Dana Corp. Lowers Profit Forecast

Heavy-duty component supplier Dana Corp. said Wednesday it was cutting its profit forecast for the first quarter because of rising steel prices and falling auto production.

Dana said in a statement it was lowering its earnings forecast to a range of 11 to 13 cents per share from the range of 17 to 23 cents per share it had announced previously.

Chief Executive Officer Michael Burns said the reduction was primarily due to higher-than-expected material costs, including steel, a component shortage from one its suppliers that has “resulted in reduced shipments of heavy-duty axles” and lower-than-expected North American automobile production.