Dana reported a narrower fourth-quarter net loss

Article by Christian Andrei, on February 27, 2011

Dana Holding Corp., which makes axles, driveshafts, transmissions, sealing and thermal-management products, and service parts, reported a narrower fourth-quarter net loss as sales rose. The company also revealed that it predicts that 2011 revenue would increase at least 17 percent.

Previously, the company had projected a 10 percent jump in full-year revenue. Dana posted a fourth-quarter net loss of $14 million and, a year before, the company had a $236 million net loss. During the period, revenue rose 4 percent to $1.56 billion.

The company said it generated $12 million in free cash flow during the fourth quarter, marking the seventh consecutive quarter of positive free cash flow.

For the entire 2010, Dana recorded net income of $10 million compared to a $431 million loss in 2009, reflecting ongoing restructuring and cost-reduction efforts. Last year, annual sales rose 17 percent to $6.1 billion.

Executive Chairman and Interim CEO John Devine said the company met or exceeded its 2010 targets including operational improvements, profitable growth and improved margins. Dana said it secured $846 million in new supply contracts during 2010.

The company said the new contracts were secured in all markets - automotive, commercial vehicle, and off-highway - and geographic regions. The new contracts will generate profit margins above its capital cost and surpass a goal of $650 million to $700 million. [via reuters]

Topics: dana

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
After we caught a glimpse of the revamped Amarok, VW Australia once again wants to give its ute a sinister look inspired by the Mad Max movie franchise. The “Korama”...
by - December 7, 2016
Customers in the European market are known for leaning towards style and with this in mind, Nissan has revealed the special LEAF Black Edition. While the production run of this...
by - December 7, 2016
When Volkswagen unveiled the VW Atlas, it declared that this SUV is being developed for the United States and is set to arrive as a 2018 model. It also unveiled...
by - December 7, 2016
Did you miss the opportunity to get a brand new Dodge Viper? Well, here’s something you don’t want to miss. Dodge has announced a “final call” for orders for its...
by - December 6, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries