MAUMEE, Ohio -- Dana Holding Corp. has announced its first quarter 2010 results.

In the first quarter of 2010, Dana narrowed its net loss to $31 million, compared with a net loss of $157 million for the same period one year ago. Sales for the period were $1,508 million, which compares with $1,216 million for the first quarter of 2009.

During the first quarter, total cash improved by $79 million to $1,026 million, and total debt was reduced by $62 million to $941 million. As a consequence, cash exceeded debt by $85 million at March 31. Total liquidity improved by $133 million from the fourth quarter of 2009 to $1,261 million.

Driven by restructuring efforts, the company said first quarter margins were significantly improved over 2009, with first-quarter 2010 adjusted EBITDA margin of 7.2 percent, compared with 1.3 percent one year ago. Cost savings of more than $50 million, including reductions in conversion and material costs, contributed substantially to the improvement. In addition, free cash flow of $34 million represented a $238 million increase over the same period one year ago.  

"One year ago, we were wrestling with the effects of a global recession and the resulting downturn in our global markets," said Dana President and CEO Jim Sweetnam. "Today, we believe the worst is behind us. And, building upon the hard work and achievements of our global team, we continue to improve our fundamentals and position Dana to create profitable and sustainable market share growth in 2010 and beyond."