Dana retakes No. 1 spot among metro Toledo firms

Roger Wood, CEO of Dana Holding Corp. THE BLADE/DAVE ZAPOTOSKY Enlarge | Photo Reprints

Dana Holding Corp. has reclaimed its position as metro Toledo's largest company, posting 2011 revenues of $7.6 billion. That was up from $6.1 billion in 2010.

The Mamuee-based supplier of driveline components and other automotive technologies reported Tuesday that its profit for last year was $188 million, or $1.02 a share, compared with a loss of $21 million, or 14 cents a share, in 2010.

Last year's results were bolstered by the company's first fourth-quarter profit in eight years amid stronger automotive production. The quarter's profit was $63 million, or 33 cents a share, compared with a loss of $21 million a year earlier. The company said fourth-quarter sales increased by 22 percent over 2010 to $1.9 billion.

The quarterly earnings were off slightly from analysts' expectations of 39 cents a share, and the company's shares fell about 3 percent to $15.97 in trading on the New York Stock Exchange.

Dana's sales pushed Perrysburg-based Owens-Illinois Inc., with revenues of $7.4 billion in 2010, to No. 2 in the metro region. Marathon Petroleum Corp. is northwest Ohio's largest company by a wide margin, with $78.8 billion in revenues.

James Yost, Dana's chief financial officer and executive vice president, said sales growth was led by a 54 percent gain in the commercial vehicle driveline segment.

Roger Wood, Dana's chief executive officer, said during a conference call with analysts, "Our 2011 performance sets the stage for continuing the momentum in 2012."

The company's targets for 2012 include sales growth of at least 5 percent and adjusted per-share earnings of $1.95 to $2.05.

The company's adjusted 2011 earnings per share were $1.66, after accounting for items such as restructuring charges.

Mr. Yost said first-quarter performance may be softened by lingering effects of flooding in Thailand and a weakened market in South America, but he did not think they would affect the company's ability to meet its targets.

Officials on the conference call said new business, of which Dana received commitments for more than $1 billion last year, has been split fairly evenly among segments and in general has brought better returns.

"The business we've been able to win over the last couple of years, and this year is no exception, are much, much stronger margins than the business we've had historically," Mr. Yost said.

Along with the earnings, the company announced that Mr. Yost would step down March 1 and William G. Quigley III, formerly chief financial officer of Visteon Corp., would succeed Mr. Yost.

Mr. Wood said the move is part of an effort to put long-term stability into place.

"I expect this transition to be very smooth and seamless, and this is a good time for us to do it," Mr. Wood said.

Contact Tyrel Linkhorn at: tlinkhorn@theblade.com or 419-724-6134.