Dana Q1 EPS Flat, Backs Full-Year View

(RTTNews) - Dana Holding Corp. (DAN) Friday reported a drop in earnings for the first quarter, reflecting a modest increase in revenues and higher income tax expense. Earnings per share were flat year-over-year. The company confirmed its earnings and sales targets for the year 2014.

For the first quarter, net earnings were $31 million, down from $34 million a year earlier. Earnings per share were $0.19, flat with last year.

Excluding certain items, earnings declined to $57 million from $59 million a year ago. Adjusted earnings per share increased to $0.32 from $0.28 a year earlier. Weighted average common shares outstanding decreased to 177 million from 214 million a year ago.

On average, 11 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.39 for the quarter. Analysts' estimates typically exclude special items.

Income tax expense rose to $34 million from $27 million a year earlier.

The company reported adjusted EBITDA of $165 million, an increase from $158 million a year ago.

Net sales for the 3-month period stood were $1.688 billion, compared with $1.676 billion in the same period last year. Analysts had expected revenues of $1.71 billion.

Looking ahead, the company affirmed its expectations of adjusted earnings of $1.82 to $1.86 per share on sales of $6.8 billion to $6.9 billion for 2014. The company expects these results to be at the low end of their guidance range.

Analysts expect earnings of $1.91 per share on sales of $6.89 billion in 2014.