Date: 2013-08-01

Dana Reports Strong Full-Year 2011 Results: Net Income and Sales Increase Significantly

-- Net income reached $219 million versus $11 million in 2010

-- Increased sales by 24 percent over 2010

-- Generated free cash flow of $174 million on adjusted EBITDA of $765 million

-- More than doubled diluted adjusted earnings per share to $1.66

-- Completed investments in China, India, Brazil, and Europe; ended 2011 with $1.4 billion of liquidity and strong balance sheet

-- Awarded more than $1 billion in cumulative net new business for 2011-2015

MAUMEE, Ohio, Feb. 21, 2012/PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced its full-year and fourth-quarter 2011 results. Full-year net income was $219 million, compared to $11 million the previous year. Diluted adjusted earnings per share more than doubled to $1.66 from $0.79 in 2010, and sales increased 24 percent year-over-year to $7.6 billion.

Stronger sales were primarily driven by higher vehicle production volumes and acquisitions; the latter accounted for more than $400 million in additional sales. Higher sales, significant material cost recovery, and cost reductions boosted the company's earnings in 2011, more than offsetting increased raw material prices.

Dana reported adjusted EBITDA of $765 million last year, up 38 percent over 2010. Adjusted EBITDA as a percent of sales for the year was 10.1 percent, compared to 9.1 percent in 2010 and 6.2 percent in 2009.

The company generated free cash flow of $174 million in 2011, the third consecutive year of positive results in this area. Dana maintained a strong balance sheet and had $1.4 billion of liquidity at year-end while continuing to invest in its operations, expand its footprint through acquisitions, and complete debt refinancing.

"I'm pleased to say the Dana team delivered stronger results in 2011," said company President and Chief Executive Officer Roger J. Wood. "We improved in the key areas of product quality, delivery, and innovation. And, we improved both top- and bottom-line results to position the company to drive shareholder value going forward."

"The net new business of more than $1 billion is especially gratifying, as it illustrates a vote of confidence by customers in the quality, performance, and innovation of our products. These new programs awarded in 2011 were from customers in all vehicle markets

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