Dana Reports Preliminary 2014 Results; CEO Roger Wood Plans To Retire In 2016

(RTTNews) - Dana Holding Corp. (DAN) announced that President and CEO Roger Wood has informed the Board that he plans to retire in April 2016, after five years of leadership at Dana. The Board of Dana has initiated a process that will evaluate both internal and external candidates in order to select the best possible successor, and Spencer Stuart, Inc., the global executive search consulting firm, has been engaged to assist in the process.

The company's preliminary sales for 2014 were $6.6 billion, including currency headwinds of more than $200 million. Adjusted EBITDA for the year was $745 million, or 11.3 percent of sales, is a 30 basis point improvement over 2013.

Dana also announced its financial targets for full-year 2015, representing an increase in sales and margin as new business and some end market improvements are expected to offset currency headwinds of approximately $300 million. The company expects: sales to be in the range of $6.7 billion to 6.8 billion; adjusted EBITDA of $760 million to $780 million; adjusted EBITDA as a percent of sales of approximately 11.4 percent; adjusted EPS of approximately $2.10 to $2.20.

Dana's 2015-2017 sales backlog of $730 million is 30 percent higher than the three-year backlog announced in 2014. Due to the impact of currency and softer-than-expected demand in a number of served end markets, sales in 2016 are expected to be about $7.4 billion, with a target adjusted EBITDA margin exit rate of more than 13 percent, the company said.