Dana Corp. posted second quarter income, before non-recurring items, of $26 million on sales of $2.8 billion.
Net income including one-time charges was $14 million. Net income for the same period in 2000 was $154 million ($145 after one-time charges) on sales of $3.3 billion.
"The second quarter was another challenging period for our industry, which is well below last year's strong pace," said Dana Chairman and CEO Joe Magliochetti. "Nevertheless, we were pleased to see the improvement in our results from the first quarter to second quarter in a number of areas.”
Quarter-to-quarter profits increased for the Commercial Vehicle Systems unit, despite lower sales to the heavy truck market, he said. Dana’s Automotive Systems Group and Automotive Aftermarket group also showed improvements.
Magliochetti said they expect to see continued benefits from “rightsizing” efforts but are less optimistic about recovery in the North American OE markets than they were early in the year.
"Certain new vehicle inventory levels remain high and several major customers have announced extended summer production shutdowns,” he said. “This will have a continuing impact on the industry during the third quarter, but we are encouraged by the present outlook for the fourth quarter."
Commercial vehicle systems sales totaled $300 million in the second quarter, compared to $452 million a year ago. Earnings before interest and taxes were $12 million versus $47 million second quarter 2000.
Net income including one-time charges was $14 million. Net income for the same period in 2000 was $154 million ($145 after one-time charges) on sales of $3.3 billion.
"The second quarter was another challenging period for our industry, which is well below last year's strong pace," said Dana Chairman and CEO Joe Magliochetti. "Nevertheless, we were pleased to see the improvement in our results from the first quarter to second quarter in a number of areas.”
Quarter-to-quarter profits increased for the Commercial Vehicle Systems unit, despite lower sales to the heavy truck market, he said. Dana’s Automotive Systems Group and Automotive Aftermarket group also showed improvements.
Magliochetti said they expect to see continued benefits from “rightsizing” efforts but are less optimistic about recovery in the North American OE markets than they were early in the year.
"Certain new vehicle inventory levels remain high and several major customers have announced extended summer production shutdowns,” he said. “This will have a continuing impact on the industry during the third quarter, but we are encouraged by the present outlook for the fourth quarter."
Commercial vehicle systems sales totaled $300 million in the second quarter, compared to $452 million a year ago. Earnings before interest and taxes were $12 million versus $47 million second quarter 2000.
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