Dana Holding Corporation Reports Strong Results for Full-Year 2013
Full-Year 2013 Financial Results
Sales for the year totaled
Dana posted net income of
For financial reporting purposes, net income attributable to common stockholders includes adjustments related to preferred stock dividends and redemptions. During the third quarter of 2013, Dana redeemed all of its outstanding Series A preferred stock and the difference between the amount paid and the historic carrying value of this security was
Diluted adjusted earnings per share, which excludes restructuring-related charges, amortization expense, and other nonrecurring items, totaled
Dana reported adjusted EBITDA of
Dana generated record free cash flow of
The company ended the year with cash and marketable securities totaling approximately
Fourth-Quarter 2013 Financial Results
Sales for the fourth-quarter of 2013 totaled
Net income for the fourth quarter of 2013 was
Adjusted EBITDA for the fourth quarter of 2013 was
"Dana performed very well in 2013 in nearly every region of the world," said company President and Chief Executive Officer
"As we move into 2014 and beyond, we continue to remain focused on launching our new technologies, improving the operating and financial performance of Dana, and capitalizing on our long-term growth momentum as we further innovate and differentiate our products to meet the needs of our customers."
2014 Financial Targets
For 2014, the company expects primarily stable end-market demand across most regions, with continued strength in full-frame light trucks and improving North American commercial-vehicle demand. Worldwide mining and construction-equipment markets are expected to remain sluggish during the course of this year, while currency and economic challenges in emerging markets such as
Financial targets for 2014 include:
- Sales of approximately
$6.8 to $6.9 billion ; - Adjusted EBITDA of approximately
$760 to $770 million ; - Adjusted EBITDA as a percent of sales of approximately 11.2 percent;
- Diluted adjusted EPS of approximately
$1.82 to $1.86 (excluding the impact of share repurchases afterDec. 31, 2013 ); - Capital spending of approximately
$210 to $230 million ; and - Free cash flow of
$275 to $295 million .
Recognition of Dana Innovation and Technology
Dana products continue to power award-winning vehicles, including the 2014 Motor Trend Car and Truck of the Year, North American Car and Truck of the Year, Green Car of the Year, Commercial Trucks of the Year, and Tractor of the Year, as well as six of this year's Ward's 10 Best Engines.
Dana technology is featured on the Motor Trend Car of the Year, the Cadillac CTS. On the HFV6 3.0L and HFV6 3.6L LY7 engines, the technology includes Dana's Victor Reinz® cylinder-head gaskets, exhaust and secondary gaskets, intake manifold gasket, heat shields, and valve seals, while the Gen IV 6.0L - LSA engine includes Dana's heat shields and exhaust manifold gaskets. These technologies reduce oil consumption, improve noise, vibration, and harshness, and help protect engine components from extreme temperatures, while ensuring the highest durability.
This year's Motor Trend Truck of the Year, the 2014 Ram 1500 EcoDiesel, features a Spicer® rear driveshaft, Victor Reinz exhaust gaskets, and Long® active warm-up technology, which significantly lowers fuel consumption and emissions by enabling engines to quickly reach optimum operating temperatures.
The Chevrolet Corvette Stingray, the 2014 North American Car of the Year, includes a variety of Dana technologies, such as Victor Reinz exhaust gaskets, secondary gaskets, and heat shields that suppress noise and protect from extreme heat with improved durability. Additionally, the vehicle includes Dana's Long brand transmission oil cooler, differential oil cooler, and engine oil cooler, which help to effectively manage heat to ensure optimum operating conditions and long-term durability.
Dana also is featured on the 2014 North American Truck of the Year, the Chevrolet Silverado. The newly redesigned truck includes Dana's Victor Reinz heat shields, which provide a three-layer construction to protect against extreme temperatures and suppress noise. On the heavy-duty versions of the Silverado, Dana's Long transmission oil cooler helps to manage heat and ensures long-term durability for the pickup.
In addition, Dana's Victor Reinz cylinder-head cover module is featured on the
Spicer axles and driveshafts are also available in OEM data books for the 2014 American Truck Dealer's Commercial Trucks of the Year, the medium-duty International TerraStar 4X4 and the heavy-duty International ProStar with Cummins ISX15.
Finally, a Spicer front drive axle is integrated into the CLAAS AXION 800, named the 2014 Tractor of the Year and 2014 Machine of the Year at Automechanica.
Dana also supplies many technologies to the 2014 Ward's 10 Best Engines, including:
Audi 3.0L TFSI Supercharged DOHC V-6 – Features Victor Reinz cylinder-head gasket and secondary gaskets that deliver improved reliability and durability while reducing oil consumption and bore distortion.- Ram 3.0L Turbodiesel DOHC V-6 – Equipped with Victor Reinz exhaust gasket and Long active warm up that reduce emissions and fuel consumption by enabling engines to quickly reach optimum operating temperatures.
- Fiat 83-kW Electric Motor – Includes Dana's Long battery chiller that helps minimize temperature variation and improve battery operation.
- Chevy 6.2L OHV V-8 – Uses Long engine oil cooler, Victor Reinz secondary gasket and exhaust gasket, and heat shields to lower and control engine oil operating temperature and protect the engine from extreme heat.
Honda 3.5L SOHC V-6 – Features Victor Reinz cylinder-head cover modules providing optimal design performance and improved durability.Volkswagen 1.8LTurbocharged DOHC I-4 – Utilizes Long engine oil coolers which lower and control engine oil operating temperature.
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, non-cash equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment 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 nonrecurring items (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.
The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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, 2013 and 2012 |
||||||
Three Months Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2013 |
2012 |
|||||
Net sales |
$ 1,624 |
$ 1,609 |
||||
Costs and expenses |
||||||
Cost of sales |
1,412 |
1,412 |
||||
Selling, general and administrative expenses |
105 |
102 |
||||
Amortization of intangibles |
19 |
18 |
||||
Restructuring charges, net |
10 |
17 |
||||
Other income, net |
17 |
10 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
95 |
70 |
||||
Interest expense |
30 |
21 |
||||
Income from continuing operations before |
||||||
income taxes |
65 |
49 |
||||
Income tax expense (benefit) |
23 |
(46) |
||||
Equity in earnings of affiliates |
2 |
(2) |
||||
Income from continuing operations |
44 |
93 |
||||
Loss from discontinued operations |
(1) |
|||||
Net income |
43 |
93 |
||||
Less: Noncontrolling interests net income |
1 |
5 |
||||
Net income attributable to the parent company |
42 |
88 |
||||
Preferred stock dividend requirements |
4 |
8 |
||||
Net income available to common stockholders |
$ 38 |
$ 80 |
||||
Net income per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income from continuing operations |
$ 0.27 |
$ 0.54 |
||||
Loss from discontinued operations |
$ (0.01) |
$ - |
||||
Net income |
$ 0.26 |
$ 0.54 |
||||
Diluted: |
||||||
Income from continuing operations |
$ 0.24 |
$ 0.41 |
||||
Loss from discontinued operations |
$ (0.01) |
$ - |
||||
Net income |
$ 0.23 |
$ 0.41 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
146.0 |
148.5 |
||||
Diluted |
181.2 |
214.8 |
||||
Dividends declared per common share |
$ 0.05 |
$ 0.05 |
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations |
||||||
For the Year Ended December 31, 2013 and 2012 |
||||||
Year Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2013 |
2012 |
|||||
Net sales |
$ 6,769 |
$ 7,224 |
||||
Costs and expenses |
||||||
Cost of sales |
5,849 |
6,250 |
||||
Selling, general and administrative expenses |
410 |
424 |
||||
Amortization of intangibles |
74 |
74 |
||||
Restructuring charges, net |
24 |
47 |
||||
Other income, net |
55 |
19 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
467 |
448 |
||||
Interest expense |
99 |
84 |
||||
Income from continuing operations before |
||||||
income taxes |
368 |
364 |
||||
Income tax expense |
119 |
51 |
||||
Equity in earnings of affiliates |
12 |
2 |
||||
Income from continuing operations |
261 |
315 |
||||
Loss from discontinued operations |
(1) |
|||||
Net income |
260 |
315 |
||||
Less: Noncontrolling interests net income |
16 |
15 |
||||
Net income attributable to the parent company |
244 |
300 |
||||
Preferred stock dividend requirements |
25 |
31 |
||||
Preferred stock redemption premium |
232 |
|||||
Net income (loss) available to common stockholders |
$ (13) |
$ 269 |
||||
Net income (loss) per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income (loss) from continuing operations |
$ (0.08) |
$ 1.82 |
||||
Loss from discontinued operations |
$ (0.01) |
$ - |
||||
Net income (loss) |
$ (0.09) |
$ 1.82 |
||||
Diluted: |
||||||
Income (loss) from continuing operations |
$ (0.08) |
$ 1.40 |
||||
Loss from discontinued operations |
$ (0.01) |
$ - |
||||
Net income (loss) |
$ (0.09) |
$ 1.40 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
146.4 |
148.0 |
||||
Diluted |
146.4 |
214.7 |
||||
Dividends declared per common share |
$ 0.20 |
$ 0.20 |
DANA HOLDING CORPORATION Consolidated Statement of Comprehensive Income (Unaudited) For the Three Months Ended December 31, 2013 and 2012 |
|||||
Three Months Ended |
|||||
(In millions) |
December 31, |
||||
2013 |
2012 |
||||
Net income |
$ 43 |
$ 93 |
|||
Less: Noncontrolling interests net income |
1 |
5 |
|||
Net income attributable to the parent company |
42 |
88 |
|||
Other comprehensive income (loss) attributable to |
|||||
the parent company, net of tax: |
|||||
Currency translation adjustments |
(6) |
4 |
|||
Hedging gains and losses |
1 |
||||
Investment and other gains and losses |
(3) |
1 |
|||
Defined benefit plans |
102 |
(156) |
|||
Other comprehensive income (loss) attributable to the |
|||||
parent company |
93 |
(150) |
|||
Other comprehensive income (loss) attributable to |
|||||
noncontrolling interests, net of tax: |
|||||
Currency translation adjustments |
(1) |
(1) |
|||
Hedging gains and losses |
1 |
||||
Defined benefit plans |
(1) |
(1) |
|||
Other comprehensive loss attributable to |
|||||
noncontrolling interests |
(1) |
(2) |
|||
Total comprehensive income (loss) attributable |
|||||
to the parent company |
135 |
(62) |
|||
Total comprehensive income attributable |
|||||
to noncontrolling interests |
- |
3 |
|||
Total comprehensive income (loss) |
$ 135 |
$ (59) |
DANA HOLDING CORPORATION Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2013 and 2012 |
|||||
Year Ended |
|||||
(In millions) |
December 31, |
||||
2013 |
2012 |
||||
Net income |
$ 260 |
$ 315 |
|||
Less: Noncontrolling interests net income |
16 |
15 |
|||
Net income attributable to the parent company |
244 |
300 |
|||
Other comprehensive income (loss) attributable to |
|||||
the parent company, net of tax: |
|||||
Currency translation adjustments |
(40) |
(6) |
|||
Hedging gains and losses |
(4) |
13 |
|||
Investment and other gains and losses |
(9) |
2 |
|||
Defined benefit plans |
122 |
(152) |
|||
Other comprehensive income (loss) attributable to the |
|||||
parent company |
69 |
(143) |
|||
Other comprehensive income (loss) attributable to |
|||||
noncontrolling interests, net of tax: |
|||||
Currency translation adjustments |
(5) |
1 |
|||
Hedging gains and losses |
1 |
||||
Defined benefit plans |
(1) |
||||
Other comprehensive loss attributable to |
|||||
noncontrolling interests |
(4) |
- |
|||
Total comprehensive income attributable |
|||||
to the parent company |
313 |
157 |
|||
Total comprehensive income attributable |
|||||
to noncontrolling interests |
12 |
15 |
|||
Total comprehensive income |
$ 325 |
$ 172 |
DANA HOLDING CORPORATION Consolidated Balance Sheet As of December 31, 2013 and December 31, 2012 |
|||||
(In millions except share and per share amounts) |
|||||
December 31, |
December 31, |
||||
Assets |
2013 |
2012 |
|||
Current assets |
|||||
Cash and cash equivalents |
$ 1,256 |
$ 1,059 |
|||
Marketable securities |
110 |
60 |
|||
Accounts receivable |
|||||
Trade, less allowance for doubtful accounts of $7 in 2013 and $8 in 2012 |
793 |
818 |
|||
Other |
223 |
170 |
|||
Inventories |
670 |
742 |
|||
Other current assets |
113 |
104 |
|||
Total current assets |
3,165 |
2,953 |
|||
Goodwill |
106 |
101 |
|||
Intangibles |
227 |
325 |
|||
Other noncurrent assets |
196 |
324 |
|||
Investments in affiliates |
210 |
202 |
|||
Property, plant and equipment, net |
1,225 |
1,239 |
|||
Total assets |
$ 5,129 |
$ 5,144 |
|||
Liabilities and equity |
|||||
Current liabilities |
|||||
Notes payable, including current portion of long-term debt |
$ 57 |
$ 101 |
|||
Accounts payable |
804 |
766 |
|||
Accrued payroll and employee benefits |
161 |
160 |
|||
Accrued restructuring costs |
14 |
23 |
|||
Taxes on income |
35 |
63 |
|||
Other accrued liabilities |
197 |
197 |
|||
Total current liabilities |
1,268 |
1,310 |
|||
Long-term debt |
1,567 |
803 |
|||
Pension and postretirement obligations |
530 |
715 |
|||
Other noncurrent liabilities |
351 |
368 |
|||
Total liabilities |
3,716 |
3,196 |
|||
Commitments and contingencies |
|||||
Parent company stockholders' equity |
|||||
Preferred stock, 50,000,000 shares authorized |
|||||
Series A, $0.01 par value, zero and 2,500,000 shares outstanding |
- |
242 |
|||
Series B, $0.01 par value, 3,803,774 and 5,221,199 shares outstanding |
372 |
511 |
|||
Common stock, $0.01 par value, 450,000,000 shares authorized, |
|||||
145,338,342 and 148,264,067 outstanding |
2 |
2 |
|||
Additional paid-in capital |
2,840 |
2,668 |
|||
Accumulated deficit |
(812) |
(769) |
|||
Treasury stock, at cost (18,742,288 and 1,797,988 shares) |
(366) |
(25) |
|||
Accumulated other comprehensive loss |
(727) |
(793) |
|||
Total parent company stockholders' equity |
1,309 |
1,836 |
|||
Noncontrolling equity |
104 |
112 |
|||
Total equity |
1,413 |
1,948 |
|||
Total liabilities and equity |
$ 5,129 |
$ 5,144 |
DANA HOLDING CORPORATION Consolidated Statement of Cash Flows (Unaudited) For the Year Ended December 31, 2013 and 2012 |
|||||
Three Months Ended |
|||||
(In millions) |
December 31, |
||||
2013 |
2012 |
||||
Operating activities |
|||||
Net income |
$ 43 |
$ 93 |
|||
Depreciation |
52 |
48 |
|||
Amortization of intangibles |
22 |
21 |
|||
Amortization of deferred financing charges |
1 |
1 |
|||
Write off of deferred financing costs |
2 |
||||
Unremitted earnings of affiliates |
6 |
2 |
|||
Stock compensation expense |
2 |
5 |
|||
Deferred income taxes |
(15) |
(71) |
|||
Pension contributions, net |
(4) |
(16) |
|||
Interest payment received on payment-in-kind note receivable |
|||||
Change in working capital |
179 |
137 |
|||
Change in other noncurrent assets and liabilities |
(1) |
||||
Other, net |
(3) |
(2) |
|||
Net cash flows provided by operating activities (1) |
284 |
218 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(86) |
(51) |
|||
Acquisition of business |
(5) |
||||
Principal payment received on payment-in-kind note receivable |
|||||
Purchases of marketable securities |
(4) |
(5) |
|||
Proceeds from sales of marketable securities |
3 |
||||
Proceeds from maturities of marketable securities |
1 |
3 |
|||
Proceeds from sale of businesses |
1 |
||||
Other |
1 |
7 |
|||
Net cash flows used in investing activities |
(88) |
(47) |
|||
Financing activities |
|||||
Net change in short-term debt |
(3) |
(22) |
|||
Proceeds from long-term debt |
6 |
11 |
|||
Repayment of long-term debt |
(2) |
(18) |
|||
Deferred financing payments |
|||||
Preferred stock redemptions |
|||||
Dividends paid to preferred stockholders |
(5) |
(8) |
|||
Dividends paid to common stockholders |
(8) |
(8) |
|||
Distributions paid to noncontrolling interests |
(2) |
||||
Repurchases of common stock |
(49) |
(15) |
|||
Payments to acquire noncontrolling interests |
|||||
Other |
1 |
10 |
|||
Net cash flows used in financing activities |
(60) |
(52) |
|||
Net increase in cash and cash equivalents |
136 |
119 |
|||
Cash and cash equivalents − beginning of period |
1,121 |
940 |
|||
Effect of exchange rate changes on cash balances |
(1) |
||||
Cash and cash equivalents − end of period |
$ 1,256 |
$ 1,059 |
|||
(1) Free cash flow of $198 in 2013 and $167 in 2012 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, 2013 and 2012 |
|||||
Year Ended |
|||||
(In millions) |
December 31, |
||||
2013 |
2012 |
||||
Operating activities |
|||||
Net income |
$ 260 |
$ 315 |
|||
Depreciation |
175 |
190 |
|||
Amortization of intangibles |
87 |
87 |
|||
Amortization of deferred financing charges |
5 |
5 |
|||
Write off of deferred financing costs |
4 |
||||
Unremitted earnings of affiliates |
(2) |
1 |
|||
Stock compensation expense |
16 |
19 |
|||
Deferred income taxes |
(10) |
(80) |
|||
Pension contributions, net |
(60) |
(220) |
|||
Interest payment received on payment-in-kind note receivable |
26 |
||||
Change in working capital |
104 |
21 |
|||
Change in other noncurrent assets and liabilities |
(3) |
(3) |
|||
Other, net |
(25) |
4 |
|||
Net cash flows provided by operating activities (1) |
577 |
339 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(209) |
(164) |
|||
Acquisition of business |
(8) |
(12) |
|||
Principal payment received on payment-in-kind note receivable |
33 |
||||
Purchases of marketable securities |
(84) |
(18) |
|||
Proceeds from sales of marketable securities |
28 |
15 |
|||
Proceeds from maturities of marketable securities |
8 |
6 |
|||
Proceeds from sale of businesses |
1 |
8 |
|||
Other |
9 |
4 |
|||
Net cash flows used in investing activities |
(222) |
(161) |
|||
Financing activities |
|||||
Net change in short-term debt |
(14) |
4 |
|||
Proceeds from long-term debt |
817 |
51 |
|||
Repayment of long-term debt |
(57) |
(32) |
|||
Deferred financing payments |
(17) |
||||
Preferred stock redemptions |
(474) |
||||
Dividends paid to preferred stockholders |
(28) |
(31) |
|||
Dividends paid to common stockholders |
(30) |
(30) |
|||
Distributions paid to noncontrolling interests |
(11) |
(11) |
|||
Repurchases of common stock |
(337) |
(15) |
|||
Payments to acquire noncontrolling interests |
(7) |
||||
Other |
8 |
9 |
|||
Net cash flows used in financing activities |
(150) |
(55) |
|||
Net increase in cash and cash equivalents |
205 |
123 |
|||
Cash and cash equivalents − beginning of period |
1,059 |
931 |
|||
Effect of exchange rate changes on cash balances |
(8) |
5 |
|||
Cash and cash equivalents − end of period |
$ 1,256 |
$ 1,059 |
|||
(1) Free cash flow of $368 in 2013 and $175 in 2012 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, 2013 and 2012 |
|||||
(In millions) |
Three Months Ended |
||||
December 31, |
|||||
Sales |
2013 |
2012 |
|||
Light Vehicle |
$ 628 |
$ 622 |
|||
Commercial Vehicle |
439 |
425 |
|||
Off-Highway |
305 |
322 |
|||
Power Technologies |
252 |
240 |
|||
Total Sales |
$ 1,624 |
$ 1,609 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 63 |
$ 56 |
|||
Commercial Vehicle |
40 |
36 |
|||
Off-Highway |
36 |
36 |
|||
Power Technologies |
36 |
31 |
|||
Total Segment EBITDA |
175 |
159 |
|||
Corporate expense and other items, net |
1 |
(3) |
|||
Structures EBITDA |
(2) |
(2) |
|||
Adjusted EBITDA |
$ 174 |
$ 154 |
DANA HOLDING CORPORATION Segment Sales & Segment EBITDA (Unaudited) For the Year Ended December 31, 2013 and 2012 |
|||||
(In millions) |
Year Ended |
||||
December 31, |
|||||
Sales |
2013 |
2012 |
|||
Light Vehicle |
$ 2,549 |
$ 2,743 |
|||
Commercial Vehicle |
1,860 |
1,960 |
|||
Off-Highway |
1,330 |
1,509 |
|||
Power Technologies |
1,030 |
1,012 |
|||
Total Sales |
$ 6,769 |
$ 7,224 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 242 |
$ 263 |
|||
Commercial Vehicle |
194 |
199 |
|||
Off-Highway |
163 |
189 |
|||
Power Technologies |
150 |
137 |
|||
Total Segment EBITDA |
749 |
788 |
|||
Corporate expense and other items, net |
(2) |
(11) |
|||
Structures EBITDA |
(2) |
4 |
|||
Adjusted EBITDA |
$ 745 |
$ 781 |
DANA HOLDING CORPORATION Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited) For the Three Months Ended December 31, 2013 and 2012 |
|||||
(In millions) |
Three Months Ended |
||||
December 31, |
|||||
2013 |
2012 |
||||
Segment EBITDA |
$ 175 |
$ 159 |
|||
Corporate expense and other items, net |
1 |
(3) |
|||
Structures EBITDA |
(2) |
(2) |
|||
Adjusted EBITDA |
174 |
154 |
|||
Depreciation |
(52) |
(48) |
|||
Amortization of intangibles |
(22) |
(21) |
|||
Restructuring |
(10) |
(17) |
|||
Strategic transaction and other items |
2 |
(2) |
|||
Write off of deferred financing costs |
(2) |
||||
Structures EBITDA |
2 |
2 |
|||
Stock compensation expense |
(2) |
(5) |
|||
Interest expense |
(30) |
(21) |
|||
Interest income |
5 |
7 |
|||
Income from continuing operations before |
|||||
income taxes |
65 |
49 |
|||
Income tax expense |
23 |
(46) |
|||
Equity in earnings of affiliates |
2 |
(2) |
|||
Income from continuing operations |
44 |
93 |
|||
Loss from discontinued operations |
(1) |
||||
Net income |
$ 43 |
$ 93 |
DANA HOLDING CORPORATION Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited) For the Year Ended December 31, 2013 and 2012 |
|||||
(In millions) |
Year Ended |
||||
December 31, |
|||||
2013 |
2012 |
||||
Segment EBITDA |
$ 749 |
$ 788 |
|||
Corporate expense and other items, net |
(2) |
(11) |
|||
Structures EBITDA |
(2) |
4 |
|||
Adjusted EBITDA |
745 |
781 |
|||
Depreciation |
(175) |
(188) |
|||
Amortization of intangibles |
(87) |
(87) |
|||
Restructuring |
(24) |
(47) |
|||
Strategic transaction and other items |
(4) |
(8) |
|||
Write off of deferred financing costs |
(4) |
||||
Recognition of unrealized gain on |
|||||
payment-in-kind note receivable |
5 |
||||
Impairment and loss on sale of assets |
(6) |
||||
Structures EBITDA |
2 |
(4) |
|||
Stock compensation expense |
(16) |
(17) |
|||
Interest expense |
(99) |
(84) |
|||
Interest income |
25 |
24 |
|||
Income from continuing operations before |
|||||
income taxes |
368 |
364 |
|||
Income tax expense |
119 |
51 |
|||
Equity in earnings of affiliates |
12 |
2 |
|||
Income from continuing operations |
261 |
315 |
|||
Loss from discontinued operations |
(1) |
||||
Net income |
$ 260 |
$ 315 |
DANA HOLDING CORPORATION Diluted Adjusted EPS (Unaudited) For the Three Months Ended December 31, 2013 and 2012 |
|||||
(In millions except per share amounts) |
|||||
Three Months Ended |
|||||
December 31, |
|||||
2013 |
2012 |
||||
Net income attributable to parent company |
$ 42 |
$ 88 |
|||
Restructuring charges (1) |
8 |
18 |
|||
Amortization of intangibles (1) |
23 |
25 |
|||
Non-recurring items (1) (2) |
16 |
(50) |
|||
Adjusted net income |
$ 89 |
$ 81 |
|||
Diluted shares - as reported |
181 |
215 |
|||
Adjusted diluted shares |
181 |
215 |
|||
Diluted adjusted EPS |
$ 0.49 |
$ 0.38 |
|||
(1) Amounts are net of associated tax effect. |
|||||
(2) 2013 includes $8 of increased depreciation expense recognized in connection with |
|||||
the winddown of the Argentina foundry and $9 of non-recurring tax charges associated |
|||||
with subsidiary reorganization. 2012 includes a credit of $54 for release of tax valuation |
|||||
allowances. |
DANA HOLDING CORPORATION Diluted Adjusted EPS (Unaudited) For the Year Ended December 31, 2013 and 2012 |
|||||
(In millions except per share amounts) |
|||||
Year Ended |
|||||
December 31, |
|||||
2013 |
2012 |
||||
Net income attributable to parent company |
$ 244 |
$ 300 |
|||
Restructuring charges (1) |
22 |
45 |
|||
Amortization of intangibles (1) |
74 |
74 |
|||
Non-recurring items (1) (2) |
15 |
(44) |
|||
Adjusted net income |
$ 355 |
$ 375 |
|||
Diluted shares - as reported |
146 |
215 |
|||
Potentially dilutive shares |
2 |
||||
Conversion of preferred stock |
52 |
||||
Adjusted diluted shares |
200 |
215 |
|||
Diluted adjusted EPS |
$ 1.77 |
$ 1.75 |
|||
(1) Amounts are net of associated tax effect. |
|||||
(2) 2013 includes $8 of increased depreciation expense recognized in connection with |
|||||
the winddown of the Argentina foundry and $7 of non-recurring tax charges associated |
|||||
with subsidiary reorganization. 2012 includes a credit of $54 for release of tax valuation |
|||||
allowances. |
SOURCE
Investor Contact - Craig Barber, 419.887.5166; Media Contact - Jeff Cole, 419.887.3535