MAUMEE, Ohio—Dana Inc. reported increased sales and net income for the first quarter of 2018.
The firm's sales increased to $2.14 billion, up by $437 million compared to 2017. Net income also increased 26 percent to $108 million. The income growth was primarily from higher operating earnings thanks to increased sales.
"In the first quarter, Dana's sales growth outperformed the market with 26 percent higher revenue, including 17 percent organic growth," President and CEO James Kamsickas said in a statement. "First-quarter sales were more than $2 billion resulting in the strongest sales quarter we have realized in nearly a decade. Our intense focus on customer satisfaction and bringing our backlog to market is helping to drive outstanding results and further position Dana for future growth."
Dana also reaffirmed its 2018 guidance, projecting sales between $7.75 billion and $8.05 billion. It was recognized with 10 quality and operational excellence awards from its customers.