Dana’s net sales for the second quarter ended 30 June 2014 were down 5% to US$1.71bn compared with $1.80bn in the same period of 2013. Income from continuing operations before income taxes were down 7.75% to $119m compared with $129m. Net income of the firm was down 6.3% to $90m compared with $96m in the year ago period.
Dana’s net sales for the six months ended 30 June 2014 were down 2.2% to $3.39bn compared with $3.47bn in the same period of 2013. Income from continuing operations before income taxes were down 5% to $190m compared with $200m. Net income of the firm was down 13% to $127m compared with $146m in the year ago period.
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“Despite the challenging economic environment in some of our markets, Dana’s second-quarter results came in as we had expected, and we remain on track to deliver our top- and bottom-line targets for the fiscal year,” said Roger Wood president and CEO of Dana. “We continue to focus on disciplined cost and investment actions to improve margin performance, as well as our product technology and growth strategy that is positioning us well for the future.”
“Our sales outlook for 2014 is in line with our first quarter guidance,” said Wood. “While we expect market volumes in several of our end-user markets and regions to be stable or up slightly, we anticipate continued weakness in our global off-highway markets and the South American light- and commercial-vehicle markets, which will remain a headwind through the end of this year.”
