Net income of automotive supplier Dana Inc. hikes 44% in first quarter
Ohio-based automotive supplier Dana Inc. saw its net income hike 44% to US$ 108 million during the first quarter of 2018 on stronger demand across commercial, off-highway and light-vehicle business lines.
“In the first quarter, Dana’s sales growth outperformed the market with 26% higher revenue, including 17% organic growth,” said James Kamsickas, Dana president and chief executive officer. “First-quarter sales were more than US$ 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.”
Sales for the first quarter of 2018 totaled US$ 2.14 billion, compared with US$ 1.70 billion in the same period of 2017, hence the 26% increase, mainly due to higher demand across all three end markets, conversion of sales backlog, and favorable foreign currency translation of US$ 150 million.
Dana’s light-vehicle revenue rose 25% to US$ 950 million, and its off-highway business line surged 50% to US$ 492 million. In comparison, power technology sales saw a modest increase of 4.6% to US$ 296 million year-over-year.
Dana Holding Corporation operates six manufacturing sites in Chihuahua, Monterrey, Queretaro, Tlaxcala, Toluca and Tlalnepantla, dedicated to the production of axles, driveshafts, suspension and transmission parts, as well as electronic components for both light and commercial vehicles.