Dana reported a narrower fourth-quarter net loss

Article by Christian A., 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]

If you liked the article, share on:

Topics: dana

Comments

Recommended

November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
All is set for Volkswagen’s plans to enter the electric vehicle game, as prompted by the so-called Dieselgate scandal. In fact, the German carmaker has already made a commitment to...
by - November 17, 2017
As BMW has already revealed, the next generation of the BMW M5 (F90) is a four-wheel drive high-performance sedan with overwhelming power output and torque at its disposal. However, it...
by - November 17, 2017
McLaren unveiled a one-off Gold - on - Black 720S at the 2017 Dubai Motor Show which will be on display throughout the entire stretch of this week’s event. The...
by - November 16, 2017
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