Dana Posts Gains in First Quarter
Dana Inc. reported its net income for the quarter ended March 31 rose to $80 million, or 51 cents per share, from $48 million, or 30 cents.
Revenue inched up to $1.7 billion, compared with $1.5 billion a year earlier, due largely to new business gains, higher end-market demand in global light-truck markets and improved demand in global off-highway end markets, Dana said.
Sales in the commercial vehicle segment slipped to $329 million, compared with $333 million a year earlier. Its commercial vehicle segment includes steer and drive axles, drive shafts, and tire pressure management and hub systems.
“Dana is off to a good start this year as we successfully launch new programs across end markets and continue to convert our sales backlog. The results this quarter are further evidence of our ability to successfully operate and leverage our cost base during rapid volume and revenue expansion,” Dana CEO James Kamsickas said in a statement.
“In addition, the targeted and timely acquisitions of Brevini [the power transmission and fluid power businesses] and the U.S. Manufacturing Corp. [axle housing and driveline shaft manufacturing operations] facility directly align with Dana’s enterprise strategy as they both strengthen our technology portfolio and expand our market reach,” he said. Dana is based in Maumee, Ohio.
Sales for the full year will be $6.2 billion to $6.4 billion, according to guidance the company provided May 2.
