CHICAGO -- Dana Corp. on Wednesday said its quarterly net earnings more than doubled, benefiting from a strong heavy-truck market and a gain from the planned sale of its replacement parts business.
Demand for heavy trucks has surged this year as the U.S. economic recovery gained traction.
Dana said second-quarter net income rose to $108 million, up from $52 million a year ago.
Excluding unusual items, the maker of axles, brakes and engine parts earned $75 million.
Income in the latest quarter included $33 million of unusual gains from the planned sale of the company's automotive replacement parts unit, while last year's quarter included $5 million of unusual gains.
The $33 million in gains includes tax benefits expected to be triggered by the sale of the replacement parts unit as well as the divestiture of certain assets of the company's financing arm.
Dana earlier this month said it agreed to sell its replacement parts business to private-equity firm Cypress Group for $1.1 billion. It had put the business on the block in December, just weeks after it successfully fought off a takeover attempt by smaller rival ArvinMeritor Inc.
Dana, based in Toledo, Ohio, said second-quarter sales climbed to $2.3 billion from $2 billion last year.
Dana also reiterated its full-year forecast for earnings per share of at least $1.90, excluding items.
Dana is sixth on the Automotive News ranking of top suppliers to North American automakers in 2003 with $5.5 billion in sales.