Dana Inc. earnings increase 29% in 2016
Dana Inc., the supplier of engineered solutions for powered vehicles and machinery, announced its adjusted earnings increased 29% in 2016, before interest and taxes, to US$ 166 million, up from US$ 129 million in 2015.
Dana benefited from higher sales volume, favorable foreign currency effects and improved performance in the commercial vehicle segment, according to a press release.
Dana Inc., formerly Dana Holding Corp., is headquartered near Toledo, Ohio. Over the NAFTA region Dana operates 23 facilities, 12 locations in U.S., six in Mexico and five in Canada.
Its Mexican facilities are located in Chihuahua, Monterrey, Queretaro, Tlalnepantla, Tlaxcala and Toluca.
Dana’s total revenue for the period ending December 31 rose 5.2% to US$ 1.45 billion, as result of new business and increased light-vehicle demand in North America, Europe and Asia, which offset weaker commercial-vehicle and off-highway markets.
For 2016, revenue declined 3.9% to US$ 5.83 billion, compared with US$ 6.06 billion in 2015, mainly because of negative currency exchange rates.
“We successfully launched multiple customer vehicle programs and improved our profitability through cost performance, despite having to overcome significant weakness in certain key end markets,” said Dana CEO James Kamsickas in the company statement. “Our core business continues to expand while we have efficiently grown inorganically by acquiring businesses that align with our enterprise strategy,” he added.
Dana expects US$ 6.2 – 6.4 billion in revenue in 2017.