Dana Corporation’s 2005 first-quarter sales were $2.5 billion, compared to $2.3 billion during the same period last year but net income plunged to $18 million, or 12 cents per share, compared with $65 million, or 43 cents a share, in 2004.

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First-quarter 2004 net income included $13 million from the discontinued automotive aftermarket businesses that were sold in November, 2004. Additionally, first-quarter 2004 net income included $2 million of unusual net gains from the sale of Dana Credit Corporation assets, while unusual transactions in the first quarter of 2005 did not have a significant impact on net income.


Dana chairman and CEO Mike Burns said 2005 first-quarter earnings were impacted by several external factors. “The single greatest factor impacting our earnings was roughly $32 million in additional steel costs that we incurred compared to the first quarter of 2004,” he said. “This is an after-tax number and is net of what we’ve recovered from our customers.


“In addition, this year’s results were affected by a component shortage from a principal supplier, which resulted in reduced shipments of heavy-duty axles in March,” Burns said. “The component shortage also affected the operating efficiency in our heavy vehicle group and led to significantly higher levels of inventory on other related components.


“The performance of our automotive systems group was impacted by lower production on many of our key light vehicle platforms in North America.

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“Against this challenging backdrop, we are stepping up our focus on those items within our control,” Burns added.


“Our full- year guidance remains $1.30 to $1.45 per share.”