Dana's second-quarter earnings flat, sales down slightly

TOLEDO, Ohio (July 23)—Dana Corp. reported flat net income of $52 million for the second quarter as sales decreased nearly 4 percent to $2.5 billion. Net income included a $7.5 million, after-tax gain related to the continuing divestiture of assets by Dana Credit Corp. That gain partially was offset by a $2.5 million after-tax charge related to the sale of much of Dana's Engine Management operations to Standard Motor Products Inc. For the first half of the year, Dana's net income was $93 million vs. a loss of $177 million during the first six months of last year. Net sales during the half increased 2 percent to $5 billion.