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Dana posted higher quarterly profits, raises full-year profit outlook

Dana Holding Corp. recorded an increase in quarterly profits last Thursday. Based on higher production volumes, the auto parts maker raised its full-year profit outlook. In the second quarter of 2011, its net income climbed to $61 million compared with $1 million in the same period last year.

Sales increased to $1.93 billion, a 26% increase. Dana predicts that it will earn $1.60 to $1.70 a share before one-time items for the full year. It had previously forecast earnings of $1.55 to $1.65 a share.

Dana’s revenue for 2011 is forecasted to go up by over 25% compared to last year. This is a marked increase from its previous estimate for a more than 20% increase. For this year, analysts predicted a profit of $1.59 a share and revenue of $7.4 billion.

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Roger J. Wood is the new CEO and president of Dana Holding

Dana Holding Corp. has appointed Roger J. Wood to be its CEO and president – Dana’s seventh CEO in recent years. At BorgWarner's engine group, Wood (who is 48 years old) has served as an executive vice president, group president and general manager. Wood is the successor to John Devine, Dana's executive chairman, who has been functioning as the interim CEO before retiring this June 30.

Meanwhile, Keith Wandell, Dana's lead independent director, will serve as the non-executive chairman of the board. Dana's board will also have Wood as a member. It was in 2008 that Devine joined Dana upon its emergence from bankruptcy.

Devine had previously worked as the CFO of Ford Motor Co. and General Motors. For three times in his career, he had also been CEO of the drivetrain parts supplier.

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Dana reported a narrower fourth-quarter net loss

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.

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