Dana Announces Second-Quarter 2015 Results, Maintains Margin and Free Cash Flow Guidance
Highlights
- Sales of
$1.609 billion , compared with$1.710 billion during the second quarter of 2014 - Organic growth of 4 percent compared to last year
- Net income attributable to Dana of
$59 million - Diluted adjusted earnings per share of
$0.48 - Adjusted EBITDA of
$180 million , providing a margin of 11.2 percent, 30 basis points higher than prior quarter - Repurchased
$63 million of common stock James K. Kamsickas named President and Chief Executive Officer- Continued new business wins and product launches
- Recognized with customer and regional awards
Sales for the quarter were
Net income for the quarter was
Adjusted EBITDA for the quarter was
Free cash flow was
"In the second quarter, Dana achieved a 4 percent increase in organic growth as a result of some markets improving and new business coming on line. We also continued to win new business to support our backlog through 2017 and beyond," said President and Chief Executive Officer
Share Repurchase Program
During the second quarter of 2015, Dana repurchased an additional
Business Unit Results for the Second Quarter
Light Vehicle Driveline Technologies
Sales were
Segment EBITDA for the quarter was
Commercial Vehicle Driveline Technologies
Sales were
Segment EBITDA for the second quarter of 2015 was
Off-Highway Driveline Technologies
Sales were
Segment EBITDA for the second quarter of 2015 was
Power Technologies
Sales were
Segment EBITDA for the second quarter of 2015 was
Company Adjusts 2015 Guidance for South American Market Weakness; Maintains Margin and Free Cash Flow
During the second quarter of 2015, adjusted EBITDA margin improved 30 basis points from the first quarter, reflecting solid execution in varying demand environments globally. In particular, the demand environment in
Due to the demand environment in
- Sales of
$6.2 to 6.3 billion ; - Adjusted EBITDA of
$720 to $730 million ; - Adjusted EBITDA as a percent of sales of approximately 11.7 percent;
- Diluted adjusted EPS of approximately
$2.00 to $2.10 (excluding the impact of share repurchases after June. 30, 2015); - Capital spending of
$290 to $300 million ; and - Free cash flow of
$190 to $220 million .
James K. Kamsickas Named President and Chief Executive Officer
Last week, Dana announced that its board of directors has named
New Technologies are Meeting Marketplace Demands
The company announced last month that through its joint venture with
Dana Inaugurates 16th Global Technology Center in
In June, Dana officially inaugurated its 16th global technology center near
VariGlide technology enables designers to reduce the complexity of transmissions while enabling the engine to operate at more efficient speeds – ultimately increasing fuel efficiency, reducing emissions, and improving overall vehicle performance.
Dana also opened a new plant in
Customers Continue to Recognize Dana's Quality, Performance
During the second quarter of 2015, Ford awarded Dana's
In addition,
Additionally, the company's Power Technologies facility in
Dana to Host Conference Call at
Dana will discuss its second quarter 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 before income taxes, net income, 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 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 net 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 Holding Corporation
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 Maumee,
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations (Unaudited) |
||||||
For the Three Months Ended June 30, 2015 and 2014 |
||||||
Three Months Ended |
||||||
(In millions except per share amounts) |
June 30, |
|||||
2015 |
2014 |
|||||
Net sales |
$ 1,609 |
$ 1,710 |
||||
Costs and expenses |
||||||
Cost of sales |
1,373 |
1,462 |
||||
Selling, general and administrative expenses |
101 |
108 |
||||
Amortization of intangibles |
4 |
10 |
||||
Restructuring charges, net |
11 |
3 |
||||
Other income, net |
4 |
21 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
124 |
148 |
||||
Interest expense |
27 |
29 |
||||
Income from continuing operations before |
||||||
income taxes |
97 |
119 |
||||
Income tax expense |
36 |
33 |
||||
Equity in earnings of affiliates |
2 |
6 |
||||
Income from continuing operations |
63 |
92 |
||||
Loss from discontinued operations |
(2) |
|||||
Net income |
63 |
90 |
||||
Less: Noncontrolling interests net income |
4 |
4 |
||||
Net income attributable to the parent company |
59 |
86 |
||||
Preferred stock dividend requirements |
2 |
|||||
Net income available to common stockholders |
$ 59 |
$ 84 |
||||
Net income per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income from continuing operations |
$ 0.36 |
$ 0.55 |
||||
Loss from discontinued operations |
$ - |
$ (0.01) |
||||
Net income |
$ 0.36 |
$ 0.54 |
||||
Diluted: |
||||||
Income from continuing operations |
$ 0.36 |
$ 0.50 |
||||
Loss from discontinued operations |
$ - |
$ (0.01) |
||||
Net income |
$ 0.36 |
$ 0.49 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
162.1 |
156.7 |
||||
Diluted |
163.2 |
175.1 |
||||
Dividends declared per common share |
$ 0.06 |
$ 0.05 |
||||
DANA HOLDING CORPORATION |
||||||
Consolidated Statement of Operations (Unaudited) |
||||||
For the Six Months Ended June 30, 2015 and 2014 |
||||||
Six Months Ended |
||||||
(In millions except per share amounts) |
June 30, |
|||||
2015 |
2014 |
|||||
Net sales |
$ 3,217 |
$ 3,398 |
||||
Costs and expenses |
||||||
Cost of sales |
2,753 |
2,916 |
||||
Selling, general and administrative expenses |
201 |
213 |
||||
Amortization of intangibles |
9 |
23 |
||||
Restructuring charges, net |
12 |
12 |
||||
Loss on extinguishment of debt |
(2) |
|||||
Other income, net |
16 |
15 |
||||
Income from continuing operations before |
||||||
interest expense and income taxes |
256 |
249 |
||||
Interest expense |
55 |
59 |
||||
Income from continuing operations before |
||||||
income taxes |
201 |
190 |
||||
Income tax expense |
67 |
67 |
||||
Equity in earnings of affiliates |
3 |
7 |
||||
Income from continuing operations |
137 |
130 |
||||
Loss from discontinued operations |
(3) |
|||||
Net income |
137 |
127 |
||||
Less: Noncontrolling interests net income |
15 |
7 |
||||
Net income attributable to the parent company |
122 |
120 |
||||
Preferred stock dividend requirements |
5 |
|||||
Net income available to common stockholders |
$ 122 |
$ 115 |
||||
Net income per share available to parent |
||||||
company common stockholders: |
||||||
Basic: |
||||||
Income from continuing operations |
$ 0.75 |
$ 0.77 |
||||
Loss from discontinued operations |
$ - |
$ (0.02) |
||||
Net income |
$ 0.75 |
$ 0.75 |
||||
Diluted: |
||||||
Income from continuing operations |
$ 0.74 |
$ 0.70 |
||||
Loss from discontinued operations |
$ - |
$ (0.02) |
||||
Net income |
$ 0.74 |
$ 0.68 |
||||
Weighted-average common shares outstanding |
||||||
Basic |
163.4 |
153.7 |
||||
Diluted |
164.6 |
176.0 |
||||
Dividends declared per common share |
$ 0.11 |
$ 0.10 |
||||
DANA HOLDING CORPORATION |
||||||||
Consolidated Statement of Comprehensive Income (Unaudited) |
||||||||
For the Three Months Ended June 30, 2015 and 2014 |
||||||||
Three Months Ended |
||||||||
(In millions) |
June 30, |
|||||||
2015 |
2014 |
|||||||
Net income |
$ 63 |
$ 90 |
||||||
Less: Noncontrolling interests net income |
4 |
4 |
||||||
Net income attributable to the parent company |
59 |
86 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
14 |
14 |
||||||
Hedging gains and losses |
3 |
1 |
||||||
Investment and other gains and losses |
(1) |
3 |
||||||
Defined benefit plans |
7 |
3 |
||||||
Other comprehensive income attributable |
||||||||
to the parent company |
23 |
21 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
(2) |
1 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests |
(2) |
1 |
||||||
Total comprehensive income attributable |
||||||||
to the parent company |
82 |
107 |
||||||
Total comprehensive income attributable |
||||||||
to noncontrolling interests |
2 |
5 |
||||||
Total comprehensive income |
$ 84 |
$ 112 |
||||||
DANA HOLDING CORPORATION |
||||||||
Consolidated Statement of Comprehensive Income (Unaudited) |
||||||||
For the Six Months Ended June 30, 2015 and 2014 |
||||||||
Six Months Ended |
||||||||
(In millions) |
June 30, |
|||||||
2015 |
2014 |
|||||||
Net income |
$ 137 |
$ 127 |
||||||
Less: Noncontrolling interests net income |
15 |
7 |
||||||
Net income attributable to the parent company |
122 |
120 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
(85) |
2 |
||||||
Hedging gains and losses |
2 |
1 |
||||||
Investment and other gains and losses |
3 |
|||||||
Defined benefit plans |
23 |
10 |
||||||
Other comprehensive income (loss) attributable |
||||||||
to the parent company |
(60) |
16 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
(2) |
|||||||
Defined benefit plans |
1 |
|||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests |
(1) |
- |
||||||
Total comprehensive income attributable |
||||||||
to the parent company |
62 |
136 |
||||||
Total comprehensive income attributable |
||||||||
to noncontrolling interests |
14 |
7 |
||||||
Total comprehensive income |
$ 76 |
$ 143 |
||||||
DANA HOLDING CORPORATION |
|||||
Consolidated Balance Sheet (Unaudited) |
|||||
As of June 30, 2015 and December 31, 2014 |
|||||
(In millions except share and per share amounts) |
June 30, |
December 31, |
|||
2015 |
2014 |
||||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ 894 |
$ 1,121 |
|||
Marketable securities |
169 |
169 |
|||
Accounts receivable |
|||||
Trade, less allowance for doubtful accounts of $5 in 2015 and $6 in 2014 |
881 |
755 |
|||
Other |
110 |
117 |
|||
Inventories |
695 |
654 |
|||
Other current assets |
130 |
111 |
|||
Current assets of disposal group held for sale |
27 |
||||
Total current assets |
2,879 |
2,954 |
|||
Goodwill |
82 |
90 |
|||
Intangibles |
150 |
169 |
|||
Other noncurrent assets |
316 |
337 |
|||
Investments in affiliates |
195 |
204 |
|||
Property, plant and equipment, net |
1,168 |
1,176 |
|||
Total assets |
$ 4,790 |
$ 4,930 |
|||
Liabilities and equity |
|||||
Current liabilities |
|||||
Notes payable, including current portion of long-term debt |
$ 51 |
$ 65 |
|||
Accounts payable |
860 |
791 |
|||
Accrued payroll and employee benefits |
147 |
158 |
|||
Taxes on income |
57 |
32 |
|||
Other accrued liabilities |
187 |
194 |
|||
Current liabilities of disposal group held for sale |
21 |
||||
Total current liabilities |
1,302 |
1,261 |
|||
Long-term debt |
1,570 |
1,613 |
|||
Pension and postretirement obligations |
532 |
580 |
|||
Other noncurrent liabilities |
277 |
279 |
|||
Noncurrent liabilities of disposal group held for sale |
17 |
||||
Total liabilities |
3,681 |
3,750 |
|||
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, |
|||||
160,631,551 and 166,070,057 shares outstanding |
2 |
2 |
|||
Additional paid-in capital |
2,650 |
2,640 |
|||
Accumulated deficit |
(428) |
(532) |
|||
Treasury stock, at cost (7,532,298 and 1,588,990 shares) |
(161) |
(33) |
|||
Accumulated other comprehensive loss |
(1,057) |
(997) |
|||
Total parent company stockholders' equity |
1,006 |
1,080 |
|||
Noncontrolling equity |
103 |
100 |
|||
Total equity |
1,109 |
1,180 |
|||
Total liabilities and equity |
$ 4,790 |
$ 4,930 |
|||
DANA HOLDING CORPORATION |
|||||
Consolidated Statement of Cash Flows (Unaudited) |
|||||
For the Three Months Ended June 30, 2015 and 2014 |
|||||
Three Months Ended |
|||||
(In millions) |
June 30, |
||||
2015 |
2014 |
||||
Operating activities |
|||||
Net income |
$ 63 |
$ 90 |
|||
Depreciation |
39 |
41 |
|||
Amortization of intangibles |
4 |
12 |
|||
Amortization of deferred financing charges |
1 |
2 |
|||
Dividends received in excess of current earnings of affiliates |
8 |
5 |
|||
Stock compensation expense |
5 |
5 |
|||
Deferred income taxes |
(3) |
(4) |
|||
Pension contributions, net |
(4) |
(3) |
|||
Change in working capital |
33 |
48 |
|||
Other, net |
2 |
(4) |
|||
Net cash provided by operating activities (1) |
148 |
192 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(60) |
(59) |
|||
Purchases of marketable securities |
(15) |
(22) |
|||
Proceeds from sales of marketable securities |
2 |
1 |
|||
Proceeds from maturities of marketable securities |
10 |
||||
Proceeds from sale of business |
9 |
||||
Other |
(1) |
(1) |
|||
Net cash used in investing activities |
(64) |
(72) |
|||
Financing activities |
|||||
Net change in short-term debt |
(3) |
5 |
|||
Proceeds from letters of credit |
12 |
||||
Repayment of letters of credit |
(6) |
||||
Repayment of long-term debt |
(2) |
(7) |
|||
Dividends paid to preferred stockholders |
(2) |
||||
Dividends paid to common stockholders |
(18) |
(16) |
|||
Distributions paid to noncontrolling interests |
(2) |
(1) |
|||
Repurchases of common stock |
(63) |
(49) |
|||
Other |
3 |
(1) |
|||
Net cash used in financing activities |
(85) |
(65) |
|||
Net increase (decrease) in cash and cash equivalents |
(1) |
55 |
|||
Cash and cash equivalents − beginning of period |
885 |
1,116 |
|||
Effect of exchange rate changes on cash balances |
10 |
1 |
|||
Cash and cash equivalents − end of period |
$ 894 |
$ 1,172 |
|||
(1) Free cash flow of $88 in 2015 and $133 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 (Unaudited) |
|||||
For the Six Months Ended June 30, 2015 and 2014 |
|||||
Six Months Ended |
|||||
(In millions) |
June 30, |
||||
2015 |
2014 |
||||
Operating activities |
|||||
Net income |
$ 137 |
$ 127 |
|||
Depreciation |
78 |
81 |
|||
Amortization of intangibles |
10 |
27 |
|||
Amortization of deferred financing charges |
2 |
3 |
|||
Call premium on senior notes |
2 |
||||
Dividends received in excess of current earnings of affiliates |
9 |
6 |
|||
Stock compensation expense |
8 |
9 |
|||
Deferred income taxes |
2 |
(5) |
|||
Pension contributions, net |
(9) |
(5) |
|||
Interest payment received on payment-in-kind note receivable |
40 |
||||
Change in working capital |
(108) |
(66) |
|||
Other, net |
(3) |
6 |
|||
Net cash provided by operating activities (1) |
128 |
223 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(122) |
(126) |
|||
Principal payment received on payment-in-kind note receivable |
35 |
||||
Purchases of marketable securities |
(26) |
(57) |
|||
Proceeds from sales of marketable securities |
12 |
1 |
|||
Proceeds from maturities of marketable securities |
16 |
2 |
|||
Proceeds from sale of business |
9 |
||||
Other |
(3) |
3 |
|||
Net cash used in investing activities |
(123) |
(133) |
|||
Financing activities |
|||||
Net change in short-term debt |
3 |
(5) |
|||
Proceeds from letters of credit |
12 |
||||
Repayment of letters of credit |
(4) |
(6) |
|||
Proceeds from long-term debt |
18 |
1 |
|||
Repayment of long-term debt |
(58) |
(19) |
|||
Call premium on senior notes |
(2) |
||||
Dividends paid to preferred stockholders |
(4) |
||||
Dividends paid to common stockholders |
(18) |
(16) |
|||
Distributions to noncontrolling interests |
(3) |
(2) |
|||
Repurchases of common stock |
(126) |
(113) |
|||
Other |
1 |
||||
Net cash used in financing activities |
(189) |
(152) |
|||
Net decrease in cash and cash equivalents |
(184) |
(62) |
|||
Cash and cash equivalents − beginning of period |
1,121 |
1,256 |
|||
Effect of exchange rate changes on cash balances |
(43) |
(22) |
|||
Cash and cash equivalents − end of period |
$ 894 |
$ 1,172 |
|||
(1) Free cash flow of $6 in 2015 and $97 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 June 30, 2015 and 2014 |
|||||
Three Months Ended |
|||||
(In millions) |
June 30, |
||||
2015 |
2014 |
||||
Sales |
|||||
Light Vehicle |
$ 641 |
$ 636 |
|||
Commercial Vehicle |
431 |
463 |
|||
Off-Highway |
279 |
335 |
|||
Power Technologies |
258 |
276 |
|||
Total Sales |
$ 1,609 |
$ 1,710 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 66 |
$ 76 |
|||
Commercial Vehicle |
36 |
47 |
|||
Off-Highway |
41 |
46 |
|||
Power Technologies |
39 |
39 |
|||
Total Segment EBITDA |
182 |
208 |
|||
Corporate expense and other items, net |
(2) |
(3) |
|||
Adjusted EBITDA |
$ 180 |
$ 205 |
|||
DANA HOLDING CORPORATION |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Six Months Ended June 30, 2015 and 2014 |
|||||
Six Months Ended |
|||||
(In millions) |
June 30, |
||||
2015 |
2014 |
||||
Sales |
|||||
Light Vehicle |
$ 1,278 |
$ 1,254 |
|||
Commercial Vehicle |
864 |
920 |
|||
Off-Highway |
563 |
676 |
|||
Power Technologies |
512 |
548 |
|||
Total Sales |
$ 3,217 |
$ 3,398 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 130 |
$ 106 |
|||
Commercial Vehicle |
71 |
91 |
|||
Off-Highway |
80 |
88 |
|||
Power Technologies |
77 |
83 |
|||
Total Segment EBITDA |
358 |
368 |
|||
Corporate expense and other items, net |
(2) |
2 |
|||
Adjusted EBITDA |
$ 356 |
$ 370 |
|||
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Three Months Ended June 30, 2015 and 2014 |
||||
Three Months Ended |
||||
(In millions) |
June 30, |
|||
2015 |
2014 |
|||
Segment EBITDA |
$ 182 |
$ 208 |
||
Corporate expense and other items, net |
(2) |
(3) |
||
Adjusted EBITDA |
180 |
205 |
||
Depreciation |
(39) |
(41) |
||
Amortization of intangibles |
(4) |
(12) |
||
Restructuring |
(11) |
(3) |
||
Stock compensation expense |
(5) |
(5) |
||
Strategic transaction expenses and other items |
(1) |
1 |
||
Interest expense, net |
(23) |
(26) |
||
Income from continuing operations before income taxes |
97 |
119 |
||
Income tax expense |
36 |
33 |
||
Equity in earnings of affiliates |
2 |
6 |
||
Income from continuing operations |
63 |
92 |
||
Loss from discontinued operations |
(2) |
|||
Net income |
$ 63 |
$ 90 |
||
DANA HOLDING CORPORATION |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Six Months Ended June 30, 2015 and 2014 |
||||
Six Months Ended |
||||
(In millions) |
June 30, |
|||
2015 |
2014 |
|||
Segment EBITDA |
$ 358 |
$ 368 |
||
Corporate expense and other items, net |
(2) |
2 |
||
Adjusted EBITDA |
356 |
370 |
||
Depreciation |
(78) |
(81) |
||
Amortization of intangibles |
(10) |
(27) |
||
Restructuring |
(12) |
(12) |
||
Stock compensation expense |
(8) |
(9) |
||
Strategic transaction expenses and other items |
(2) |
|||
Gain on derecognition of noncontrolling interest |
5 |
|||
Loss on extinguishment of debt |
(2) |
|||
Recognition of unrealized gain on payment-in-kind note receivable |
2 |
|||
Interest expense, net |
(48) |
(53) |
||
Income from continuing operations before income taxes |
201 |
190 |
||
Income tax expense |
67 |
67 |
||
Equity in earnings of affiliates |
3 |
7 |
||
Income from continuing operations |
137 |
130 |
||
Loss from discontinued operations |
(3) |
|||
Net income |
$ 137 |
$ 127 |
||
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Three Months Ended June 30, 2015 and 2014 |
|||||
(In millions except per share amounts) |
|||||
Three Months Ended |
|||||
June 30, |
|||||
2015 |
2014 |
||||
Net income attributable to parent company |
$ 59 |
$ 86 |
|||
Restructuring charges (1) |
7 |
2 |
|||
Amortization of intangibles (1) |
3 |
10 |
|||
Non-recurring items (1): |
|||||
Nonrecurring tax expense |
10 |
1 |
|||
Other items |
2 |
||||
Adjusted net income |
$ 79 |
$ 101 |
|||
Diluted shares - as reported |
163 |
175 |
|||
Adjusted diluted shares |
163 |
175 |
|||
Diluted adjusted EPS |
$ 0.48 |
$ 0.58 |
|||
(1) Amounts are net of associated tax effect. |
DANA HOLDING CORPORATION |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Six Months Ended June 30, 2015 and 2014 |
|||||
(In millions except per share amounts) |
|||||
Six Months Ended |
|||||
June 30, |
|||||
2015 |
2014 |
||||
Net income attributable to parent company |
$ 122 |
$ 120 |
|||
Restructuring charges (1) |
8 |
11 |
|||
Amortization of intangibles (1) |
7 |
21 |
|||
Non-recurring items (1) |
|||||
Noncontrolling interests |
4 |
||||
Loss on extinguishment of debt |
2 |
||||
Nonrecurring tax expense |
18 |
5 |
|||
Other items |
1 |
1 |
|||
Adjusted net income |
$ 162 |
$ 158 |
|||
Diluted shares - as reported |
165 |
176 |
|||
Adjusted diluted shares |
165 |
176 |
|||
Diluted adjusted EPS |
$ 0.98 |
$ 0.90 |
|||
(1) Amounts are net of associated tax effect. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dana-announces-second-quarter-2015-results-maintains-margin-and-free-cash-flow-guidance-300117461.html
SOURCE
Investor Contact: Craig Barber: 419.887.5166 or Media Contact: Jeff Cole: 419.887.3535