Editor's note: Dana's light-vehicle sales gained 23 percent during the quarter. The percentage was incorrect in an earlier version. Also, Dana has been U.S. Manufacturing's largest customer. The relationship was misstated in a previous version.
Dana Inc.'s second-quarter net income increased 67 percent to $75 million, helped by higher demand for light-vehicle and off-highway products, improved operations and a major acquisition.
Total revenue climbed 17 percent to $1.84 billion during the second quarter.
The supplier's light-vehicle sales shot up 23 percent to $1.6 billion from $1.3 billion, while commercial vehicle sales edged up slightly to $686 million. Sales at the company's off-highway business advanced 47 percent to $723 million from $493 million.
Revenue from power technology sales rose 5.6 percent to $46.5 million.
The company incurred a $3 million charge related to the $100 million acquisition of U.S. Manufacturing Corp., completed in March, as well as a $3 million restructuring charge.
Dana had been USM's largest customer, generating 60 percent of its sales, with 40 percent going to other automakers. Ford Motor Co. is Dana's largest customer.
Dana said debt refinancing activities during the quarter also reduced earnings by $6 million.
The maker of axles, drive-shafts and thermal products gave an upbeat full-year revenue forecast of $7 billion, up 8 percent, and said free cash flow would improve 67 percent from a year earlier.
"We have raised our financial guidance this year consistent with our continued strong operating performance and improved customer demand," Dana CEO James Kamsickas said in a statement. "The solid foundation that we have established will serve as an enabler for Dana to continue to deliver on our commitments beyond 2017."
Dana shares inched up in afternoon trading after the company posted better-than-expected second-quarter revenue, beating the consensus estimate of $1.68 billion. The company reported earnings of $0.68 per share, $0.17 better than average estimate of analysts -- $0.51.
Shares of the Maumee, Ohio, supplier rose nearly one percent following the report.
Dana ranks No. 58 on Automotive News' list of the top 100 global parts suppliers, with worldwide sales to automakers of $5.83 billion in 2016.
