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.
Turning to the next slide, here is the latest breakdown of our sales by region that illustrates the effectiveness of our globally balanced portfolio. These figures shift from quarter-to-quarter, but the important point here is that our regional diversification gives us a unique advantage in being able to create synergies and leverage our products and technologies across our market segments. Sales diversified by region and also by vehicle market and also by customer adds more stability to our business, which is important in an environment where volatility seems to be the norm anymore. This past quarter served as a great example. Although sales adjusted for currency effects in South America were down, they were up in every other region.That takes me to the second part of the slide, which is our current view of our regional markets. Bill will talk about our revised outlook in his remarks, so I won't go into too much detail here. As you can see, it's a rather mixed story across the regions. Second half demand in the North American commercial vehicle market has softened and Europe continues to pose considerable uncertainty. In Brazil, we expect a smaller second half rebound in commercial vehicle production now. And as such, we've lowered our full year production forecast for South America. Another factor across the regions is the ongoing impact of currency. Again, Bill will touch on this later, but let me add here that volatility in our markets is a fact of life. We're managing the business in a way that recognizes this volatility, while also staying focused on the factors that we do control. Our tenacious work on significantly reducing our breakeven point, coupled with our flexible operating structure provide assurance that Dana will remain strong in the event of a market downturn. Turning to Slide 6, I'd like to share some highlights in the areas of new business and new product technologies for our Light Vehicle and Commercial Vehicle Driveline businesses. Key business wins for Light Vehicle Driveline in the second quarter included driveshafts to be produced in China for two- and four-wheel-drive trucks for a Japanese manufacturer that we're unable to name at this point. Front and rear axle modules to be assembled in Brazil for a small sport utility vehicle for a major global automaker and steel and aluminum driveshafts to be produced in Mexico and Thailand for yet another Japanese customer. On this program, we took weight out of the driveshaft tubes to help improve fuel economy, while redesigning other components in the entire system to improve product durability. Read the rest of this transcript for free on seekingalpha.com