Dana has recorded a second-quarter net loss of US$174m and sales of US$1.08bn, down from US$2.3bn, driven by the effects of the global pandemic.
“I would like to thank the global Dana family for their dedication and resolve to safely bring our operations back online around the world,” said Dana chairman and CEO, James Kamsickas.
“Throughout this journey, our team has not only demonstrated remarkable flexibility managing our multi-market operations and integrated supply chain but has also answered the call across our communities to help so many people who have been impacted by this virus.
“As we continue to navigate these unprecedented times, Dana is financially strong and positioned for growth across the multiple end-markets we participate in.”
Second-quarter 2020 financial results:
Sales for the second quarter of 2020 totalled US$1.08bn, compared with US$2.3bn in the same period of 2019. The decrease was primarily attributable to weaker demand across all mobility markets due to customers idling operations through the first half of the quarter in response to the global COVID-19 pandemic.
“Due to this unprecedented disruption in our end markets as a result of the COVID-19 pandemic, and associated economic uncertainty, the company believes it is prudent to refrain from issuing full-year financial guidance until there is further stabilisation in end-market demand,” added a Dana statement.