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

Oct 29, 2013, 07:10 ET from Dana Holding Corporation

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



RELATED LINKS

http://www.dana.com