Dana Holding Corporation Announces Fourth-Quarter, Full-Year 2014 Financial Results
Full-Year Highlights
- Sales of
$6.6 billion - Net income attributable to Dana of
$319 million - Adjusted EBITDA of
$746 million , providing a record margin of 11.3 percent, sixth consecutive year of margin expansion - Diluted adjusted EPS increased 12 percent to
$1.99 , higher than last year by$0.22 - Strong free cash flow of
$276 million , including$234 million of capital investment for future growth - Significant shareholder return; repurchased
$260 million of common stock in 2014, totaling more than$1 billion since program inception - Continued capital structure actions, including conversion of all outstanding preferred shares, refinancing of senior unsecured notes, reduction of U.S. pension obligations.
- Divested Venezuelan operations, eliminating currency volatility
$730 million sales backlog over next three years, providing top-line growth in excess of market factors; an increase of$170 million , or 30 percent, compared with last year's backlog
Fourth-Quarter 2014 Financial Results
Sales for the fourth-quarter of 2014 totaled
In the fourth quarter of 2014, Dana completed a number of important initiatives to further enhance shareholder value. In
During the quarter, the company also completed a voluntary settlement program with deferred vested salaried participants in its U.S. pension plans that reduced pension benefit obligations by approximately
Finally, Dana completed a refinancing of long-term debt obligations, extending the company's debt maturities and lowering annual interest costs. Following this refinancing, the company's next significant debt maturity is in the year 2021. The fourth-quarter 2014 financial results include a loss on debt extinguishment of
Net income attributable to Dana for the fourth quarter of 2014 was
Adjusting for these non-recurring items, net income attributable to Dana for the fourth quarter of 2014 was
Diluted adjusted earnings per share in the fourth quarter of 2014 were
Adjusted EBITDA for the fourth quarter of 2014 was
Free cash flow for the fourth quarter totaled
Full-Year 2014 Financial Results
Sales for the year were
Net income attributable to Dana for the full-year 2014 was
Diluted adjusted earnings per share for 2014 increased 12 percent to
While sales were lower than a year ago on significant currency impacts and a mixed demand environment, Dana's adjusted EBITDA for 2014 was
The company also reported strong free cash flow of
Share Repurchase Program
In 2014, Dana's Board of Directors approved the expansion of its existing share repurchase program from
"We are pleased with our 2014 results, especially given a number of end-market challenges and currency volatility we encountered during the course of the year. Once again, we ended the year with record adjusted EBITDA margins, making it our sixth consecutive year of margin growth. We continue to generate strong free cash flow, providing us the ability to continue to invest in the business for the future and return shareholder value through execution of our share repurchase and dividend programs," said President and Chief Executive Officer
"As we look forward in 2015, we're excited about the future and continue to execute initiatives to maintain our flexibility and minimize risk – the successful divestiture of the business in
Business Unit Performance – Full-Year 2014 Results
Light Vehicle Driveline Technologies
Sales were
Segment EBITDA for 2014 was
Commercial Vehicle Driveline Technologies
Sales were
Off-Highway Driveline Technologies
Sales were
Segment EBITDA was
Power Technologies
Sales were
Segment EBITDA was
"Three of our four business units recorded record margin performance in 2014, reflecting the continuing focus and execution of productivity and improvement initiatives by our people around the world. Our Commercial Vehicle business was impacted by a significant supply-chain initiative that we undertook to provide the business more flexibility and cost competitiveness for the long term. We expect to begin realizing the benefits of this action during the course of 2015 as we complete this activity," Mr. Wood said. "Our business approach, diligence, and execution allows us to drive continued margin performance even in a mixed demand environment. We believe Dana is well positioned to capitalize upon our growing sales backlog as we continue to provide exceptional value to our customers and shareholders."
Company Solidifies 2015 Guidance
In January, Dana announced preliminary financial targets for full-year 2015. Since issuing these targets, the company successfully completed the divestiture of its Venezuelan operations, which represented about
- Sales of
$6.4 to 6.5 billion ; - Adjusted EBITDA of
$740 to $760 million ; - Adjusted EBITDA as a percent of sales of approximately 11.6 percent;
- Diluted adjusted EPS of approximately
$2.05 to $2.15 (excluding the impact of share repurchases afterDec. 31, 2014 ); - Capital spending of
$300 to $320 million ; and - Free cash flow of
$190 to $220 million .
Dana Continues to Win Significant New Business
In 2014, Dana continued to win new business around the world, increasing its three-year sales backlog by 30 percent, over the previous backlog, to
Of significance, Dana has begun production of front and rear axles for the Chevy Colorado and
Recognition of Dana Innovation and Technology
Dana continues to be recognized across all of its end markets for its innovation and is featured on many award-winning programs. Once again the company's technologies were included on seven of the 2015 Ward's 10 Best Engines. Among the products found on these engines were Victor Reinz® cylinder head and secondary gaskets, which deliver improved reliability and durability while reducing oil consumption and bore distortion; and Dana's Long® brand of heat exchangers, which help to effectively manage heat to ensure optimum operating conditions and long-term durability.
In addition to the Chevy Colorado, Dana provides technologies for the Volkswagen Golf, which was named the Motor Trend Car of the Year and the North American Car of the Year, as well as the Ford F-150, named the North American Truck of the Year.
In the commercial-vehicle market, Spicer® drive axles, steer axles, and driveshafts are featured prominently on the Kenworth T880 vocational truck, which was named the American Truck Dealer's 2015 Commercial Truck of the Year.
OEM Off-Highway magazine recognized Dana's Spicer® modular agricultural axle as one of its "Innovators" Top 10 New Products for 2014. Additionally, Dana's Spicer® PowerBoost® technology was a named a finalist for the Intermat Innovation Award.
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 nonrecurring items (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 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.
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, 2014 and 2013 |
||||||
Three Months Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2014 |
2013 |
|||||
Net sales |
$ 1,582 |
$ 1,624 |
||||
Costs and expenses |
||||||
Cost of sales |
1,359 |
1,412 |
||||
Selling, general and administrative expenses |
101 |
105 |
||||
Amortization of intangibles |
9 |
19 |
||||
Restructuring charges, net |
7 |
10 |
||||
Loss on disposal group held for sale |
(80) |
|||||
Pension settlement charges |
(42) |
|||||
Loss on extinguishment of debt |
(19) |
|||||
Other income, net |
13 |
17 |
||||
Income (loss) from continuing operations before |
||||||
interest expense and income taxes |
(22) |
95 |
||||
Interest expense |
29 |
30 |
||||
Income (loss) from continuing operations before |
||||||
income taxes |
(51) |
65 |
||||
Income tax expense (benefit) |
(166) |
23 |
||||
Equity in earnings of affiliates |
4 |
2 |
||||
Income from continuing operations |
119 |
44 |
||||
Loss from discontinued operations |
(11) |
(1) |
||||
Net income |
108 |
43 |
||||
Less: Noncontrolling interests net income (loss) |
(1) |
1 |
||||
Net income attributable to the parent company |
109 |
42 |
||||
Preferred stock dividend requirements |
4 |
|||||
Net income available to common stockholders |
$ 109 |
$ 38 |
||||
Net income (loss) per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income from continuing operations |
$ 0.71 |
$ 0.27 |
||||
Loss from discontinued operations |
$ (0.06) |
$ (0.01) |
||||
Net income |
$ 0.65 |
$ 0.26 |
||||
Diluted: |
||||||
Income from continuing operations |
$ 0.71 |
$ 0.24 |
||||
Loss from discontinued operations |
$ (0.07) |
$ (0.01) |
||||
Net income |
$ 0.64 |
$ 0.23 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
168.1 |
146.0 |
||||
Diluted |
169.3 |
181.2 |
||||
Dividends declared per common share |
$ 0.05 |
$ 0.05 |
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations |
||||||
For the Year Ended December 31, 2014 and 2013 |
||||||
Year Ended |
||||||
(In millions except per share amounts) |
December 31, |
|||||
2014 |
2013 |
|||||
Net sales |
$ 6,617 |
$ 6,769 |
||||
Costs and expenses |
||||||
Cost of sales |
5,672 |
5,849 |
||||
Selling, general and administrative expenses |
411 |
410 |
||||
Amortization of intangibles |
42 |
74 |
||||
Restructuring charges, net |
21 |
24 |
||||
Loss on disposal group held for sale |
(80) |
|||||
Pension settlement charges |
(42) |
|||||
Loss on extinguishment of debt |
(19) |
|||||
Other income, net |
48 |
55 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
378 |
467 |
||||
Interest expense |
118 |
99 |
||||
Income from continuing operations before |
||||||
income taxes |
260 |
368 |
||||
Income tax expense (benefit) |
(70) |
119 |
||||
Equity in earnings of affiliates |
13 |
12 |
||||
Income from continuing operations |
343 |
261 |
||||
Loss from discontinued operations |
(15) |
(1) |
||||
Net income |
328 |
260 |
||||
Less: Noncontrolling interests net income |
9 |
16 |
||||
Net income attributable to the parent company |
319 |
244 |
||||
Preferred stock dividend requirements |
7 |
25 |
||||
Preferred stock redemption premium |
232 |
|||||
Net income (loss) available to common stockholders |
$ 312 |
$ (13) |
||||
Net income (loss) per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income (loss) from continuing operations |
$ 2.07 |
$ (0.08) |
||||
Loss from discontinued operations |
$ (0.10) |
$ (0.01) |
||||
Net income (loss) |
$ 1.97 |
$ (0.09) |
||||
Diluted: |
||||||
Income (loss) from continuing operations |
$ 1.93 |
$ (0.08) |
||||
Loss from discontinued operations |
$ (0.09) |
$ (0.01) |
||||
Net income (loss) |
$ 1.84 |
$ (0.09) |
||||
Weighted-average common shares outstanding |
||||||
Basic |
158.0 |
146.4 |
||||
Diluted |
173.5 |
146.4 |
||||
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, 2014 and 2013 |
||||||||
Three Months Ended |
||||||||
(In millions) |
December 31, |
|||||||
2014 |
2013 |
|||||||
Net income |
$ 108 |
$ 43 |
||||||
Less: Noncontrolling interests net income |
(1) |
1 |
||||||
Net income attributable to the parent company |
109 |
42 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
(74) |
(6) |
||||||
Hedging gains and losses |
(6) |
|||||||
Investment and other gains and losses |
1 |
(3) |
||||||
Defined benefit plans |
(95) |
102 |
||||||
Other comprehensive income (loss) attributable |
||||||||
to the parent company |
(174) |
93 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
(2) |
(1) |
||||||
Other comprehensive loss attributable |
||||||||
to noncontrolling interests |
(2) |
(1) |
||||||
Total comprehensive income attributable |
||||||||
to the parent company |
(65) |
135 |
||||||
Total comprehensive loss attributable |
||||||||
to noncontrolling interests |
(3) |
- |
||||||
Total comprehensive income |
$ (68) |
$ 135 |
DANA HOLDING CORPORATION |
|||||||
Consolidated Statement of Comprehensive Income |
|||||||
For the Year Ended December 31, 2014 and 2013 |
|||||||
Year Ended |
|||||||
(In millions) |
December 31, |
||||||
2014 |
2013 |
||||||
Net income |
$ 328 |
$ 260 |
|||||
Less: Noncontrolling interests net income |
9 |
16 |
|||||
Net income attributable to the parent company |
319 |
244 |
|||||
Other comprehensive income (loss) attributable to |
|||||||
the parent company, net of tax: |
|||||||
Currency translation adjustments |
(185) |
(40) |
|||||
Hedging gains and losses |
(9) |
(4) |
|||||
Investment and other gains and losses |
2 |
(9) |
|||||
Defined benefit plans |
(78) |
122 |
|||||
Other comprehensive income (loss) attributable |
|||||||
to the parent company |
(270) |
69 |
|||||
Other comprehensive income (loss) attributable to |
|||||||
noncontrolling interests, net of tax: |
|||||||
Currency translation adjustments |
(4) |
(5) |
|||||
Hedging gains and losses |
1 |
||||||
Other comprehensive loss attributable to |
|||||||
noncontrolling interests |
(4) |
(4) |
|||||
Total comprehensive income attributable |
|||||||
to the parent company |
49 |
313 |
|||||
Total comprehensive income attributable |
|||||||
to noncontrolling interests |
5 |
12 |
|||||
Total comprehensive income |
$ 54 |
$ 325 |
DANA HOLDING CORPORATION |
|||||
Consolidated Balance Sheet |
|||||
As of December 31, 2014 and December 31, 2013 |
|||||
(In millions except share and per share amounts) |
|||||
December 31, |
December 31, |
||||
Assets |
2014 |
2013 |
|||
Current assets |
|||||
Cash and cash equivalents |
$ 1,121 |
$ 1,256 |
|||
Marketable securities |
169 |
110 |
|||
Accounts receivable |
|||||
Trade, less allowance for doubtful accounts of $6 in 2014 and $7 in 2013 |
755 |
793 |
|||
Other |
117 |
223 |
|||
Inventories |
654 |
670 |
|||
Other current assets |
111 |
113 |
|||
Current assets of disposal group held for sale |
27 |
||||
Total current assets |
2,954 |
3,165 |
|||
Goodwill |
90 |
106 |
|||
Intangibles |
169 |
227 |
|||
Other noncurrent assets |
337 |
196 |
|||
Investments in affiliates |
204 |
210 |
|||
Property, plant and equipment, net |
1,176 |
1,225 |
|||
Total assets |
$ 4,930 |
$ 5,129 |
|||
Liabilities and equity |
|||||
Current liabilities |
|||||
Notes payable, including current portion of long-term debt |
$ 65 |
$ 57 |
|||
Accounts payable |
791 |
804 |
|||
Accrued payroll and employee benefits |
158 |
161 |
|||
Accrued restructuring costs |
9 |
14 |
|||
Taxes on income |
32 |
35 |
|||
Other accrued liabilities |
185 |
197 |
|||
Current liabilities of disposal group held for sale |
21 |
||||
Total current liabilities |
1,261 |
1,268 |
|||
Long-term debt |
1,613 |
1,567 |
|||
Pension and postretirement obligations |
580 |
530 |
|||
Other noncurrent liabilities |
279 |
351 |
|||
Noncurrent liabilities of disposal group held for sale |
17 |
||||
Total liabilities |
3,750 |
3,716 |
|||
Commitments and contingencies |
|||||
Parent company stockholders' equity |
|||||
Preferred stock, 50,000,000 shares authorized |
|||||
Series B, $0.01 par value, zero and 3,803,774 shares outstanding |
372 |
||||
Common stock, 450,000,000 shares authorized, $0.01 par value, |
|||||
166,070,057 and 145,338,342 outstanding |
2 |
2 |
|||
Additional paid-in capital |
2,640 |
2,840 |
|||
Accumulated deficit |
(532) |
(812) |
|||
Treasury stock, at cost (1,588,990 and 18,742,288 shares) |
(33) |
(366) |
|||
Accumulated other comprehensive loss |
(997) |
(727) |
|||
Total parent company stockholders' equity |
1,080 |
1,309 |
|||
Noncontrolling equity |
100 |
104 |
|||
Total equity |
1,180 |
1,413 |
|||
Total liabilities and equity |
$ 4,930 |
$ 5,129 |
DANA HOLDING CORPORATION |
|||||
Consolidated Statement of Cash Flows (Unaudited) |
|||||
For the Three Months Ended December 31, 2014 and 2013 |
|||||
Three Months Ended |
|||||
(In millions) |
December 31, |
||||
2014 |
2013 |
||||
Operating activities |
|||||
Net income |
$ 108 |
$ 43 |
|||
Depreciation |
42 |
52 |
|||
Amortization of intangibles |
11 |
22 |
|||
Amortization of deferred financing charges |
1 |
1 |
|||
Call premium on senior notes |
15 |
||||
Write off of deferred financing costs |
4 |
2 |
|||
Unremitted earnings of affiliates |
(2) |
6 |
|||
Stock compensation expense |
5 |
2 |
|||
Deferred income taxes |
(193) |
(15) |
|||
Pension expense (contributions), net |
38 |
(4) |
|||
Loss on disposal group held for sale |
78 |
||||
Change in working capital |
81 |
179 |
|||
Change in other noncurrent assets and liabilities |
(16) |
(1) |
|||
Other, net |
36 |
(3) |
|||
Net cash provided by operating activities (1) |
208 |
284 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(90) |
(86) |
|||
Purchases of marketable securities |
(21) |
(4) |
|||
Proceeds from sales of marketable securities |
5 |
||||
Proceeds from maturities of marketable securities |
17 |
1 |
|||
Other |
(5) |
1 |
|||
Net cash used in investing activities |
(94) |
(88) |
|||
Financing activities |
|||||
Net change in short-term debt |
(3) |
(3) |
|||
Proceeds from long-term debt |
425 |
6 |
|||
Repayment of long-term debt |
(346) |
(2) |
|||
Call premium on senior notes |
(15) |
||||
Deferred financing payments |
(7) |
||||
Dividends paid to preferred stockholders |
(2) |
(5) |
|||
Dividends paid to common stockholders |
(8) |
(8) |
|||
Distributions paid to noncontrolling interests |
(1) |
||||
Repurchases of common stock |
(79) |
(49) |
|||
Other |
1 |
1 |
|||
Net cash provided by (used in) financing activities |
(35) |
(60) |
|||
Net increase (decrease) in cash and cash equivalents |
79 |
136 |
|||
Cash and cash equivalents − beginning of period |
1,103 |
1,121 |
|||
Effect of exchange rate changes on cash balances |
(34) |
(1) |
|||
Less: cash of disposal group held for sale |
(27) |
||||
Cash and cash equivalents − end of period |
$ 1,121 |
$ 1,256 |
|||
(1) |
Free cash flow of $118 in 2014 and $198 in 2013 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, 2014 and 2013 |
|||||
Year Ended |
|||||
(In millions) |
December 31, |
||||
2014 |
2013 |
||||
Operating activities |
|||||
Net income |
$ 328 |
$ 260 |
|||
Depreciation |
164 |
175 |
|||
Amortization of intangibles |
49 |
87 |
|||
Amortization of deferred financing charges |
5 |
5 |
|||
Call premium on senior notes |
15 |
||||
Write off of deferred financing costs |
4 |
4 |
|||
Unremitted earnings of affiliates |
4 |
(2) |
|||
Stock compensation expense |
16 |
16 |
|||
Deferred income taxes |
(199) |
(10) |
|||
Pension expense (contributions), net |
30 |
(60) |
|||
Loss on disposal group held for sale |
78 |
||||
Interest payment received on payment-in-kind note receivable |
40 |
26 |
|||
Change in working capital |
(39) |
104 |
|||
Change in other noncurrent assets and liabilities |
(16) |
(3) |
|||
Other, net |
31 |
(25) |
|||
Net cash provided by operating activities (1) |
510 |
577 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(234) |
(209) |
|||
Acquisition of business |
(8) |
||||
Principal payment received on payment-in-kind note receivable |
35 |
33 |
|||
Purchases of marketable securities |
(84) |
(84) |
|||
Proceeds from sales of marketable securities |
7 |
28 |
|||
Proceeds from maturities of marketable securities |
21 |
8 |
|||
Proceeds from sale of business |
9 |
1 |
|||
Other |
9 |
||||
Net cash used in investing activities |
(246) |
(222) |
|||
Financing activities |
|||||
Net change in short-term debt |
(8) |
(14) |
|||
Proceeds from letters of credit |
12 |
||||
Repayment of letters of credit |
(8) |
||||
Proceeds from long-term debt |
448 |
817 |
|||
Repayment of long-term debt |
(372) |
(57) |
|||
Call premium on senior notes |
(15) |
||||
Deferred financing payments |
(7) |
(17) |
|||
Preferred stock redemption |
(474) |
||||
Dividends paid to preferred stockholders |
(8) |
(28) |
|||
Dividends paid to common stockholders |
(32) |
(30) |
|||
Distributions paid to noncontrolling interests |
(9) |
(11) |
|||
Repurchases of common stock |
(260) |
(337) |
|||
Payments to acquire noncontrolling interests |
(7) |
||||
Other |
5 |
8 |
|||
Net cash used in financing activities |
(254) |
(150) |
|||
Net increase in cash and cash equivalents |
10 |
205 |
|||
Cash and cash equivalents − beginning of period |
1,256 |
1,059 |
|||
Effect of exchange rate changes on cash balances |
(118) |
(8) |
|||
Less: cash of disposal group held for sale |
(27) |
||||
Cash and cash equivalents − end of period |
$ 1,121 |
$ 1,256 |
|||
(1) |
Free cash flow of $276 in 2014 and $368 in 2013 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, 2014 and 2013 |
|||||
(In millions) |
Three Months Ended |
||||
December 31, |
|||||
Sales |
2014 |
2013 |
|||
Light Vehicle |
$ 634 |
$ 628 |
|||
Commercial Vehicle |
431 |
439 |
|||
Off-Highway |
272 |
305 |
|||
Power Technologies |
245 |
252 |
|||
Total Sales |
$ 1,582 |
$ 1,624 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 74 |
$ 63 |
|||
Commercial Vehicle |
34 |
40 |
|||
Off-Highway |
41 |
36 |
|||
Power Technologies |
34 |
36 |
|||
Total Segment EBITDA |
183 |
175 |
|||
Corporate expense and other items, net |
(5) |
1 |
|||
Structures EBITDA |
(2) |
||||
Adjusted EBITDA |
$ 178 |
$ 174 |
DANA HOLDING CORPORATION |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Year Ended December 31, 2014 and 2013 |
|||||
(In millions) |
Year Ended |
||||
December 31, |
|||||
Sales |
2014 |
2013 |
|||
Light Vehicle |
$ 2,496 |
$ 2,549 |
|||
Commercial Vehicle |
1,838 |
1,860 |
|||
Off-Highway |
1,231 |
1,330 |
|||
Power Technologies |
1,052 |
1,030 |
|||
Total Sales |
$ 6,617 |
$ 6,769 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 250 |
$ 242 |
|||
Commercial Vehicle |
172 |
194 |
|||
Off-Highway |
169 |
163 |
|||
Power Technologies |
154 |
150 |
|||
Total Segment EBITDA |
745 |
749 |
|||
Corporate expense and other items, net |
1 |
(2) |
|||
Structures EBITDA |
(2) |
||||
Adjusted EBITDA |
$ 746 |
$ 745 |
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Three Months Ended December 31, 2014 and 2013 |
||||
(In millions) |
Three Months Ended |
|||
December 31, |
||||
2014 |
2013 |
|||
Segment EBITDA |
$ 183 |
$ 175 |
||
Corporate expense and other items, net |
(5) |
1 |
||
Structures EBITDA |
- |
(2) |
||
Adjusted EBITDA |
178 |
174 |
||
Depreciation |
(42) |
(52) |
||
Amortization of intangibles |
(11) |
(22) |
||
Restructuring |
(7) |
(10) |
||
Strategic transaction expenses and other items |
2 |
2 |
||
Loss on disposal group held for sale |
(80) |
|||
Pension settlement charges |
(42) |
|||
Loss on extinguishment of debt |
(19) |
|||
Write-off of deferred financing costs |
(2) |
|||
Recognition of unrealized gain on payment-in-kind note receivable |
||||
Structures EBITDA |
2 |
|||
Stock compensation expense |
(5) |
(2) |
||
Interest expense, net |
(25) |
(25) |
||
Income (loss) from continuing operations before income taxes |
(51) |
65 |
||
Income tax expense (benefit) |
(166) |
23 |
||
Equity in earnings of affiliates |
4 |
2 |
||
Income from continuing operations |
119 |
44 |
||
Loss from discontinued operations |
(11) |
(1) |
||
Net income |
$ 108 |
$ 43 |
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Year Ended December 31, 2014 and 2013 |
||||
(In millions) |
Year Ended |
|||
December 31, |
||||
2014 |
2013 |
|||
Segment EBITDA |
$ 745 |
$ 749 |
||
Corporate expense and other items, net |
1 |
(2) |
||
Structures EBITDA |
(2) |
|||
Adjusted EBITDA |
746 |
745 |
||
Depreciation |
(164) |
(175) |
||
Amortization of intangibles |
(49) |
(87) |
||
Restructuring |
(21) |
(24) |
||
Strategic transaction expenses and other items |
6 |
(4) |
||
Loss on disposal group held for sale |
(80) |
|||
Pension settlement charges |
(42) |
|||
Loss on extinguishment of debt |
(19) |
|||
Write-off of deferred financing costs |
(4) |
|||
Recognition of unrealized gain on payment-in-kind note receivable |
2 |
5 |
||
Structures EBITDA |
2 |
|||
Stock compensation expense |
(16) |
(16) |
||
Interest expense, net |
(103) |
(74) |
||
Income from continuing operations before income taxes |
260 |
368 |
||
Income tax expense (benefit) |
(70) |
119 |
||
Equity in earnings of affiliates |
13 |
12 |
||
Income from continuing operations |
343 |
261 |
||
Loss from discontinued operations |
(15) |
(1) |
||
Net income |
$ 328 |
$ 260 |
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Three Months Ended December 31, 2014 and 2013 |
|||||
(In millions except per share amounts) |
|||||
Three Months Ended |
|||||
December 31, |
|||||
2014 |
2013 |
||||
Net income attributable to parent company |
$ 109 |
$ 42 |
|||
Restructuring charges (1) |
6 |
8 |
|||
Amortization of intangibles (1) |
8 |
23 |
|||
Non-recurring items (1) |
|||||
U.S. valuation allowance release |
(179) |
||||
Loss on divestiture of Venezuelan operations |
77 |
||||
Pension settlement charges |
42 |
||||
Loss on extinguishment of debt |
19 |
||||
Other items |
8 |
16 |
|||
Adjusted net income |
$ 90 |
$ 89 |
|||
Diluted shares - as reported |
169 |
181 |
|||
Adjusted diluted shares |
169 |
181 |
|||
Diluted adjusted EPS |
$ 0.53 |
$ 0.49 |
|||
(1) Amounts are net of associated tax effect. |
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Year Ended December 31, 2014 and 2013 |
|||||
(In millions except per share amounts) |
|||||
Year Ended |
|||||
December 31, |
|||||
2014 |
2013 |
||||
Net income attributable to parent company |
$ 319 |
$ 244 |
|||
Restructuring charges (1) |
19 |
22 |
|||
Amortization of intangibles (1) |
37 |
74 |
|||
Non-recurring items (1) |
|||||
U.S. valuation allowance release |
(179) |
||||
Loss on divestiture of Venezuelan operations |
77 |
||||
Pension settlement charges |
42 |
||||
Loss on extinguishment of debt |
19 |
||||
Other items |
12 |
15 |
|||
Adjusted net income |
$ 346 |
$ 355 |
|||
Diluted shares - as reported |
174 |
146 |
|||
Potentially dilutive shares |
2 |
||||
Conversion of preferred stock |
52 |
||||
Adjusted diluted shares |
174 |
200 |
|||
Diluted adjusted EPS |
$ 1.99 |
$ 1.77 |
|||
(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-2014-financial-results-300038143.html
SOURCE
Media Contact: Jeff Cole, +1-419-887-3535, jeff.cole@dana.com; Investor Contact: Craig Barber, +1-419-887-5166, craig.barber@dana.com