Dana Q4 earnings decline 52%, revenue rises slightly
Dana Holding Corp., supplier of axles, driveshafts, sealing and thermal components for light, commercial and off-highway vehicles, saw its net income drop 52 percent to $42 million in the fourth quarter from $88 million a year earlier, when it recorded a tax benefit.
Revenue in the quarter rose slightly to $1.62 billion from $1.61 billion.
Net income for 2013 was $244 million, a 19 percent decline compared with the year earlier.
For 2013, revenue slipped to $6.77 billion, down 6 percent compared with the year earlier. The company said that it benefited from stronger global light-vehicle production demand, but that currency issues, scheduled light-vehicle roll-offs and a divestiture led to a $377 million decrease in revenue. Also, there was softer demand in the North America heavy-truck market and global off-highway markets.
Fourth-quarter per-share earnings were 23 cents, down from 41 cents a year earlier. Full-year 2013 per-share earnings were $1.77, up from $1.75 in 2012.
Dana Holding Corp. ranked No. 26 in the Automotive News list of the top 150 global suppliers for 2012, with global sales of $7.22 billion.
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