MAUMEE, Ohio -- Dana Holding Corp. has reported its first-quarter 2011 financial results, including adjusted EDITDA of $181 million. The company had a net loss of $30 million in the quarter, which included $53 million of one-time charges associated with the refinancing and restructuring of debt in January. Excluding these charges, Dana posted first-quarter net income of $23 million.

Strong sales of $1.8 billion – up nearly 20 percent over the first quarter of 2010 – and continued operating improvements enabled the company to achieve an adjusted EBITDA margin of 10.1 percent. Diluted adjusted earnings per share in the quarter were 34 cents, compared to 6 cents in the prior-year period.

"Dana had another strong quarter as we took decisive steps to expand our global footprint and product offerings," said Dana Executive Chairman John Devine. "We have significantly improved the building blocks for continued growth by reaching an early agreement with our labor unions, restructuring our balance sheet, and strategically investing in key markets."

Free cash flow use of $35 million in the quarter was driven by increased working capital requirements associated with the higher level of sales. Global liquidity continues to exceed $1.1 billion. The company's strong balance sheet, cash position and financial flexibility are supporting its aggressive, long-term growth plans in emerging markets and the development of new drivetrain, sealing and thermal technologies.

Dana updated its assumptions and earnings guidance for 2011 as well. 2011 revenues are now forecast to increase more than 20 percent over 2010 versus the previous forecast of more than 17 percent growth. Adjusted EBITDA is now projected to be $755 million to $775 million versus the previous guidance of $740 million to $760 million; adjusted EBITDA as a percent of sales is still forecast to be more than 10 percent.

Diluted adjusted earnings per share are expected to total $1.55 to $1.65 per share compared to earlier guidance of $1.50 to $1.60 per diluted adjusted share. Free cash flow for the year is projected at more than $175 million versus the previous guidance of greater than $150 million.