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Dana Holding raises 2011 sales outlook, predicts strong revenue for 2012

Last updated: 13:07 10 Jan 2012 EST, First published: 14:07 10 Jan 2012 EST

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Dana Holding Corp. (NYSE:DAN), an auto parts supplier, raised its 2011 revenue and also projected strong sales for 2012.

The company, a supplier of axles, driveshafts and transmissions, projected 2011 revenue at $7.6 billion, representing growth of 25 percent.

On a per share basis, the company forecasted earnings of $1.60 driven by stronger adjusted profits. 

Analysts, on average, were seeking profits of $1.61, on sales of $7.1 billion, according to Bloomberg.

Dana’s chief executive, Roger Wood, said: “These targets are aggressive but achievable and backed by aggressive but disciplined operating plans.” 

Shares jumped 22 cents, or 3.61 percent, climbing to $6.31 apiece Tuesday afternoon in New York, as investors applauded the news.

On November 30 last year, Dana – which competes with American Axle & Manufacturing Holdings (NYSE:AXL), Magna International (TSE:MG) and Meritor (NYSE:MTOR) – reduced its full-year sales outlook citing the floods in Thailand.

For 2012, the Ohio-based company projected net income of $1.95 to $2.05 per share, while analysts forecast earnings of $1.89 per share.

It foresees sales growth of at least five percent for 2012.

Dana will present extra information related to the company’s 2011 performance and 2012 outlook at the Deutsche Bank Auto conference Tuesday.

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