Dana Holding misses by $0.06, misses on revs; guides FY14 below consensus
Reports Q1 (Mar) earnings of $0.32 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.38; revenues rose 0.7% year/year to $1.69 bln vs the $1.71 bln consensus.
- Co affirmed its financial targets for full-year 2014, with expected results at the low end of the range for full-year sales, adjusted EBITDA, and diluted adjusted EPS: sees EPS at low end of $1.82-1.86 vs. $1.89 Capital IQ Consensus Estimate; sees FY14 revs at low end of $6.8-6.9 bln vs. $6.9 bln Capital IQ Consensus Estimate.
- "Continuing our momentum from 2013, Dana's first-quarter results were in line with our expectations, even with the continued instability in Venezuela and the resulting currency effects reflected in our earnings results. We continued to improve our operating margin performance, with strong results posted across most of our business units... As our end markets expand in the future, we are well positioned to profitably grow the top line through booked business and new sales awards while achieving continued margin expansion and strong cash flow generation."