/C O R R E C T I O N -- Dana Holding Corporation/
In the news release, Dana Holding Corporation Announces Fourth-Quarter, Full-Year 2015 Financial Results, issued
Dana Holding Corporation Announces Fourth-Quarter, Full-Year 2015 Financial Results
Full-Year Highlights
- 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
Fourth-Quarter 2015 Financial Results
Sales for the fourth quarter of 2015 totaled
Net income attributable to Dana for the fourth quarter of 2015 was a loss of
The company's fourth-quarter 2014 results included a
Adjusting for these non-recurring items, net income attributable to Dana for the fourth quarter of 2015 was
Diluted adjusted earnings per share in the fourth quarter of 2015 were
Full-Year 2015 Financial Results
Sales for 2015 were
Net income attributable to Dana for the full-year 2015 was
Excluding the impact of these non-recurring items in both years, net income attributable to Dana was
Diluted adjusted earnings per share for 2015 were
The company reported free cash flow of
Share Repurchase Program
During 2015, the company completed
Business Unit Performance – Full-Year 2015 Results
Light Vehicle Driveline Technologies
Sales were
Segment EBITDA for 2015 was
Commercial Vehicle Driveline Technologies
Sales were
Off-Highway Driveline Technologies
Sales were
Segment EBITDA was
Power Technologies
Sales were
Segment EBITDA was
"Despite the challenging economic environment in some of our markets, three of our business units combined to grow sales organically by 5 percent and delivered improved margin performance over 2014. Our Commercial Vehicle Driveline business underwent a major supplier transition that adversely impacted our 2015 performance, but this initiative is now complete and has better positioned this business for success going forward," Mr. Kamsickas said. "Looking ahead, we have retained our key replacement programs and continue to grow our sales backlog with new customer programs in each of our businesses. This illustrates that our focus on delivering advanced technologies is meeting the needs of our customers worldwide."
Company Affirms 2016 Full-Year Financial Targets
- Sales of
$5.8 to 6.0 billion ; - Adjusted EBITDA of
$640 to $670 million ; - Adjusted EBITDA as a percent of sales of 11.0 to 11.2 percent;
- Diluted adjusted EPS of approximately
$1.65 to $1.75 (excluding the impact of share repurchases afterDec. 31, 2015 ); - Capital spending of
$280 to $300 million ; and - Free cash flow of
$160 to $180 million .
Dana Continues to Win Significant New Business
Dana continued to win new business around the world, increasing its three-year sales backlog to
Dana Acquires Magnum Gaskets® Business
In
Dana Products Featured on Many Award-Winning Vehicles
Dana technologies are featured on several 2016 award-winning vehicles and engines, including Motor Trend's Car and Truck of the Year, North American Car of the Year, Green Car of the Year, and five of Ward's 10 Best Engines.
The Motor Trend Truck of the Year, the 2016 Chevrolet Colorado, features Spicer® front and rear axles, while also utilizing Dana's Long® brand of in-tank engine and transmission oil coolers, Victor Reinz® gaskets, thermal acoustical protective shielding (TAPS), and valve stem seals. Incorporated into the Motor Trend Car of the Year, the 2016 Chevrolet Camaro, are Long engine and transmission oil coolers, as well as Victor Reinz cylinder head gaskets, valve stem seals, and TAPS.
The 2016 Honda Civic, this year's North American Car of the Year, utilizes a Victor Reinz cam cover module and Long engine oil cooler. Three other North American Car and Truck of the Year finalists utilize Dana's high-performing technologies in their powertrain assemblies, as well.
Dana, which has extensive expertise in and product technologies for the alternative energy market, also supplies a battery cooler, secondary gasket, valve stems seals, and TAPS to
In addition to having a presence on these superior vehicles, Dana's customized solutions are incorporated into five the Ward's 10 Best Engines for 2016. Technologies on the award-winning engines include a range of Victor Reinz gaskets, heat shields, cam covers, valve stem seals, oil pans, and Long engine oil coolers.
This follows a year in which Dana was honored with more than 15 major customer awards, and was featured on numerous award-winning vehicles in the light, commercial, and off-highway markets.
Dana was named a finalist for the 2016
In the off-highway segment,
In the commercial-vehicle market the company's Spicer drive axles, steer axles, and driveshafts were featured prominently on the Kenworth T880 vocational truck, which was named the American Truck Dealer's 2015 Commercial Truck of the Year. The recognition Dana continues to receive highlights the company's commitment to providing market-leading technology and solutions to our customers across each of its markets.
Market-Leading Technologies Introduced in 2015
Dana engineers continuously work to develop solutions for our customers that address key market drivers, including fuel economy, durability, and performance. 2015 was no different, as the company introduced a number of industry-leading technologies, including the new Spicer® E-Series steer axles targeted for on-highway, city delivery, and bus chassis applications with gross axle weight ratings from 10,000 to 13,200 pounds. They feature a steel-forged beam design that reduces axle weight by up to 35 pounds while still delivering the strength and torsional stiffness needed for superior vehicle braking response.
In addition, Dana announced in January that engineers had completed final validation testing of the R2 hydromechanical variable transmission (HVT) for the off-highway market. This exciting new technology was developed through Dana's joint venture with Bosch Rexroth and features a modular design that can be adapted for a variety of applications for front-end loaders, motor graders, industrial lift trucks, reach stackers, forestry skidders, and other select off-highway applications. In June, Dana Rexroth Transmission Systems announced that HVT would be featured on Kalmar's new Gloria generation of reach stackers as part of the highly efficient Kalmar K-Motion drivetrain.
Dana also introduced its next-generation tandem axles, Spicer® AdvanTEK® Dual Range Disconnect™ technology, for use in Class 8 linehaul applications which enables further engine downspeeding and improves powertrain efficiency from 2 to 5 percent over conventional 40k tandem axles on the market today.
Dana to Host Conference Call at
Dana will discuss its full-year and fourth-quarter results in a conference call at
An audio recording of the webcast will be available after
Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure, which we have defined as earnings from continuing and discontinued operations before interest, taxes, depreciation, amortization, equity grant expense, restructuring expense and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements or divestitures, impairment, etc.). Adjusted EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares. We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring income tax items, restructuring and impairment expense, amortization expense and other adjustments not related to our core operations (as used in adjusted EBITDA), net of any associated income tax effects. We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.
Free cash flow is a non-GAAP financial measure, which we have defined as cash provided by (used in) operating activities, less purchases of property, plant and equipment. We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP. Free cash flow may not be comparable to similarly titled measures reported by other companies.
Please reference the "Non-GAAP financial information" accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.
Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other
About
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. Serving three primary markets – passenger vehicle, commercial truck, and off-highway equipment – Dana provides the world's original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities. Founded in 1904 and based in
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations (Unaudited) |
||||||
For the Three Months Ended December 31, 2015 and 2014 |
||||||
Three Months Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2015 |
2014 |
|||||
Net sales |
$ 1,375 |
$ 1,582 |
||||
Costs and expenses |
||||||
Cost of sales |
1,203 |
1,359 |
||||
Selling, general and administrative expenses |
92 |
101 |
||||
Amortization of intangibles |
1 |
9 |
||||
Restructuring charges, net |
2 |
7 |
||||
Loss on disposal group held for sale |
(80) |
|||||
Pension settlement charges |
(42) |
|||||
Loss on extinguishment of debt |
(19) |
|||||
Other income (expense), net |
(4) |
13 |
||||
Income (loss) from continuing operations before |
||||||
interest expense and income taxes |
73 |
(22) |
||||
Interest expense |
27 |
29 |
||||
Income (loss) from continuing operations before |
||||||
income taxes |
46 |
(51) |
||||
Income tax expense (benefit) |
92 |
(166) |
||||
Equity in earnings (losses) of affiliates |
(37) |
4 |
||||
Income (loss) from continuing operations |
(83) |
119 |
||||
Income (loss) from discontinued operations |
4 |
(11) |
||||
Net income (loss) |
(79) |
108 |
||||
Less: Noncontrolling interests net income (loss) |
3 |
(1) |
||||
Net income (loss) attributable to the parent company |
(82) |
109 |
||||
Preferred stock dividend requirements |
||||||
Net income (loss) available to common stockholders |
$ (82) |
$ 109 |
||||
Net income (loss) per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income (loss) from continuing operations |
$ (0.57) |
$ 0.71 |
||||
Income (loss) from discontinued operations |
$ 0.03 |
$ (0.06) |
||||
Net income (loss) |
$ (0.54) |
$ 0.65 |
||||
Diluted: |
||||||
Income (loss) from continuing operations |
$ (0.57) |
$ 0.71 |
||||
Income (loss) from discontinued operations |
$ 0.03 |
$ (0.07) |
||||
Net income (loss) |
$ (0.54) |
$ 0.64 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
151.2 |
168.1 |
||||
Diluted |
151.2 |
169.3 |
||||
Dividends declared per common share |
$ 0.06 |
$ 0.05 |
||||
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations |
||||||
For the Year Ended December 31, 2015 and 2014 |
||||||
Year Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2015 |
2014 |
|||||
Net sales |
$ 6,060 |
$ 6,617 |
||||
Costs and expenses |
||||||
Cost of sales |
5,211 |
5,672 |
||||
Selling, general and administrative expenses |
391 |
411 |
||||
Amortization of intangibles |
14 |
42 |
||||
Restructuring charges, net |
15 |
21 |
||||
Impairment of long-lived assets |
(36) |
|||||
Loss on disposal group held for sale |
(80) |
|||||
Pension settlement charges |
(42) |
|||||
Loss on extinguishment of debt |
(2) |
(19) |
||||
Other income, net |
14 |
48 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
405 |
378 |
||||
Interest expense |
113 |
118 |
||||
Income from continuing operations before |
||||||
income taxes |
292 |
260 |
||||
Income tax expense (benefit) |
82 |
(70) |
||||
Equity in earnings (losses) of affiliates |
(34) |
13 |
||||
Income from continuing operations |
176 |
343 |
||||
Income (loss) from discontinued operations |
4 |
(15) |
||||
Net income |
180 |
328 |
||||
Less: Noncontrolling interests net income |
21 |
9 |
||||
Net income attributable to the parent company |
159 |
319 |
||||
Preferred stock dividend requirements |
7 |
|||||
Net income available to common stockholders |
$ 159 |
$ 312 |
||||
Net income per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income from continuing operations |
$ 0.98 |
$ 2.07 |
||||
Income (loss) from discontinued operations |
$ 0.02 |
$ (0.10) |
||||
Net income |
$ 1.00 |
$ 1.97 |
||||
Diluted: |
||||||
Income from continuing operations |
$ 0.97 |
$ 1.93 |
||||
Income (loss) from discontinued operations |
$ 0.02 |
$ (0.09) |
||||
Net income |
$ 0.99 |
$ 1.84 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
159.0 |
158.0 |
||||
Diluted |
160.0 |
173.5 |
||||
Dividends declared per common share |
$ 0.23 |
$ 0.20 |
||||
DANA HOLDING CORPORATION |
|||||||
Consolidated Statement of Comprehensive Income (Unaudited) |
|||||||
For the Three Months Ended December 31, 2015 and 2014 |
|||||||
Three Months Ended |
|||||||
(In millions) |
December 31, |
||||||
2015 |
2014 |
||||||
Net income (loss) |
$ (79) |
$ 108 |
|||||
Less: Noncontrolling interests net income (loss) |
3 |
(1) |
|||||
Net income (loss) attributable to the parent company |
(82) |
109 |
|||||
Other comprehensive income (loss) attributable to |
|||||||
the parent company, net of tax: |
|||||||
Currency translation adjustments |
(30) |
(74) |
|||||
Hedging gains and losses |
2 |
(6) |
|||||
Investment and other gains and losses |
2 |
1 |
|||||
Defined benefit plans |
(38) |
(95) |
|||||
Other comprehensive loss attributable |
|||||||
to the parent company |
(64) |
(174) |
|||||
Other comprehensive income (loss) attributable to |
|||||||
noncontrolling interests, net of tax: |
|||||||
Currency translation adjustments |
(2) |
||||||
Other comprehensive loss attributable to |
|||||||
noncontrolling interests |
- |
(2) |
|||||
Total comprehensive loss attributable |
|||||||
to the parent company |
(146) |
(65) |
|||||
Total comprehensive income (loss) attributable |
|||||||
to noncontrolling interests |
3 |
(3) |
|||||
Total comprehensive loss |
$ (143) |
$ (68) |
|||||
DANA HOLDING CORPORATION |
||||||||
Consolidated Statement of Comprehensive Income |
||||||||
For the Year Ended December 31, 2015 and 2014 |
||||||||
Year Ended |
||||||||
(In millions) |
December 31, |
|||||||
2015 |
2014 |
|||||||
Net income |
$ 180 |
$ 328 |
||||||
Less: Noncontrolling interests net income |
21 |
9 |
||||||
Net income attributable to the parent company |
159 |
319 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
(181) |
(185) |
||||||
Hedging gains and losses |
5 |
(9) |
||||||
Investment and other gains and losses |
(3) |
2 |
||||||
Defined benefit plans |
2 |
(78) |
||||||
Other comprehensive loss attributable |
||||||||
to the parent company |
(177) |
(270) |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
(5) |
(4) |
||||||
Defined benefit plans |
1 |
|||||||
Other comprehensive loss attributable to |
||||||||
noncontrolling interests |
(4) |
(4) |
||||||
Total comprehensive income (loss) attributable |
||||||||
to the parent company |
(18) |
49 |
||||||
Total comprehensive income attributable |
||||||||
to noncontrolling interests |
17 |
5 |
||||||
Total comprehensive income (loss) |
$ (1) |
$ 54 |
||||||
DANA HOLDING CORPORATION |
|||||
Consolidated Balance Sheet |
|||||
As of December 31, 2015 and December 31, 2014 |
|||||
(In millions except share and per share amounts) |
December 31, |
December 31, |
|||
2015 |
2014 |
||||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ 791 |
$ 1,121 |
|||
Marketable securities |
162 |
169 |
|||
Accounts receivable |
|||||
Trade, less allowance for doubtful accounts of $5 in 2015 and $6 in 2014 |
673 |
755 |
|||
Other |
115 |
117 |
|||
Inventories |
625 |
654 |
|||
Other current assets |
108 |
111 |
|||
Current assets of disposal group held for sale |
27 |
||||
Total current assets |
2,474 |
2,954 |
|||
Goodwill |
80 |
90 |
|||
Intangibles |
102 |
169 |
|||
Other noncurrent assets |
353 |
312 |
|||
Investments in affiliates |
150 |
204 |
|||
Property, plant and equipment, net |
1,167 |
1,176 |
|||
Total assets |
$ 4,326 |
$ 4,905 |
|||
Liabilities and equity |
|||||
Current liabilities |
|||||
Notes payable, including current portion of long-term debt |
$ 22 |
$ 65 |
|||
Accounts payable |
712 |
791 |
|||
Accrued payroll and employee benefits |
145 |
158 |
|||
Taxes on income |
19 |
32 |
|||
Other accrued liabilities |
193 |
194 |
|||
Current liabilities of disposal group held for sale |
21 |
||||
Total current liabilities |
1,091 |
1,261 |
|||
Long-term debt, less debt issuance costs of $21 in 2015 and $25 in 2014 |
1,553 |
1,588 |
|||
Pension and postretirement obligations |
521 |
580 |
|||
Other noncurrent liabilities |
330 |
279 |
|||
Noncurrent liabilities of disposal group held for sale |
17 |
||||
Total liabilities |
3,495 |
3,725 |
|||
Commitments and contingencies |
|||||
Parent company stockholders' equity |
|||||
Preferred stock, 50,000,000 shares authorized, $0.01 par value, |
|||||
zero shares outstanding |
- |
- |
|||
Common stock, 450,000,000 shares authorized, $0.01 par value, |
|||||
150,068,040 and 166,070,057 shares outstanding |
2 |
2 |
|||
Additional paid-in capital |
2,311 |
2,640 |
|||
Accumulated deficit |
(410) |
(532) |
|||
Treasury stock, at cost (23,963 and 1,588,990 shares) |
(1) |
(33) |
|||
Accumulated other comprehensive loss |
(1,174) |
(997) |
|||
Total parent company stockholders' equity |
728 |
1,080 |
|||
Noncontrolling equity |
103 |
100 |
|||
Total equity |
831 |
1,180 |
|||
Total liabilities and equity |
$ 4,326 |
$ 4,905 |
|||
DANA HOLDING CORPORATION |
|||||||
Consolidated Statement of Cash Flows (Unaudited) |
|||||||
For the Three Months Ended December 31, 2015 and 2014 |
|||||||
Three Months Ended |
|||||||
(In millions) |
December 31, |
||||||
2015 |
2014 |
||||||
Operating activities |
|||||||
Net income (loss) |
$ (79) |
$ 108 |
|||||
Depreciation |
41 |
42 |
|||||
Amortization of intangibles |
2 |
11 |
|||||
Amortization of deferred financing charges |
2 |
1 |
|||||
Call premium on senior notes |
15 |
||||||
Write off of deferred financing costs |
4 |
||||||
Earnings of affiliates, net of dividends received |
(2) |
||||||
Stock compensation expense |
5 |
||||||
Deferred income taxes |
87 |
(193) |
|||||
Pension expense (contributions), net |
(4) |
38 |
|||||
Impairment of equity affiliate |
39 |
||||||
Loss on disposal group held for sale |
78 |
||||||
Change in working capital |
51 |
56 |
|||||
Change in other noncurrent assets and liabilities |
(8) |
(3) |
|||||
Other, net |
9 |
23 |
|||||
Net cash provided by operating activities (1) |
140 |
183 |
|||||
Investing activities |
|||||||
Purchases of property, plant and equipment (1) |
(68) |
(65) |
|||||
Purchases of marketable securities |
(14) |
(21) |
|||||
Proceeds from sales of marketable securities |
2 |
5 |
|||||
Proceeds from maturities of marketable securities |
9 |
17 |
|||||
Other |
1 |
(5) |
|||||
Net cash used in investing activities |
(70) |
(69) |
|||||
Financing activities |
|||||||
Net change in short-term debt |
(8) |
(3) |
|||||
Proceeds from long-term debt |
425 |
||||||
Repayment of long-term debt |
(1) |
(346) |
|||||
Call premium on senior notes |
(15) |
||||||
Deferred financing payments |
(7) |
||||||
Dividends paid to preferred stockholders |
(2) |
||||||
Dividends paid to common stockholders |
(10) |
(8) |
|||||
Distributions paid to noncontrolling interests |
(1) |
(1) |
|||||
Repurchases of common stock |
(66) |
(79) |
|||||
Other |
1 |
1 |
|||||
Net cash used in financing activities |
(85) |
(35) |
|||||
Net increase (decrease) in cash and cash equivalents |
(15) |
79 |
|||||
Cash and cash equivalents − beginning of period |
817 |
1,103 |
|||||
Effect of exchange rate changes on cash balances |
(11) |
(34) |
|||||
Less: cash of disposal group held for sale |
(27) |
||||||
Cash and cash equivalents − end of period |
$ 791 |
$ 1,121 |
|||||
(1) Free cash flow of $72 in 2015 and $118 in 2014 is the sum of net cash provided by |
|||||||
operating activities reduced by the purchases of property, plant and equipment. |
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Cash Flows |
||||||
For the Year Ended December 31, 2015 and 2014 |
||||||
Year Ended |
||||||
(In millions) |
December 31, |
|||||
2015 |
2014 |
|||||
Operating activities |
||||||
Net income |
$ 180 |
$ 328 |
||||
Depreciation |
158 |
164 |
||||
Amortization of intangibles |
16 |
49 |
||||
Amortization of deferred financing charges |
5 |
5 |
||||
Call premium on senior notes |
2 |
15 |
||||
Write off of deferred financing costs |
1 |
4 |
||||
Earnings of affiliates, net of dividends received |
12 |
4 |
||||
Stock compensation expense |
14 |
16 |
||||
Deferred income taxes |
(10) |
(199) |
||||
Pension expense (contributions), net |
(18) |
30 |
||||
Impairment of long-lived assets |
36 |
|||||
Impairment of equity affiliate |
39 |
|||||
Loss on disposal group held for sale |
78 |
|||||
Interest payment received on payment-in-kind note receivable |
40 |
|||||
Change in working capital |
(41) |
(39) |
||||
Change in other noncurrent assets and liabilities |
(7) |
(16) |
||||
Other, net |
19 |
31 |
||||
Net cash provided by operating activities (1) |
406 |
510 |
||||
Investing activities |
||||||
Purchases of property, plant and equipment (1) |
(260) |
(234) |
||||
Principal payment received on payment-in-kind note receivable |
35 |
|||||
Purchases of marketable securities |
(43) |
(84) |
||||
Proceeds from sales of marketable securities |
17 |
7 |
||||
Proceeds from maturities of marketable securities |
30 |
21 |
||||
Proceeds from sale of business |
9 |
|||||
Other |
(2) |
|||||
Net cash used in investing activities |
(258) |
(246) |
||||
Financing activities |
||||||
Net change in short-term debt |
(5) |
(8) |
||||
Proceeds from letters of credit |
12 |
|||||
Repayment of letters of credit |
(4) |
(8) |
||||
Proceeds from long-term debt |
18 |
448 |
||||
Repayment of long-term debt |
(60) |
(372) |
||||
Call premium on senior notes |
(2) |
(15) |
||||
Deferred financing payments |
(7) |
|||||
Dividends paid to preferred stockholders |
(8) |
|||||
Dividends paid to common stockholders |
(37) |
(32) |
||||
Distributions to noncontrolling interests |
(9) |
(9) |
||||
Repurchases of common stock |
(311) |
(260) |
||||
Other |
7 |
5 |
||||
Net cash used in financing activities |
(403) |
(254) |
||||
Net increase (decrease) in cash and cash equivalents |
(255) |
10 |
||||
Cash and cash equivalents − beginning of period |
1,121 |
1,256 |
||||
Effect of exchange rate changes on cash balances |
(75) |
(118) |
||||
Less: cash of disposal group held for sale |
(27) |
|||||
Cash and cash equivalents − end of period |
$ 791 |
$ 1,121 |
||||
(1) Free cash flow of $146 in 2015 and $276 in 2014 is the sum of net cash provided by |
||||||
operating activities reduced by the purchases of property, plant and equipment. |
||||||
DANA HOLDING CORPORATION |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Three Months Ended December 31, 2015 and 2014 |
|||||
Three Months Ended |
|||||
(In millions) |
December 31, |
||||
2015 |
2014 |
||||
Sales |
|||||
Light Vehicle |
$ 599 |
$ 634 |
|||
Commercial Vehicle |
302 |
431 |
|||
Off-Highway |
231 |
272 |
|||
Power Technologies |
243 |
245 |
|||
Total Sales |
$ 1,375 |
$ 1,582 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 69 |
$ 74 |
|||
Commercial Vehicle |
(2) |
34 |
|||
Off-Highway |
32 |
41 |
|||
Power Technologies |
32 |
34 |
|||
Total Segment EBITDA |
131 |
183 |
|||
Corporate expense and other items, net |
(2) |
(5) |
|||
Adjusted EBITDA |
$ 129 |
$ 178 |
|||
DANA HOLDING CORPORATION |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Year Ended December 31, 2015 and 2014 |
|||||
Year Ended |
|||||
(In millions) |
December 31, |
||||
2015 |
2014 |
||||
Sales |
|||||
Light Vehicle |
$ 2,482 |
$ 2,496 |
|||
Commercial Vehicle |
1,533 |
1,838 |
|||
Off-Highway |
1,040 |
1,231 |
|||
Power Technologies |
1,005 |
1,052 |
|||
Total Sales |
$ 6,060 |
$ 6,617 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 262 |
$ 250 |
|||
Commercial Vehicle |
100 |
172 |
|||
Off-Highway |
147 |
169 |
|||
Power Technologies |
149 |
154 |
|||
Total Segment EBITDA |
658 |
745 |
|||
Corporate expense and other items, net |
(6) |
1 |
|||
Adjusted EBITDA |
$ 652 |
$ 746 |
|||
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Loss) (Unaudited) |
||||
For the Three Months Ended December 31, 2015 and 2014 |
||||
Three Months Ended |
||||
(In millions) |
December 31, |
|||
2015 |
2014 |
|||
Segment EBITDA |
$ 131 |
$ 183 |
||
Corporate expense and other items, net |
(2) |
(5) |
||
Adjusted EBITDA |
129 |
178 |
||
Depreciation |
(41) |
(42) |
||
Amortization of intangibles |
(2) |
(11) |
||
Restructuring |
(2) |
(7) |
||
Stock compensation expense |
(5) |
|||
Other items |
(4) |
2 |
||
Distressed supplier costs |
(8) |
|||
Amounts attributable to previously divested/closed operations |
(1) |
|||
Loss on disposal group held for sale |
(80) |
|||
Pension settlement charges |
(42) |
|||
Loss on extinguishment of debt |
(19) |
|||
Interest expense, net |
(25) |
(25) |
||
Income (loss) from continuing operations before income taxes |
46 |
(51) |
||
Income tax expense (benefit) |
92 |
(166) |
||
Equity in earnings (losses) of affiliates |
(37) |
4 |
||
Income (loss) from continuing operations |
(83) |
119 |
||
Income (loss) from discontinued operations |
4 |
(11) |
||
Net income (loss) |
$ (79) |
$ 108 |
||
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Year Ended December 31, 2015 and 2014 |
||||
Year Ended |
||||
(In millions) |
December 31, |
|||
2015 |
2014 |
|||
Segment EBITDA |
$ 658 |
$ 745 |
||
Corporate expense and other items, net |
(6) |
1 |
||
Adjusted EBITDA |
652 |
746 |
||
Depreciation |
(158) |
(164) |
||
Amortization of intangibles |
(16) |
(49) |
||
Restructuring |
(15) |
(21) |
||
Stock compensation expense |
(14) |
(16) |
||
Strategic transaction expenses |
(4) |
(3) |
||
Other items |
(6) |
9 |
||
Impairment of long-lived assets |
(36) |
|||
Distressed supplier costs |
(8) |
|||
Amounts attributable to previously divested/closed operations |
(6) |
|||
Loss on disposal group held for sale |
(80) |
|||
Pension settlement charges |
(42) |
|||
Loss on extinguishment of debt |
(2) |
(19) |
||
Gain on derecognition of noncontrolling interest |
5 |
|||
Recognition of unrealized gain on payment-in-kind note receivable |
2 |
|||
Interest expense, net |
(100) |
(103) |
||
Income from continuing operations before income taxes |
292 |
260 |
||
Income tax expense (benefit) |
82 |
(70) |
||
Equity in earnings (losses) of affiliates |
(34) |
13 |
||
Income from continuing operations |
176 |
343 |
||
Income (loss) from discontinued operations |
4 |
(15) |
||
Net income |
$ 180 |
$ 328 |
||
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Three Months Ended December 31, 2015 and 2014 |
|||||
(In millions except per share amounts) |
|||||
Three Months Ended |
|||||
December 31, |
|||||
2015 |
2014 |
||||
Net income attributable to parent company |
$ (82) |
$ 109 |
|||
Restructuring charges (1) |
3 |
6 |
|||
Amortization of intangibles (1) |
2 |
8 |
|||
Non-recurring items (1): |
|||||
Income tax valuation allowance release, net |
79 |
(179) |
|||
Impairment of equity method investment |
39 |
||||
Loss on divestiture of Venezuelan operations |
77 |
||||
Pension settlement charge |
42 |
||||
Loss on extinguishment of debt |
19 |
||||
Other items |
10 |
8 |
|||
Adjusted net income |
$ 51 |
$ 90 |
|||
Diluted shares - as reported |
152 |
169 |
|||
Adjusted diluted shares |
152 |
169 |
|||
Diluted adjusted EPS |
$ 0.34 |
$ 0.53 |
|||
(1) Amounts are net of associated tax effect. |
|||||
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Year Ended December 31, 2015 and 2014 |
|||||
(In millions except per share amounts) |
|||||
Year Ended |
|||||
December 31, |
|||||
2015 |
2014 |
||||
Net income attributable to parent company |
$ 159 |
$ 319 |
|||
Restructuring charges (1) |
12 |
19 |
|||
Amortization of intangibles (1) |
11 |
37 |
|||
Non-recurring items (1) |
|||||
Income tax valuation allowance release, net |
5 |
(179) |
|||
Impairment of long-lived assets |
24 |
||||
Impairment of equity method investment |
39 |
||||
Loss on divestiture of Venezuelan operations |
77 |
||||
Pension settlement charge |
42 |
||||
Loss on extinguishment of debt |
19 |
||||
Other items |
28 |
12 |
|||
Adjusted net income |
$ 278 |
$ 346 |
|||
Diluted shares - as reported |
160 |
174 |
|||
Adjusted diluted shares |
160 |
174 |
|||
Diluted adjusted EPS |
$ 1.74 |
$ 1.99 |
|||
(1) Amounts are net of associated tax effect. |
|||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dana-holding-corporation-announces-fourth-quarter-full-year-2015-financial-results-300222038.html
SOURCE
Media Contact: Jeff Cole, +1-419-887-3535, jeff.cole@dana.com, or Investor Contact: Craig Barber, +1-419-887-5166, craig.barber@dana.com