Dana Reports 2Q Net Loss of $68 Million on Pension Plan Charge
[Stay on top of transportation news: Get TTNews in your inbox.]
Dana Inc., a major supplier of drivetrain, sealing and thermal-management technologies, reported a net loss of $68 million for the second quarter ended June 30.
The Maumee, Ohio-based company, which had posted a profit of $124 million in the same period in 2018, said earnings per share the past quarter were affected by a one-time, $258 million charge for the transfer of a terminated pension plan.
Earnings per share were minus 47 cents, compared with 85 cents in 2018’s second quarter.
Revenue was up 12.3%, to $2.31 billion, from $2.1 billion in the same period in 2018.
“Due to stable end markets, our strong sales backlog and accretive acquisitions, we increased sales by 12% over last year and achieved improved margin performance,” CEO James Kamsickas said. “Our intense focus on customer satisfaction and cost discipline, combined with steady organic and inorganic growth, is positioning us to finish the year strong.”
Dana’s portfolio focuses on efficiency, performance and sustainability of light vehicles, commercial vehicles and off-highway equipment.
Founded in 1904, Dana has more than 36,000 employees in 33 countries. The company reported sales of $8.1 billion in 2018.