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Dana Holding Management Discusses Q2 2012 Results - Earnings Call Transcript

Before we begin, I would like to review a couple of items. Copies of this morning's earnings release and the slides that we will be using have been posted on Dana's Investor website for your reference. Today's call is being recorded, and the supporting materials are the property of Dana Holding Corporation. They may not be recorded, copied or rebroadcast without our written consent.

Today's call will also include a Q&A session. In order to allow as many questions as possible within our time frame, please keep your questions brief. Finally, today's presentation includes some forward-looking statements about our expectations for Dana's future performance. Actual results could differ materially from those suggested by our comments here. Additional information about the factors that could affect future results are summarized in our Safe Harbor statement. These risk factors are also detailed in our SEC filings, including our annual, quarterly and current reports with the SEC.

With that, I'd like to turn the presentation over to Roger Wood.

Roger J. Wood

Thank you, Craig, and good morning, everyone. We're pleased to report our strong financial results for the second quarter. Sales for the period were just shy of $2 billion, with currency headwinds impacting us again this quarter. Without the impact of currency, sales were up about 7% year-over-year. On flat sales, net income for the period increased 26% year-over-year to $86 million, which is the fifth consecutive quarter of positive net income. This bottom line growth reflects our ongoing focus on controlling cost and running our efficient operating model.

Our adjusted EBITDA margin was 11.5% for the quarter, 110 basis points higher than the same period in 2011. All in all, Dana delivered strong income and margin growth in the quarter despite the impact of currency translation and softer commercial vehicle volumes in Brazil.

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