MAUMEE, Ohio—Dana Holding Corp. has reported a decrease in sales and net income for the first quarter of 2016.
The firm's sales dropped to $1.45 billion compared to $1.61 billion in 2016. Net income decreased to $45 million compared to $63 million the previous year. Dana cited weaker market demand in the commercial vehicle and off-highway segments.
President and CEO James Kamsickas said in a statement that Dane continues to win new business and grow its sales backlog, securing driveline content on an all-new compact pickup truck and SUV program with a global original equipment manufacturer. The program will be incremental to the firm's backlog beginning in 2019.
The firm said it expects to benefit from strong demand for the next generation Jeep Wrangler, affecting sales backlog beginning in 2018. It projects these two programs to generate an additional $1.5 billion in sales over their respective lives.
Dana's three driveline segments—Light Vehicle Driveline Technologies, Commercial Vehicle Driveline Technologies and Off-Highway Driveline Technologies—experienced a decrease in sales, while its Power Technologies segment increased sales to $262 million, compared to $254 million in 2015.
Light Vehicle Driveline sales came in at $613 million, down $24 million compared to 2015; Commercial Vehicle Driveline came in at $333 million, down $100 million from the previous year; and Off-Highway's sales decreased $43 million to $241 million in 2016.