MAUMEE, Ohio -- Dana Holding Corp. has announced its full year and fourth quarter 2011 results.  Full year net income was $219 million, compared to $11 million the previous year. Diluted adjusted earnings per share more than doubled to $1.66 from 79 cents in 2010, and sales increased 24 percent year-over-year to $7.6 billion.  
 
Dana said stronger sales were primarily driven by higher vehicle production volumes and acquisitions; the latter accounted for more than $400 million in additional sales. Higher sales, significant material cost recovery and cost reductions boosted the company's earnings in 2011, more than offsetting increased raw material prices.
 
"I'm pleased to say the Dana team delivered stronger results in 2011," said company President and CEO Roger Wood. "We improved in the key areas of product quality, delivery and innovation. And, we improved both top- and bottom-line results to position the company to drive shareholder value going forward.
 
"The net new business of more than $1 billion is especially gratifying, as it illustrates a vote of confidence by customers in the quality, performance and innovation of our products," Wood added. "These new programs awarded in 2011 were from customers in all vehicle markets – light, commercial and off-highway – and in all geographic regions."
 
Sales for the fourth quarter were $1.9 billion, up $348 million over the same period in 2010.  
 
In 2011, Dana completed three strategic transactions, which the company says considerably strengthened the position of its Commercial Vehicle Driveline business in the emerging markets of China, India and Brazil.  The company also introduced several new product technologies.
 
To continue growing its aftermarket business, Dana opened a new distribution center in Gyor, Hungary, and further expanded its product offering as well.
 
"In 2012, we expect to continue generating positive free cash flow while increasing investments in the business and increasing earnings.  Our goal remains to consistently generate increased shareholder value every year," Wood said.
 
In other news, Dana has announced that William Quigley III, formerly CFO at Visteon Corp., has been appointed executive vice president and CFO, effective March 1. Current Executive Vice President and CFO James Yost will step down from his role as CFO at that time, and will leave the company May 12, when the term of his contract ends. Yost will support Quigley on the transition until his departure.
 
"Jim has been instrumental during the past four years as Dana has transitioned to a company with solid financial strength," said Wood. "We wish him the best in his future endeavors."
 
Quigley has a long tenure as a finance executive in the automotive and industrial business sectors. As CFO for Visteon, he was responsible for the automotive supplier's global finance function.
 
"I am delighted that Bill is joining Dana," Wood said. "He brings a wealth of experience and expertise to this important role. His tenure in the automotive and industrial sectors will serve Dana well as we drive for results through technology development and continued operating efficiencies."
 
Quigley served as the executive vice president and CFO of Visteon from 2007 to 2011. He was also instrumental in the company's successful emergence from reorganization. Prior to this role, Quigley was vice president and corporate controller of Federal-Mogul Corp. During his 10-year tenure there he held various positions of increasing responsibility in both finance and operations. Previously, he worked at Nissan Research and Development and at Deloitte & Touche.
 
Quigley earned a bachelor of arts degree in accounting, with honor, from Michigan State University and is a CPA in the state of Michigan. He is a member of the American Institute of Certified Public Accountants.