Dana Corp., Toledo, Ohio, said a restructuring plan and increased heavy duty truck production were responsible for fourth quarter profits of $68 million.
For the same time period a year ago, Dana had a loss of $9 million.
Those results and the 2002 year earnings were affected by nonrecurring charges associated partly with the restructuring.
Sales for the fourth quarter were $2.5 billion, an increase from $2.4 billion over the same period last year.
For the year, Dana had a gain of $222 million, or $1.49 a share. The year before, the company reported a loss of $182 million.
Sales for the year were $10.1 billion, down from $10.3 billion in 2002.
Dana Corp. Chairman Glen Hiner said, "We continued to execute on our restructuring plan and, as a result, improved our earnings and strengthened our balance sheet," said.
Dana announced this week that it doubled its quarterly dividend to 12 cents, up from 6 cents.
"In early 2003, lower vehicle production and softness in aftermarket business hampered our year-on-year comparisons," said Chief Financial Officer Bob Richter. "However, improved performance in our engine and heavy vehicle units drove stronger earnings in the second half of the year."
Commenting on the current year, Richter said the company anticipates increased sales in its key global markets: light vehicular, heavy vehicle, and off-highway.
"Along with favorable market conditions, particularly in the North American heavy truck segment, we expect to benefit more fully from our restructuring, which is now essentially complete," he said.
For the same time period a year ago, Dana had a loss of $9 million.
Those results and the 2002 year earnings were affected by nonrecurring charges associated partly with the restructuring.
Sales for the fourth quarter were $2.5 billion, an increase from $2.4 billion over the same period last year.
For the year, Dana had a gain of $222 million, or $1.49 a share. The year before, the company reported a loss of $182 million.
Sales for the year were $10.1 billion, down from $10.3 billion in 2002.
Dana Corp. Chairman Glen Hiner said, "We continued to execute on our restructuring plan and, as a result, improved our earnings and strengthened our balance sheet," said.
Dana announced this week that it doubled its quarterly dividend to 12 cents, up from 6 cents.
"In early 2003, lower vehicle production and softness in aftermarket business hampered our year-on-year comparisons," said Chief Financial Officer Bob Richter. "However, improved performance in our engine and heavy vehicle units drove stronger earnings in the second half of the year."
Commenting on the current year, Richter said the company anticipates increased sales in its key global markets: light vehicular, heavy vehicle, and off-highway.
"Along with favorable market conditions, particularly in the North American heavy truck segment, we expect to benefit more fully from our restructuring, which is now essentially complete," he said.
media brand
0 Comments
See all comments