Dana sees sales slide
Dana Holding Corporation reported sales sales of $1.68 billion for the first quarter of 2013 Thursday, compared with $1.96 billion for the same period in 2012.
Lower North American commercial vehicle and European and Asian off-highway market volumes reduced year-over year sales by about $159 million, the company says.
Net income for the quarter was $42 million, compared with $70 million for the same period in 2012.
Company President and Chief Executive Officer Roger J. Wood says he’s looking forward to what appears to be a swelling demand as the year treads on.
“We expect to capitalize on improved volumes through the remainder of the year,” he says. “In particular, the performance of our Commercial Vehicle Driveline business is dependent on an expected uptick in market demand, and we are closely watching releases from our customers.”