(Reuters) - Auto parts supplier Dana Holding Corp. reported a narrower fourth-quarter net loss on Wednesday, as sales rose and the company projected that 2011 revenue would increase at least 17 percent.
The company previously forecast a 10 percent jump in full-year revenue.
Dana reported a fourth-quarter net loss of $14 million. A year before, the company posted a $236 million net loss. Revenue rose 4 percent to $1.56 billion during the period.
Dana said it generated $12 million in free cash flow during the fourth quarter – marking the seventh consecutive quarter of positive free cash flow.
For all of 2010, Dana posted net income of $10 million compared to a $431 million loss the prior year, reflecting ongoing restructuring and cost-reduction efforts. Annual sales rose 17 percent to $6.1 billion last year.
"Dana met or exceeded its 2010 targets including operational improvements, profitable growth and improved margins – with a continued focus on our strong balance sheet," Dana Executive Chairman and Interim CEO John Devine said in a statement.
Dana - a maker of axles, driveshafts, transmissions, sealing and thermal-management products, and service parts -- said it secured $846 million in new supply contracts during 2010.
The new contracts will generate profit margins above its cost of capital and exceed a goal of $650 million to $700 million. Dana said the new contracts were secured in all markets -- automotive, commercial vehicle, and off-highway -- and geographic regions.