Dana Profit Dips Still Strong
February 20, 2014
The parent of truck and auto component maker Dana saw a slight decline in both sales and profits last year, but still reported healthy numbers, according to just release figures.
Dana Holding sales for the year totaled $6.8 billion, compared with $7.2 billion for 2012. The company says it benefited from stronger global light-vehicle production demand in 2013 which increased sales by about $80 million, but this was offset by softer demand principally in the North America heavy-truck market and global off-highway markets which lowered sales by about $220 million compared with a year ago.
Dana posted net income of $244 million for 2013, compared with $300 million in the previous year that included a nonrecurring tax benefit of $54 million.
Sales for the fourth-quarter of 2013 totaled $1.62 billion, compared with $1.61 billion for the same period a year ago. Net income for the fourth quarter of 2013 was $42 million, compared with $88 million in 2012, which included the $54 million tax benefit.
For 2014, the company expects "primarily stable end-market demand across most regions, with continued strength in full-frame light trucks and improving North American commercial-vehicle demand."
Dana’s 2014 sales target is approximately $6.8 to $6.9 billion.