Dana Holding Corp. said Thursday its first-quarter profit declined from a year ago, on lower demand from the North American commercial vehicle market.
Net income fell to $34 million, or 19 cents per share, from $62 million, or 33 cents, a year ago. Revenue dropped 15% to $1.7 billion, the truck and auto component maker said.
In addition to lower market volumes in the North American commercial vehicle market, the maker of Spicer brand drive shafts and axles also cited declines in the European and Asian off-highway markets.
Dana, Maumee, Ohio, affirmed its 2013 earnings outlook of $7.1 billion, with adjusted earnings before interest, taxes, depreciation and amortization of $800 million to $820 million.
Dana also opened a new technical center in China in the quarter, which it said will provide advanced product and applications engineering for original equipment manufacturers in the light-vehicle, commercial-vehicle, and off-highway markets in China and throughout the Asia-Pacific region.