DETROIT (Reuters) -- Auto-parts supplier Dana Holding Corp. posted a first-quarter net loss of $160 million as vehicle production plunged amid a continued global recession.
Dana said it had cut 5,000 jobs globally in the period and reduced fixed costs, achieving total savings of about $300 million.
The net loss in the latest quarter compared with a profit of $663 million a year earlier. The 2008 figure included a one-time gain of $754 million after taxes related to bankruptcy emergence and adoption of fresh start accounting, the company said.
Sales in the first quarter tumbled 47 percent to $1.2 billion.
Dana said it was repurchasing up to 10 percent of an existing $1.26 billion under its term loan facility, which is expected to be completed later this month.
Shares of the company fell 29 cents, or 15 percent, to $1.69 on the New York Stock Exchange today.
Dana, of Toledo, Ohio, ranks No. 8 on the Automotive News list of the top 150 suppliers of original equipment parts to North America. The company had $3.89 billion in such shipments for 2008, less than half its global total.