Dana Fourth-Quarter Income Surges on Revenue Rise, Tax Break
Components supplier Dana Inc. saw fourth-quarter net income surge as a result of a tax benefit and a 5% increase in revenue compared with the same period in 2015.
Net income for the period ended Dec. 31 was $489 million, or $3.34 per diluted share, compared with a net loss of $79 million, or 54 cents, in the fourth quarter of 2015. The 2016 results included a $490 million tax benefit compared with a tax expense of $92 million in the same period of 2015, Dana said.
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Sales totaled $1.45 billion, compared with $1.38 billion in same period of 2015. Benefits from the stronger global light-vehicle market were partially offset by weaker demand in the commercial-vehicle and off-highway markets, the Maumee, Ohio-based company said Feb. 9.
Net income for the full-year was $653 million, or $4.38, compared with $180 million, or $1, in 2015.
Sales were $5.8 billion, $234 million lower compared with 2015, primarily due to unfavorable currency translation, the company said.
