Dana Corp.posted second quarter net income of $52 million, compared to $14 million for second quarter 2001.
Sales were $2.8 billion, about the same as a year ago.
Dana's Commercial Vehicle Systems sales showed much the same pattern. Sales for second quarter were up slightly -- $320 million compared to $302 million in second quarter 2001 -- but operating profits went from $7 million to $14 million. The company credits restructuring for the earnings boost.
Dana forecasts North American Class 8 vehicle production at 150,000 to 155,000 units this year. “We saw about 80,000 units built during the first half of the year, largely due to pre-buying (to avoid new emissisions standards starting October 1) of Class 8 trucks,” says Chairman and CEO Joe Magliochetti. “We expect that this will continue into the third quarter, with fourth quarter demand being decidedly weaker.”