Dana profit rises 19%
TOLEDO, Ohio - Dana Corp. said its second-quarter net income was up 19 percent to $190 million after an after-tax charge of $5 million. Sales for the quarter ended June 30 were $3.4 billion, an increase of 5 percent.
Dana also announced that it was selling two aftermarket parts businesses.
The proposed sales include Australia-based Truckline Parts Centres unit, an independent distributor of heavy-duty parts for trucks and agricultural equipment with sales of $37 million last year. Also included is Sierra International Inc., an aftermarket marine and power equipment parts operation with factories in Litchfield, Ill., and Clearwater, Fla. Sierra had 1998 sales of $40 million.
MERITOR BOOSTS NET
DETROIT - Meritor Automotive Inc. of Troy, Mich., said net income for the quarter ended June 30 was up 19 percent to $56 million, before a restructuring charge. Meritor reported net income of $39 million in its fiscal third quarter after a $17 million after-tax charge aimed at reducing costs. Sales were $1.2 billion for the period, an increase of 21 percent over the year-earlier quarter.
TRW PROFIT HIGHER
CLEVELAND - TRW Inc. said net income for the quarter ended June 30 was up 11 percent to $139.8 million. Excluding second-quarter restructuring charges, net income increased 22 percent to $153.5 million compared with a year ago. Sales for the company's fiscal second quarter increased 58 percent to $4.8 billion. Net income and sales figures reflect the March 25 acquisition of LucasVarity.
EATON PROFIT INCREASES
CLEVELAND - Eaton Corp. said second-quarter net income was $125 million, up 8 percent from the same quarter last year. Sales for the quarter ended June 30 were up 34 percent to $2.3 billion.
In its automotive business, Eaton said second-quarter sales rose 10 percent to $480 million. Automotive segment profits increased 20 percent to $65 million, the company said.
TIMKEN PROFITS FALL
CANTON, Ohio - Timken Co. said net income and sales declined, as strong automotive demand could not overcome weaknesses in its industrial and energy markets. Net income for the quarter ended June 30 was $12.3 million, off 68 percent from the same period a year ago. Second-quarter sales were off 9 percent to $636.1 million compared with last year.