Bankrupt Dana Corporation has reported a first-quarter net loss of $US126m as it took charges for reorganisation and losses in discontinuing operations, Reuters reported.
Go deeper with GlobalData
The loss amounted to 84 cents per share, compared with a profit of $16m, or 11 cents per share, a year earlier, Toledo, Ohio-based Dana said.
Net sales rose to $2.2bn in the quarter, from $2.15bn, a year earlier.
Reuters noted that Dana and 40 of its US subsidiaries filed for bankruptcy protection in March, a process that could take at least 18 months, and has since announced broad restructuring plans that include cost cuts and sale of non-core businesses.
Results included reorganisation charges of $55m and $21m of losses from operations listed as discontinued, Dana reportedly said in a quarterly report filed with the US Securities and Exchange Commission.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
