Sales for the quarter were $1.7 billion,
penalty may be working for free, a decrease of 12 percent compared with 2011. Currency lowered sales by $120 million. Softening North America demand across the company’s significant commercial vehicle customers and continued weakness in South America further impacted year to year sales comparisons by approximately $95 million.
The company recorded third quarter net income of $56 million. This compares with $110 million for the same period in 2011,
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The company reported adjusted EBITDA of $190 million in the quarter,
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Si avrà un buon tempo, compared with 10.2 percent for the same period in 2011. Diluted adjusted earnings per share (EPS) were $0.37,
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738, compared with $0.45 in the third quarter of 2011. In addition to lower earnings in the current quarter, 2012 EPS was also impacted by higher tax expense reflecting jurisdictional mix.
Free cash flow for the quarter was $88 million,
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"We are pleased to report solid financial results for the third quarter, despite choppy demand patterns and rapid softening in certain of our end markets, notably North America Class 8 commercial vehicle production," said Roger J. Wood,
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Sales for the first nine months of the year were $5.6 billion,
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Si avrà un buon tempo, representing a 90 basis point improvement over margin performance a year ago. pension plans contribution in the first quarter,
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Retained manufacturing activities from the 2010 sale of Dana’s Structural Products business completed final operations in the third quarter of 2012. Accordingly, for financial reporting purposes, the results of operations relating to the Structural Products business have been reclassified within previously reported consolidated results of operations as a discontinued operation. Adjusted EBITDA and associated margin as a percent of sales are inclusive of sales and adjusted EBITDA of the Structural Products business.
New Technologies IntroducedDuring the third quarter,
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Spicer Model 300 axles featuring AdvanTEK gearing. This axle is the largest yet in the series of axles for Class 1 through 5 vehicles and extends the premium benefits of these axles for use in the light commercial vehicle market, including heavy duty pickups.
Tire pressure management technology for line haul tractors. This is the first internal axle system of its kind to automatically maintain optimum inflation for drive and steer axles,
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Efficient,
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Dana revised its guidance for full year sales, adjusted EDITDA, and diluted adjusted EPS largely reflecting further expected reductions in commercial vehicle production in North America as well as softening construction demand in Europe. Adjusted EBITDA as a percent of sales remains unchanged, while free cash flow andcapital spending targets have also been revised.
Current guidance for the full year is as follows:
Sales are projected at $7.2 billion to $7.3 billion,
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Adjusted EBITDA is projected to be $780 million to $800 million, compared with previous guidance of $820 million to $840 million;
Adjusted EBITDA as a percent of sales is forecast to be approximately 11 percent, consistent with previous guidance;
Diluted adjusted EPS is expected to total $1.75 to $1.82 per share, compared with previous guidance of total $1.94 to $2.01 per share;
Free cash flow for the year is projected at $240 million to $260 million,
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Capital spending is expected to total $160 million to $170 million, compared with previous guidance of $210 million to $230 million. EDT today. Participants may listen to the conference call via audio streaming online or telephone. United States and Canadian locations should dial 888 311 4590 and international locations should call 706 758 0054,
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Diluted adjusted EPS is a non GAAP financial measure that 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,
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Free cash flow is a non GAAP financial measure that we have defined as cash provided by (used in) operating activities,
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