Component maker Dana Holding Corp. said its third-quarter income more than doubled on higher sales, and the company boosted its full-year earnings outlook.
The truck axle and frame maker earned $110 million, or 51 cents per share, up from $46 million, or 22 cents, a year ago.
Sales rose almost 30% to $2 billion, Maumee, Ohio-based Dana said in a statement.
The earnings included a $60 million gain from selling interests in two joint ventures to German auto parts maker Getrag,
Adjusted earnings before interest, taxes, depreciation and amortization were $200 million, up from EBITDA of $148 million a year ago.
Dana boosted the its full-year earnings guidance, estimating adjusted EBITDA will be $780 million, in the upward range of its previous guidance $765 million to $785 million guidance, and said adjusted earnings per share will be $1.65 to $1.70, up from a previous $1.60 to $1.70.
Dana said it completed its 50-50 joint-venture with Bosch Rexroth AG to develop and manufacture advanced hydromechanical variable transmissions for off-highway vehicles; launched its slightweight Spicer 90S drive axle, developed for commercial vehicles in the Indian market; and said broad-based interest continued in its battery-cooling technologies.
