Component maker Dana Holding Corp. said Oct. 29 that its third-quarter profit rose from a year ago.
Net income increased to $71 million from $60 million. Revenue slipped to $1.67 billion from $1.71 billion. The company reported a preferred stock redemption premium of $232 million and a $170 million loss of net income available to common stockholders.
The company reported a $1.16 loss per share from 26 cents per share a year prior.
Dana, based in Maumee, Ohio, said the effects of currency, light-vehicle program roll-offs and an off-highway divestiture lowered sales by $79 million.
“In addition to improving our financial performance amidst continuing market volatility, since late last year we have returned $780 million to shareholders under Dana's share repurchase program,” Dana CEO Roger Wood said in a statement.
In response to weaker demand in construction and mining and regional economic pressures in India and South America, Dana adjusted its 2013 earnings outlook to $6.7 billion from $7 billion, with adjusted earnings before interest, taxes, depreciation and amortization of $750 million from $800 million.