CG Stocks in Front Line= Anheuser Busch Inbev SA (ADR) (NYSE:BUD), Dana Holding Corporation (NYSE:DAN)

Anheuser Busch Inbev SA (ADR) (BUD) engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. It offers a portfolio of about 200 beer brands, counting Budweiser, Corona, Stella Artois, Becks, Leffe, Hoegaarden, Bud Light, Skol, Brahma, Antarctica, Quilmes, Victoria, Modelo Especial, Michelob Ultra, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Cass, and Jupiler. The company was founded in 1366 and is headquartered in Leuven, Belgium.

Dana Holding Corporation (DAN) announced financial results for the fourth-quarter and full-year for 2016.

“Dana had an excellent 2016 as the team executed our plan very effectively.  We successfully launched multiple customer vehicle programs and improved our profitability through cost performance, despite having to overcome significant weakness in certain key end markets,” said James Kamsickas, Dana president and chief executive officer.  “Our core business continues to expand while we have efficiently grown inorganically by acquiring businesses that align with our enterprise strategy.”

Fourth-Quarter 2016 Financial Results

Sales for the fourth quarter of 2016 totaled $1.45 billion, compared with $1.38 billion in same period of 2015, representing a 5 percent increase.  The increase was largely attributable to higher light-vehicle end-market demand in North America, Europe, and Asia, as well as new business gains.  The benefits from the stronger light-vehicle market were partially offset by weaker demand in the commercial-vehicle and off-highway markets.

Net income attributable to Dana for the fourth quarter of 2016 was $485 million, compared with a loss of $82 million in the fourth quarter of 2015.  The company’s fourth quarter 2016 results included a $490 million tax benefit compared with a tax expense of $92 million in the same period of 2015.  Net income in 2016 includes a tax benefit for the release of valuation allowance against U.S. deferred tax assets of $501 million, offset in part by a $23 million net addition to valuation allowances provided in other countries.  These benefits to net income were reduced by a pre-tax charge of $80 million ($52 million after-tax) from the divestiture of subsidiaries.  The fourth quarter of 2015 included nonrecurring tax and equity investment impairment charges of $118 million.

Reported diluted earnings per share were $3.34 in the fourth quarter of 2016, compared with a loss per share of $0.54 in 2015.

Adjusted EBITDA for the fourth quarter of 2016 was $166 million, a $37 million increase over the same period last year.  This provided an 11.5 percent margin, which was a 210 basis point improvement over the fourth quarter of 2015.  Profit in 2016 benefited from higher sales volume and pricing recoveries, transactional foreign currency impacts, and improved cost performance, mainly in the Commercial Vehicle segment.

Excluding the effects of certain nonrecurring items such as the above-mentioned income tax valuation allowance adjustments, loss on divestitures, and impairment charges, diluted adjusted earnings per share in the fourth quarter of 2016 were $0.59, compared with $0.34 in the same period last year.  This was driven primarily by a year-over-year fourth-quarter 2016 earnings improvement, as well as a lower share count.

Operating cash flow in the fourth quarter of 2016 was $202 million, compared with $140 million in the same period of 2015.  Inclusive of capital spending of $124 million in the fourth quarter of 2016, free cash flow was $78 million, a $6 million improvement over the fourth quarter of 2015.

Full-Year 2016 Financial Results

Sales for 2016 were $5.83 billion, $234 million lower compared with 2015, primarily due to unfavorable currency translation that lowered sales by $173 million.  Strong market demand, pricing, and new business wins in the company’s Light Vehicle Driveline and Power Technologies business units provided a combined organic increase in sales of $322 million.  These gains were more than offset by currency headwinds and lower demand in commercial-vehicle and global off-highway markets.

 

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