CHICAGO -- Auto parts maker Dana Corp. on Wednesday reported a fourth-quarter net profit, compared with a year-earlier loss, driven by cost reductions from a two-year restructuring plan.
Dana, one of the world's largest auto parts makers, has closed more than 30 plants in the past two years to shed excess capacity and focus on core product lines. The company on Wednesday said its restructuring program is nearly complete.
The maker of automotive engine and drivetrain parts reported net income of $68 million, or 45 cents per share, compared with a net loss of $9 million, or 6 cents per share, a year earlier.
Excluding one-time items, Dana said it earned $62 million, or 41 cents a share, compared with earnings of $32 million, or 22 cents a share, a year earlier.
On that basis, analysts had expected Dana to earn 40 cents per share on average, with estimates ranging from 32 cents to 44 cents, according to Reuters Research, a unit of Reuters Group Plc.
Dana, of Toledo, Ohio, said net sales rose to $2.52 billion in the quarter from $2.41 billion a year earlier, boosted by improved demand for heavy-truck components and new business.
In December, Dana announced plans to sell its aftermarket business, which makes replacement parts, and company officials have said they hope to complete a deal by the end of the second quarter.
The aftermarket business generates roughly one-quarter of Dana's total revenue. After reclassifying the unit as a discontinued operation, the company said fourth-quarter sales from continuing operations rose to $2.05 billion from $1.79 billion.
Last week, Dana named Michael Burns, a senior General Motors executive, as its CEO to succeed Joe Magliochetti, who died in September.
Last year, the 100-year-old parts supplier successfully fended off a hostile takeover attempt by smaller rival ArvinMeritor Inc.