Dana releases third-quarter results

TOLEDO, Ohio (Oct. 17)—Dana Corp. today reported sales for the third quarter were $2.9 billion, down from $3.1 billion during the same period of last year. Net income for the quarter was $29 million, after non-recurring net expenses of $32 million, primarily attributable to the closure of its Reading, Pa., Structural Products facility, compared to $162 million in earnings for the third quarter of 1999. Dana´s nine-month sales dropped to $9.6 billion from $9.9 billion last year, producing net income of $418 million compared to 1999 earnings of $513 million. As with many other suppliers, issues adversely affecting Dana included unexpected reductions in production schedules for light truck and sport-utility vehicles manufactured by several of its largest customers, a declining U.S. heavy truck market, softness in the U.S. and European aftermarkets and the continued weakness of the euro. Year-to-date, Dana has divested businesses with annual sales of more than $660 million. The supplier plans to continue evaluation and aggressive divestiture of non-core businesses, Dana Chairman and CEO Joe Magliochetti said.