Dana Earnings Rise, Helped by Tax Benefit
Trucking industry supplier Dana Holding Corp. announced that fourth-quarter net income more than doubled to $109 million, or 65 cents per share, helped by a tax benefit.
Dana, based in Maumee, Ohio, reported that sales slipped 2% to $1.58 billion. Revenue was reduced by $106 million because of unfavorable currency adjustments. Net income in the year earlier was $42 million, or 23 cents per share.
Revenue in the commercial vehicle segment also was negatively affected by currency adjustments and fell 2% to $431 million. Earnings before interest, taxes, depreciation and amortization slipped to $34 million from $40 million in the trucking unit.
Dana also said that the fourth-quarter results capped a year in which multiple steps were taken to enhance company performance. The steps included the sale of the company's Venezuelan operations, a pension buyout program and refinancing of its long-term debt.
