Dana Reports Rise in 1Q Net Income, Revenue
Dana Inc. reported April 30 first-quarter net income of $108 million, or 73 cents per share, on revenue of $2.1 billion, a 26% rise from $1.7 billion in the first quarter of 2017. Net income was 44% higher than the net income of $75 million, or 51 cents per share, reported a year ago.
The revenue of more than $2 billion represented “the strongest sales quarter we have realized in nearly a decade,” Dana CEO James Kamsickas said.
Maumee, Ohio-based Dana is an international supplier of engineering products for the passenger vehicle, commercial truck and off-highway markets, in addition to industrial and stationary equipment applications. It supplies steer axles, steering shafts, driveshaft assemblies, engine gaskets, hub systems and a tire-pressure management system that features self-inflating tires.
The company’s commercial vehicle division reported sales in the quarter of $400 million, up 22% from $329 million a year ago. Dana’s drivetrains for linehaul and heavy-haul trucks include axles and driveshafts marketed under the Spicer and other brand names.
The light vehicle division accounted for the most sales with $950 million, an increase of 25% from $761 million.
During the quarter, Dana failed in its plan to purchase United Kingdom-based diversified manufacturer GKN for $6.1 billion. GKN shareholders chose a $10 billion offer from London-based investment company Melrose Industries.
