Dana has reported third-quarter net income up 21% to US$69m, with sales up 32% to US$1.83bn, driven in part by recent acquisitions which contributed US$133m.
Currency provided a tailwind to sales of US$28m, while excluding acquisitions and currency effects, stronger market demand and new business generated 21% organic sales growth.
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“We are pleased to report strong financial results again this quarter, as our operational performance and improved end-market demand have allowed us to raise our 2017 financial guidance,” said Dana EVP and CFO, Jonathan Collins.
“Our efforts this year, along with continued momentum into next year, have Dana on pace to achieve the financial targets, which we set at our investor day about this time last year, earlier than originally expected.”
For his part, Dana president and CEO, James Kamsickas added: “The third quarter was further evidence our dedicated team members are committed to successfully executing our enterprise strategy. We continue to generate strong organic growth, remaining focused on new business launches while successfully integrating our recent acquisitions.
“The combination of strong market demand, new business, and cost discipline has enabled all four of our business units to deliver improved margins over the first nine months of this year.”
