Dana Reports $1.3 Billion Third-Quarter Loss
Click here to write a Letter to the Editor.
"Many of the challenges we are facing on the automotive side, including higher material costs and lower production levels, are industrywide issues," Chairman and Chief Executive Mike Burns said in a statement.
ehicle-parts supplier Dana Corp. Tuesday reported a $1.3 billion third-quarter loss as a slowing automobile industry triggered big charges in the quarter.
Dana, which makes brakes, axles and other parts, reported a loss of $8.50 a share for the three months ended Sept. 30, compared with a profit of $42 million or 28 cents a year earlier.
Sales rose to $2.4 billion from $2.11 billion in the same period last year.
Dana had said late last year that it was delaying the release of the statement as it worked to restate previous earnings reports because of improper accounting. (Click here for previous coverage.)
