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Dana Holding Corporation Announces Fourth-Quarter,
Full-Year 2015 Financial Results
|||Sales of $6.06 billion|
|||Net income attributable to Dana of $159 million|
|||Adjusted EBITDA of $652 million, providing a margin of 10.8 percent, with three of four business units improving year-over-year margin performance|
|||Diluted adjusted EPS of $1.74|
|||Free cash flow of $146 million, including $260 million of capital investment to support new business growth|
|||Repurchased $311 million of common stock in 2015, totaling $1.4 billion since program inception|
|||Additional $300 million for share repurchases authorized for 2016-17|
|||Sales backlog increasing annual sales by $750 million over the next three years, providing top-line growth in excess of market; 10 percent higher than 2015 sales backlog|
|||Secured major replacement programs in Light Vehicle Driveline|
MAUMEE, Ohio, Feb. 18, 2016 Dana Holding Corporation (NYSE: DAN) today announced its fourth-quarter and full-year results for 2015.
Fourth-Quarter 2015 Financial Results
Sales for the fourth quarter of 2015 totaled $1.38 billion, compared with $1.58 billion for 2014. Unfavorable foreign currency translation and the divestiture of operations in Venezuela lowered sales by $103 million and $38 million, respectively. Adjusting for these factors, Danas Light Vehicle Driveline, Off-Highway Driveline, and Power Technologies business units posted combined organic sales growth of $34 million, or 3 percent higher than a year ago, driven by higher light-vehicle end-market demand and new business gains. Commercial Vehicle Driveline sales for the quarter, adjusted for the effects of foreign currency translation, were lower by $100 million, or about 23 percent, when compared with 2014. Significant demand weakness in Brazilian truck production, combined with lower market share with a major North American customer, were the principal drivers of the comparison.
Net income attributable to Dana for the fourth quarter of 2015 was a loss of $82 million, compared with income of $109 million in 2014. The companys 2015 results included non-cash income tax charges of $79 million, primarily for valuation allowance and other deferred tax adjustments resulting from the completion of a planned legal entity restructuring in the fourth quarter. Additionally, in light of a continued expectation of declining commercial-vehicle production demand in China, the company recognized an after-tax impairment charge of $39 million to reduce its investment in a 50-percent-owned equity affiliate in that country.
The companys fourth-quarter 2014 results included a $179 million tax benefit from the release of certain U.S. deferred tax valuation allowances, partially offset by $138 million
The following information was filed by Dana Inc (DAN) on Thursday, February 18, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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