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Dana Holding Corporation Message Board

  • realfree09 realfree09 May 20, 2009 2:47 PM Flag

    DAN Total Cost Cuts of ~$300 million

    DAN just completed cost cuts of about $300 million. This will definitely reflect on the next earnings report. Expect earnings to be significantly better as compared to the previous quarter. The price per share should be heading much higher from here. Compare with TRW, TEN and you will see for yourself.

    From the last earnings report:

    "Our first-quarter results were hit hard by the continued global recession," said Dana Chairman & CEO John Devine. "Despite this backdrop, we are making good progress on improving our business through cost reductions, right-sizing our operations, and improving margins and working capital. During the first quarter, we reduced our global workforce by nearly 5,000 employees and reduced fixed costs, achieving total cost reductions of approximately $300 million.

    "These efforts have helped preserve adequate liquidity," Devine added. "At the same time, we also are securing profitable new business with global customers, which will benefit Dana moving forward."

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15.09-0.25(-1.63%)Sep 26 4:02 PMEDT