Powertrain component supplier Dana Holding Corp. reported net income of $90 million for the third quarter, a 32 percent improvement from the $68 million in the same period a year earlier, the company said today.
Quarterly revenue fell to $1.64 billion, from $1.67 billion a year earlier, the company said in a statement. Weaker currencies, specifically in South America, contributed to the $35 million drop.
Increased production of North American light and commercial vehicles helped the quarter’s revenue, while a decrease in production in the global off-highway end markets and a weak demand in South America lowered revenue for the quarter, the statement said.
The company reported third-quarter per-share earning of 57 cents, up from 47 cents a year earlier.
“Dana’s third-quarter performance was largely in-line with our expectations, though continued weakness in demand in a few of our end-markets and unfavorable currency movements resulted in sales being slightly lower than last year,” Dana Holding CEO Roger Wood said in the statement.
“While we expect currency headwinds and volatility in some of our end markets to continue through the remainder of the year, we are confident in our ability to deliver on the performance of the business as we execute our plan and focus on the successful launch of new customer programs over the next several quarters.”
Dana, of Maumee, Ohio, ranks No. 34 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $6.77 billion in 2013.