Dana Holding Corp. said today it recorded an $80 million profit in last year's fourth quarter, up 27 percent from 2011.
However, the Maumee-based auto parts supplier also said sales were about $300 million lower in the fourth quarter than the year prior, citing unfavorable currency valuations and lower demand in the commercial vehicle and off-highway segments. Dana said income tax benefits helped offset that and boosted profits.
For the year, Dana reported a profit of $269 million, or $1.40 per share, on revenues of $7.2 billion. In 2011, Dana earned $188 million, or $1.02 per share, on revenues of $7.5 billion.
In a statement, Dana president and chief executive officer Roger Wood said he was pleased with the company's performance, in spite of significant market volatility.
"Our full-year results demonstrate a continued focus and execution on controllable levers across each of our business segments to adjust our cost structure in light of the market environment as well as disciplined investment, resulting in strong margin expansion and cash flow generation," Mr. Wood said.