MAUMEE, Ohio—Dana Holding Corp. reported sales of $1.71 billion and net income of $86 million for the second quarter of 2014, both slight decreases compared to 2013.
Net income dropped $6 million compared to 2013, reflecting the impact of lower sales in the quarter mitigated by continued favorable cost performance, Dana said.
The firm reported $1.80 billion in sales during the same period last year. Dana attributed the decrease to weaker currencies, primarily in South America and Asia, which lowered sales by about $28 million.
Dana said stronger production levels in North American light and commercial vehicle markets were tempered by slowing demand in South American and India, and weak off-highway market demand extended into the current quarter.
“Despite the challenging economic environment in some of our markets, Dana's second quarter results came in as we had expected, and we remain on track to deliver our top and bottom line targets for the fiscal year,” President and CEO Roger J. Wood said. “We continue to focus on disciplined cost and investment actions to improve margin performance, as well as our product technology and growth strategy that is positioning us well for the future.”
Sales dropped across three of Dana's four business units, with its Power Technologies unit the only one to report increased sales, up to $276 million from $265 million in 2013. The firm's Light Vehicle Driveline Technologies reported the strongest sales, at $636 million, which was down from $673 million in 2013.
Commercial Vehicle Driveline Technologies dropped $35 million from 2013 to $463 million in 2014. Off-Highway Driveline Technologies dropped $29 million to $335 million in the second quarter.
Dana repurchased 2.2 million shares of its common stock, returning $49 million to shareholders. Since the inception of its repurchase program in October 2012, the firm has returned $942 million in share repurchase and redemptions under its $1 billion repurchase authorization.
Dana produces highly engineered driveline, sealing and thermal management technologies worldwide. The firm serves three primary markets—passenger vehicle, commercial truck and off-highway equipment.