter and lower diluted shares outstanding as a result of share repurchases.

Adjusted EBITDA increased to $198 million for the third quarter compared with $190 million in the previous year.  While sales were slightly lower than a year ago, adjusted EBITDA as a percent of sales improved to 11.9 percent compared with 11.0 percent a year ago.

During the quarter, Dana generated strong free cash flow of $54 million and returned approximately $679 million to shareholders under its previously announced $1 billion share repurchase program. Repurchase transactions completed during the quarter included redemption of the company's Series A preferred stock. The $474 million paid to redeem the Series A preferred stock approximated its market value at the time of the transaction.  The difference between the amount paid and the historic carrying value was $232 million and, for financial reporting purposes, is presented as an adjustment to net income available to common stockholders, consistent with the presentation of preferred stock dividends.  At the end of the third quarter, $220 million remains available for further repurchases under this program. As a result of repurchase transactions executed through the end of the third quarter of this year, Dana expects its fourth-quarter weighted average diluted shares to be about 184 million.

"Despite challenging demand in a number of end markets we serve around the world, our team continued to deliver on the performance of the business.  Our improved earnings and margin reflect our continued execution as we manage the business for future growth," said company President and Chief Executive Officer Roger J. Wood. "In addition to improving our financial performance amidst continuing market volatility, since late last year we have returned $780 million to shareholders under Dana's share repurchase program, further evidencing our commitment to increasing shareholder value over the long term."

Revised 2013 Financial Targets   
In response to weakened demand in construction and mining end markets impacting Off-Highway Driveline, persistent regional economic pressures in India and South America impacting principally Light Vehicle Driveline, and tempered expectations for full-year North America Class 8 vehicle production, Dana has revised its full-year financial targets:

  • Sales of approximately $6.7 billion;
  • Adjusted EBITDA of approximately $750 million;
  • Adjusted EBITDA as a percent of sales of approximately 11.1 percent;
  • Diluted adjusted EPS of approximately $1.76 (excluding the impact of share repurchases after Sept. 30, 2013);
  • Capital spending of approximately $190 million; and
  • Free cash flow of $240 million to $260 million.

Secured New Business through Market-driven Technologies
Dana continued its focus on market-driven technologies to secure new business, much of it launching in 2015 and beyond. 

Mahindra & Mahindra has specified Dana's efficient, lightweight Spicer® AdvanTEK® axles for the company's new platform of sport-utility vehicles and small trucks launching in mid-2015.  These axles are engineered to deliver enhanced efficiency and fuel economy, as well as improved power density and best-in-class noise, vibration, and harshness.

Nissan has also awarded Dana a contract to supply Spicer Life Series® driveshafts to their vehicle manufacturing operations in Korea and Russia.  Considered the industry standard for low-emission, high-efficiency light vehicles, this driveshaft is precision balanced for reduced noise, vibration, and harshness.

A Japanese automaker has sourced Dana's thermoplastic cylinder-head cover module for its global V-6 engine program.  Lighter and more versatile than traditional aluminum cover modules, this technology improves fuel economy while reducing oil consumption and emissions. 

Spicer® AdvanTEK® 40 Tandem Axle Named Automotive News PACE Award Finalist
Dana's Spicer® AdvanTEK® 40 tandem axle has been selected as a finalist for the 2014 Automotive News PACE Awards, marking the third consecutive year a Dana technology has been so honored.   The PACE Awards are the automotive industry's premier award recognizing suppliers for superior innovation, technological advancement, and business performance.  Dana's AdvanTEK 40 Tandem Axle was selected among 34 finalists for the awards.

This all-new 40,000-lb. tandem axle for a variety of Class 8 applications features a market-leading design that increases fuel economy, improves reliability, reduces vehicle weight, and decreases total ownership costs.  Compared with competitive tandem-axle offerings, the Spicer AdvanTEK 40 axle delivers operating savings through a powerful combination of features including the industry's fastest axle ratio of 2.26:1, lower axle weight, optimum inter-axle driveline angles, and reduced lubrication quantity.

Dana to Host Conference Call at 10 a.m. Today
Dana will discuss its third-quarter results in a conference call at 10 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 76617924. Please ask for the "Dana Holding Corporate Financial Webcast and Conference Call."  Phone registration will be available starting at 9:30 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 76617924.  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 September 30, 2013 and 2012 


















Three Months Ended

 (In millions except per share amounts) 



September 30, 





2013


2012

 Net sales 




$      1,669


$      1,715

 Costs and expenses 






     Cost of sales 



1,434


1,477

     Selling, general and administrative expenses 



97


99

     Amortization of intangibles 



18


18

     Restructuring charges, net 



8


6

     Other income, net 



18


2

 Income from continuing operations before 






     interest expense and income taxes 



130


117

 Interest expense 



27


22

 Income from continuing operations before 






     income taxes 



103


95

 Income tax expense 



34


33

 Equity in earnings of affiliates 



3


(2)

 Income from continuing operations 



72


60

 Loss from discontinued operations 



(1)



 Net income 



71


60

     Less: Noncontrolling interests net income 



3


4

 Net income attributable to the parent company 



68


56

 Preferred stock dividend requirements 



6


8

 Preferred stock redemption premium 



232



 Net income (loss) available to common stockholders 


$        (170)


$            48








 Net income (loss) per share available to parent 






     company common stockholders: 






    Basic: 







         Income (loss) from continuing operations 



$       (1.15)


$        0.32

         Loss from discontinued operations 



$       (0.01)


$              -

         Net income (loss) 



$       (1.16)


$        0.32

    Diluted: 







         Income (loss) from continuing operations 



$       (1.15)


$        0.26

         Loss from discontinued operations 



$       (0.01)


$              -

         Net income (loss) 



$       (1.16)


$        0.26

 Weighted-average common shares outstanding 






    Basic 




145.8


148.1

    Diluted 




145.8


214.5








Dividends declared per common share



$        0.05


$        0.05








 

 

 DANA HOLDING CORPORATION 







 Consolidated Statement of Operations (Unaudited) 







 For the Nine Months Ended September 30, 2013 and 2012 


















Nine Months Ended

 (In millions except per share amounts) 



September 30, 





2013


2012

 Net sales 




$      5,145


$      5,615

 Costs and expenses 






     Cost of sales 



4,437


4,838

     Selling, general and administrative expenses 



305


322

     Amortization of intangibles 



55


56

     Restructuring charges, net 



14


30

     Other income, net 



38


9

 Income from continuing operations before 






     interest expense and income taxes 



372


378

 Interest expense 



69


63

 Income from continuing operations before 






     income taxes 



303


315

 Income tax expense 



96


97

 Equity in earnings of affiliates 



10


4

 Income from continuing operations 



217


222

 Income from discontinued operations 






 Net income 



217


222

     Less: Noncontrolling interests net income 



15


10

 Net income attributable to the parent company 



202


212

 Preferred stock dividend requirements 



21


23

 Preferred stock redemption premium 



232



 Net income (loss) available to common stockholders 


$          (51)


$         189








 Net income (loss) per share available to parent 






     company common stockholders: 






    Basic: 







         Income (loss) from continuing operations 



$       (0.35)


$        1.28

         Income from discontinued operations 



$              -


$              -

         Net income (loss) 



$       (0.35)


$        1.28

    Diluted: 







         Income (loss) from continuing operations 



$       (0.35)


$        0.99

         Income from discontinued operations 



$              -


$              -

         Net income (loss) 



$       (0.35)


$        0.99

 Weighted-average common shares outstanding 






    Basic 




146.6


147.8

    Diluted 




146.6


214.7








Dividends declared per common share



$        0.15


$        0.15








 

 

 DANA HOLDING CORPORATION 




 Consolidated Statement of Comprehensive Income (Unaudited) 




 For the Three Months Ended September 30, 2013 and 2012 









Three Months Ended

 (In millions) 



September 30, 







2013


2012

 Net income 



$            71


$            60


 Less: Noncontrolling interests net income 



3


4

 Net income attributable to the parent company 



68


56










 Other comprehensive income (loss) attributable to  






   the parent company, net of tax: 







Currency translation adjustments



30


25


Hedging gains and losses



(1)


4


Investment and other gains and losses



3




Defined benefit plans



6


(2)


Other comprehensive income attributable to the







parent company



38


27










 Other comprehensive income (loss) attributable to 






   noncontrolling interests, net of tax: 







Currency translation adjustments



1


2


Hedging gains and losses



1




Other comprehensive income attributable to 







noncontrolling interests



2


2










Total comprehensive income attributable







to the parent company



106


83

Total comprehensive income attributable







to noncontrolling interests



5


6

Total comprehensive income



$         111


$            89










 

 

 DANA HOLDING CORPORATION 





 Consolidated Statement of Comprehensive Income (Unaudited) 





 For the Nine Months Ended September 30, 2013 and 2012 












Nine Months Ended

 (In millions) 



September 30, 




2013


2012

 Net income 



$         217


$         222


 Less: Noncontrolling interests net income 



15


10

 Net income attributable to the parent company 



202


212







 Other comprehensive income (loss) attributable to  






   the parent company, net of tax: 







Currency translation adjustments



(34)


(10)


Hedging gains and losses



(4)


12


Investment and other gains and losses



(6)


1


Defined benefit plans



20


4


Other comprehensive income (loss) attributable to the







parent company



(24)


7










 Other comprehensive income (loss) attributable to 






   noncontrolling interests, net of tax: 







Currency translation adjustments



(4)


2


Hedging gains and losses



1




Other comprehensive income (loss) attributable to 







noncontrolling interests



(3)


2










Total comprehensive income attributable







to the parent company



178


219

Total comprehensive income attributable







to noncontrolling interests



12


12

Total comprehensive income



$         190


$         231







 

 

 DANA HOLDING CORPORATION 


 Consolidated Balance Sheet (Unaudited) 


 As of September 30, 2013 and December 31, 2012 






 (In millions except share and per share amounts) 





September 30, 


December 31, 

 Assets 

2013


2012

 Current assets 




 Cash and cash equivalents 

$             1,121


$          1,059

 Marketable securities 

105


60

 Accounts receivable 




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

916


818

     Other 

171


170

 Inventories 

774


742

 Other current assets 

114


104

       Total current assets 

3,201


2,953

 Goodwill 

104


101

 Intangibles 

253


325

 Other noncurrent assets 

271


324

 Investments in affiliates 

215


202

 Property, plant and equipment, net 

1,200


1,239

      Total assets 

$             5,244


$          5,144







 Liabilities and equity 




 Current liabilities 




 Notes payable, including current portion of long-term debt 

$                  64


$              101

 Accounts payable 

872


766

 Accrued payroll and employee benefits 

166


160

 Accrued restructuring costs 

13


23

 Taxes on income 

59


63

 Other accrued liabilities 

172


197

      Total current liabilities 

1,346


1,310

 Long-term debt 

1,568


803

 Pension and postretirement obligations 

638


715

 Other noncurrent liabilities 

357


368

      Total liabilities 

3,909


3,196

 Commitments and contingencies 






 Parent company stockholders' equity 




     Preferred stock, 50,000,000 shares authorized 




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

-


242

       Series B, $0.01 par value, 4,328,537 and 5,221,199 shares outstanding 

423


511

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




        145,204,001 and 148,264,067 outstanding 

2


2

 Additional paid-in capital 

2,745


2,668

 Accumulated deficit 

(835)


(762)

 Treasury stock, at cost (14,381,673 and 1,797,988 shares) 

(277)


(25)

 Accumulated other comprehensive loss 

(820)


(793)

     Total parent company stockholders' equity 

1,238


1,843

 Noncontrolling equity 

97


105

     Total equity 

1,335


1,948

     Total liabilities and equity 

$             5,244


$          5,144







 

 

 DANA HOLDING CORPORATION 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Three Months Ended September 30, 2013 and 2012 








Three Months Ended

 (In millions) 


September 30, 




2013


2012

 Operating activities 





 Net income 


$            71


$            60

 Depreciation 


41


46

 Amortization of intangibles 


22


22

 Amortization of deferred financing charges 


1


1

 Unremitted earnings of affiliates 


(2)


3

 Stock compensation expense 


5


4

 Deferred income taxes 


5


(4)

 Pension contributions, net 


(36)


(23)

 Change in working capital 


9


23

 Other, net 


(10)


(2)

 Net cash flows provided by operating activities (1) 


106


130







 Investing activities 





 Purchases of property, plant and equipment (1) 


(52)


(42)

 Acquisition of business 




(7)

 Purchases of marketable securities 


(14)


(5)

 Proceeds from sales of marketable securities 


4


8

 Proceeds from maturities of marketable securities 


2



 Proceeds from sale of businesses 


1


7

 Other 




(7)

 Net cash flows used in investing activities 


(59)


(46)







 Financing activities 





 Net change in short-term debt 


(10)


(17)

 Proceeds from long-term debt 


754


11

 Repayment of long-term debt 


(7)


(9)

 Deferred financing payments 


(14)



 Preferred stock redemptions 


(474)



 Dividends paid to preferred stockholders 


(8)


(8)

 Dividends paid to common stockholders 


(7)


(7)

 Distributions paid to noncontrolling interests 


(9)


(7)

 Repurchases of common stock 


(202)



 Other 


4


(2)

 Net cash flows provided by (used in) financing activities 


27


(39)







 Net increase in cash and cash equivalents 


74


45

 Cash and cash equivalents − beginning of period 


1,030


881

 Effect of exchange rate changes on cash balances 


17


14

 Cash and cash equivalents − end of period 


$      1,121


$         940







(1) Free cash flow of $54 in 2013 and $88 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 Nine Months Ended September 30, 2013 and 2012 





Nine Months Ended

 (In millions) 


September 30, 




2013


2012

 Operating activities 





 Net income 


$         217


$         222

 Depreciation 


123


142

 Amortization of intangibles 


65


66

 Amortization of deferred financing charges 


4


4

 Unremitted earnings of affiliates 


(8)


(1)

 Stock compensation expense 


14


14

 Deferred income taxes 


5


(9)

 Pension contributions, net 


(56)


(204)

 Interest payment received on payment-in-kind note receivable 


26



 Change in working capital 


(75)


(116)

 Other, net 


(22)


3

 Net cash flows provided by operating activities (1) 


293


121







 Investing activities 





 Purchases of property, plant and equipment (1) 


(123)


(113)

 Acquisition of business 


(8)


(7)

 Principal payment received on payment-in-kind note receivable 


33



 Purchases of marketable securities 


(80)


(13)

 Proceeds from sales of marketable securities 


28


12

 Proceeds from maturities of marketable securities 


7


3

 Proceeds from sale of businesses 


1


7

 Other 


8


(3)

 Net cash flows used in investing activities 


(134)


(114)







 Financing activities 





 Net change in short-term debt 


(11)


26

 Proceeds from long-term debt 


811


40

 Repayment of long-term debt 


(55)


(14)

 Deferred financing payments 


(17)



 Preferred stock redemptions 


(474)



 Dividends paid to preferred stockholders 


(23)


(23)

 Dividends paid to common stockholders 


(22)


(22)

 Distributions paid to noncontrolling interests 


(11)


(9)

 Repurchases of common stock 


(288)



 Payments to acquire noncontrolling interests 


(7)



 Other 


7


(1)

 Net cash flows used in financing activities 


(90)


(3)







 Net increase in cash and cash equivalents 


69


4

 Cash and cash equivalents − beginning of period 


1,059


931

 Effect of exchange rate changes on cash balances 


(7)


5

 Cash and cash equivalents − end of period 


$      1,121


$         940







(1) Free cash flow of $170 in 2013 and $8 in 2012 is the sum of net cash provided by

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







 

 

 DANA HOLDING CORPORATION 





 Segment Sales & Segment EBITDA (Unaudited) 



 For the Three Months Ended September 30, 2013 and 2012 












 (In millions) 



Three Months Ended




September 30, 

 Sales 



2013


2012

Light Vehicle Driveline



$           629


$           659

Power Technologies



257


242

Commercial Vehicle



465


471

Off-Highway



318


343

Total Sales



$        1,669


$        1,715







 Segment EBITDA 






Light Vehicle Driveline



$             67


$             68

Power Technologies



39


29

Commercial Vehicle



52


45

Off-Highway



40


48

 Total Segment EBITDA 



198


190

 Corporate expense and other items, net 





(1)

 Structures EBITDA 





1

 Adjusted EBITDA 



$           198


$           190







 

 DANA HOLDING CORPORATION 





 Segment Sales & Segment EBITDA (Unaudited) 



 For the Nine Months Ended September 30, 2013 and 2012 












 (In millions) 



Nine Months Ended




September 30, 

 Sales 



2013


2012

Light Vehicle Driveline



$        1,921


$        2,121

Power Technologies



778


772

Commercial Vehicle



1,421


1,535

Off-Highway



1,025


1,187

Total Sales



$        5,145


$        5,615







 Segment EBITDA 






Light Vehicle Driveline



$           179


$           207

Power Technologies



114


106

Commercial Vehicle



154


163

Off-Highway



127


153

 Total Segment EBITDA 



574


629

 Corporate expense and other items, net 



(3)


(8)

 Structures EBITDA 





6

 Adjusted EBITDA 



$           571


$           627







 

 

 DANA HOLDING CORPORATION 





 Reconciliation of Segment and Adjusted EBITDA 



 to Net Income (Unaudited) 






 For the Three Months Ended September 30, 2013 and 2012 












 (In millions) 



Three Months Ended




September 30, 




2013


2012

Segment EBITDA 



$           198


$           190

Corporate expense and other items, net




(1)

Structures EBITDA





1

Adjusted EBITDA 



198


190

Depreciation



(41)


(46)

Amortization of intangibles



(22)


(22)

Restructuring



(8)


(6)

Strategic transaction and other items





(1)

Structures EBITDA





(1)

Stock compensation expense



(5)


(3)

Interest expense



(27)


(22)

Interest income



8


6

 Income from continuing operations before 





income taxes



103


95

 Income tax expense 



34


33

 Equity in earnings of affiliates 



3


(2)

 Income from continuing operations 



72


60

 Loss from discontinued operations 



(1)



 Net income 



$             71


$             60







 

 

 DANA HOLDING CORPORATION 



 Reconciliation of Segment and Adjusted EBITDA 



 to Net Income (Unaudited) 






 For the Nine Months Ended September 30, 2013 and 2012 












 (In millions) 



Nine Months Ended




September 30, 




2013


2012

Segment EBITDA 



$           574


$           629

Corporate expense and other items, net


(3)


(8)

Structures EBITDA





6

Adjusted EBITDA 



571


627

Depreciation



(123)


(140)

Amortization of intangibles



(65)


(66)

Restructuring



(14)


(30)

Strategic transaction and other items



(6)


(6)

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





(6)

Stock compensation expense



(14)


(12)

Interest expense



(69)


(63)

Interest income



20


17

 Income from continuing operations before 





income taxes



303


315

 Income tax expense 



96


97

 Equity in earnings of affiliates 



10


4

 Income from continuing operations 



217


222

 Income from discontinued operations 






 Net income 



$           217


$           222







 

 

 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Three Months Ended September 30, 2013 and 2012 












 (In millions except per share amounts) 









Three Months Ended




September 30, 




2013


2012







 Net income attributable to parent company 


$             68


$             56

 Restructuring charges (1) 



6


6

 Amortization of intangibles (1) 



17


15

 Non-recurring items (1) 



1


3

 Adjusted net income 



$             92


$             80







 Diluted shares - as reported 



146


215

 Potentially dilutive shares 



2



 Conversion of preferred stock 



46



 Adjusted diluted shares 



194


215







 Diluted adjusted EPS 



$          0.47


$          0.37







 (1) Amounts are net of associated tax effect. 





 

 

 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Nine Months Ended September 30, 2013 and 2012 












 (In millions except per share amounts) 









Nine Months Ended




September 30, 




2013


2012







 Net income attributable to parent company 


$           202


$           212

 Restructuring charges (1) 



14


27

 Amortization of intangibles (1) 



51


49

 Non-recurring items (1) 



(1)


6

 Adjusted net income 



$           266


$           294







 Diluted shares - as reported 



147


215

 Potentially dilutive shares 



2



 Conversion of preferred stock 



58



 Adjusted diluted shares 



207


215







 Diluted adjusted EPS 



$          1.29


$          1.37







 (1) Amounts are net of associated tax effect. 





 

SOURCE Dana Holding Corporation



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