MAUMEE, Ohio—Dana Inc.'s first quarter net income rose 67 percent to $75 million on the strength of new business with auto makers, greater demand for light trucks and improvement in various other business lines.
The longtime Ohio-based axle and powertrain supplier said higher sales were offset somewhat by higher transaction costs related to acquisitions such as U.S. Manufacturing Corp., a company that makes axle housing and driveline shafts in the Detroit suburb of Warren, Mich.
Revenue bumped up 17 percent to $1.7 billion in the quarter.
Among its business lines, Dana said light-vehicle revenue reached $761 million, up by 24 percent, and off-highway business climbed 36 percent to $328 million.
The company said it will maintain a cautious outlook for power technology sales, despite a strong incremental quarter. Dana reported record sales in the department—$283 million—compared with last year's $262 million—because of strong demand in North America, Europe, and China.
"Broadly speaking, we had a really strong performance in power technology," Dana CFO Jonathan Collins said during a conference call. "Candidly, the business is just performing really well."
Dana Inc., formerly Dana Holding Corp., is headquartered Maumee. It ranked No. 39 on the Automotive News list of top global suppliers in 2016.