TOLEDO, Ohio -- Auto parts supplier Dana Corp. on Wednesday said its quarterly loss narrowed, as a restructuring started in October 2001 wound down.
The company, which makes automotive engine and drivetrain components, said it expects flat to lower sales in 2003 due to the weak economy and slightly lower North American car production.
"We believe our performance will be weighted toward the latter portion of the year, as we expect heavy-truck builds to ramp up in the second half and our restructuring to reach full run-rate in the fourth quarter," said Chairman and CEO Joe Magliochetti in a statement.
Dana of Toledo, Ohio, posted a fourth-quarter net loss of $9 million, or 6 cents a share, compared with a net loss of $298 million, or $2.01 a share, a year earlier.
Excluding special items, the company reported a profit of $32 million, or 22 cents a share, compared with a loss of $14 million, or 9 cents a share, in the same period a year ago.
Analysts were expecting earnings, before special items, of 23 cents a share, with estimates ranging from 20 cents to 25 cents, according to Thomson First Call.
Revenue rose slightly to $2.41 billion from $2.37 billion.
The company said it has closed 28 facilities, sold noncore operations with combined sales of more than $660 million and realigned its continuing operations as part of the restructuring.
It took a restructuring charge of $44 million in the fourth quarter compared with a charge of $284 million in the year-earlier period. Dana said the most recent charge represents the final expenses for the reorganization.