Dana has reported third-quarter net income up 17% to US$111m, while sales rose to US$2.16bn compared to US$1.98bn.
“Despite the rapid onset of high volatility in our heavy-vehicle markets, Dana again achieved record sales in the third quarter, resulting in our twelfth consecutive quarter of year-over-year sales growth,” said Dana president and CEO, James Kamsickas.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“This continued growth trend is being driven by customer satisfaction and execution of our strong new business backlog, in addition to our recent acquisitions.
“As our recent announcement of new electrification business highlights, Dana’s strategy to fill out our e-Powertrain portfolio to offer our customers a range of solutions for the quickly evolving mobility market is providing immediate benefits to our net new business backlog.”
Dana is attributing the sales rise to the benefit of recent acquisitions and backlog conversion, partially offset by lower end-market demand for heavy vehicles as well as unfavourable currency translation.
