Dana Holding Corp. has announced financial results for the first quarter of 2016.

Sales totaled $1.45 billion, compared with $1.61 billion in 2015. Foreign-currency translation lowered sales by $72 million. Currency-adjusted sales were lower in 2016, reflecting weaker market demand in the commercial-vehicle and off-highway segments. Dana’s Light Vehicle Driveline and Power Technologies business units posted combined currency-adjusted sales growth of $28 million, or 3 percent higher than a year ago, driven by higher light-vehicle end-market demand in North America and Europe, as well as new business gains.

Net income attributable to Dana for the first quarter of 2016 was $45 million, compared with $63 million a year ago, with lower adjusted EBITDA partially offset by lower tax expense and income relating to non-controlling interests. Adjusted EBITDA for the first quarter of 2016 was $148 million, compared with $176 million in 2015. Weaker international currencies accounted for $10 million of this decrease, with the remaining $18 million decline resulting primarily from weaker commercial vehicle and off-highway market demand. Dana says this was tempered by higher demand in the light-vehicle market.

Diluted adjusted earnings per share in the first quarter of 2016 were 34 cents, compared with 50 cents in the same period last year. Lower earnings were partially offset by the benefit of a lower share count. Free cash flow for the quarter was a use of $98 million, an increased use of $16 million when compared with 2015. Lower earnings, higher cash taxes and increased capital spending was partially offset by lower working capital requirements.

Significant New Business Wins

Dana said it continues to win new business and grow its sales backlog. Dana has secured driveline content on an all-new compact pick-up truck and SUV program with a global OEM that will be incremental to its backlog beginning in 2019. The company also expects that strong demand for the next-generation Jeep Wrangler will benefit the sales backlog beginning in late 2018. These two programs are expected to generate an additional $1.5 billion in sales over the life of both programs.

“I am especially pleased by the focus, energy and commitment that our team members place upon customer satisfaction,” said James Kamsickas, president and CEO. “This recent new business win and expected strong demand for the Jeep Wrangler, combined with the new business for the disconnecting all-wheel-drive platform that we announced earlier this year, are a result of our commitment to providing advanced technologies and meeting the needs of our customers. As we maintain this direction, we look to further grow our sales backlog through new and expanded customer programs, thus creating long-term profitable growth.”

“We are off to a good start toward achieving our objectives this year. Our Light Vehicle Driveline and Power Technologies businesses grew organically by 3 percent. First-quarter demand was lower, as expected, in the commercial- and off-highway vehicle markets, but both groups flexed their businesses accordingly,” said Mr. Kamsickas. “Our Commercial Vehicle Driveline business has stabilized and continues to improve, leading to enhanced margins from last year’s fourth quarter. While a few of our end markets will remain challenging this year, we are taking action to improve operational efficiencies.”

Completed Acquisition Of Magnum Gaskets

In February, Dana also completed the acquisition of Magnum Gaskets, a U.S.-based supplier of aftermarket gaskets and sealing products for light- and commercial vehicle applications. The Magnum Gaskets brand will enhance Dana’s sealing product offerings and complement the company’s Victor Reinz and Glaser global sealing brands.

Share Repurchase Program

During the first quarter of 2016, the company completed $28 million of share repurchases, and since inception of the program in late 2012, the company has repurchased or redeemed the equivalent of 70 million common shares, returning more than $1.4 billion to shareholders. The remaining availability under its current authorization is $272 million.