Dana Holding Corp.'s (DAN) first-quarter loss narrowed as the
auto-parts supplier reported higher sales across nearly all of its
businesses.
The maker of axles, driveshifts and thermal-management products
suffered along with the auto industry in 2009, but suppliers have
reported improved results along with the auto sector rebound.
Dana posted a loss of $31 million, or 28 cents a share, compared
with a year-earlier loss of $157 million, or $1.64 a share. Net
sales grew 24% to $1.51 billion while sales costs rose 11%.
Analysts surveyed by Thomson Reuters expected a loss of 2 cents
on revenue of $1.44 billion.
Sales grew in four of the company's five business units, the
exception being a 1.9% decline for off-highway sales. Dana's
largest segment by revenue, light-vehicle driveline, saw a 38%
increase.
Dana's shares closed Wednesday at $12.54 and were inactive
premarket. The stock has surged from trading as low as 19 cents in
March 2009.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com