Dana Reports First-Quarter Loss

Truck axle and frame maker Dana Holding Corp. posted a first-quarter loss of $157 million, Bloomberg reported.

Dana attributed the loss, which translated to $1.64 a share, to production cuts from customers such as Ford Motor Co. and General Motors Corp., Bloomberg said Thursday. The company's profit in the first quarter of 2008 was $659 million.

Sales in the quarter fell 47% to $1.2 billion, Bloomberg reported.

“Our first-quarter results were hit hard by the continued global recession,” John Devine, chief executive officer, said Thursday in a statement.

Ford is Dana’s biggest customer, accounting for 17% of revenue last year, followed by GM, which accounted for 6%, Bloomberg said.