April 25, 2014 10:30 AM, EDT
Dana’s Earnings Decline on Currency Charge; Sales Improve

Dana Holding Corp.’s first-quarter earnings declined as the company took a charge as a result of foreign currency devaluation.

Net income fell to $34 million, or 32 cents a share, from $42 million, or 28 cents, a year ago.

Sales rose slightly to $1.69 billion, from $1.68 billion, the Maumee, Ohio, truck and auto component maker reported April 25.

Its gross profit increased $20 million on higher sales of $12 million, reflecting increased production demand.

Adjusted earnings before interest, taxes, depreciation and amortization was $165 million, up from $158 million a year ago.

Dana said an alteration of the Venezuelan currency exchange rate led to the company taking a $17 million charge for the quarter.

At the Mid-America Trucking Show in March, Dana announced the initial production of its Spicer AdvanTEK 40 tandem axles with a select number of popular axle ratios, including what it said was the industry’s fastest ratio of 2.26:1.