Component maker Dana Holding Corp. said Wednesday its first-quarter loss narrowed and that it had positive adjusted net income excluding certain charges.
The truck axle and frame maker lost $38 million, or 26 cents a share, down slightly from a $39 million loss, or 28 cents per share, a year ago.
Sales rose 20% to $1.8 billion, Maumee, Ohio-based Dana said in a statement.
Excluding $53 million in financing charges, Dana had a first-quarter profit of $23 million, while adjusted earnings before interest, taxes, depreciation and amortization were $181 million.
Roger Wood, who became Dana’s new CEO earlier this month, said its “global footprint, quality momentum, and growing cadence of product innovations all provide a great foundation on which to keep winning new business.”
Wood came to Dana from BorgWarner Inc., where he worked for 26 years and was most recently a group president.
Dana said it recently signed an agreement with Axles India, Ltd. to acquire AIL’s commercial truck axle business, a $13 million deal expected to generate about $50 million in annual revenue in India’s commercial vehicle market, growing at a compound annual rate of 8%.
The company upgraded its 2011 forecast, saying revenue will rise more than 20% over 2010 versus its previous forecast of over 17% growth.
Diluted adjusted earnings per share will be $1.55 to $1.65 per share, compared to earlier guidance of $1.50 to $1.60, and adjusted EBITDA will be $755 million to $775 million, versus the previous $740 million to $760 million forecast.
