Dana raised its annual sales forecast on October 28 as stronger commercial-vehicle demand helped increase quarterly revenue and adjusted profit, according to the automotive supplier's results release.
Sales for the quarter ended September 30 reached $2.04 billion, compared with $1.92 billion a year earlier. Dana also cited backlog conversion and commercial and cost-recovery actions.
Net income attributable to the parent company fell to $15 million from $83 million. Continuing operations posted a $10 million loss, compared with a $13 million profit, as debt-extinguishment and tax charges weighed on results.
Adjusted earnings before interest, taxes, depreciation and amortization rose to $218 million from $162 million. The corresponding margin increased to 10.7% from 8.5%.
Dana raised its annual sales outlook by about $50 million, to $7.75 billion–$7.85 billion. It maintained its adjusted earnings forecast.
The company repurchased $200 million of shares during the quarter and plans about $100 million more in the fourth quarter. Operating cash flow declined to $102 million from $111 million.
Adjusted measures exclude specified items and supplement standard accounting results. Forecasts and planned repurchases remain forward-looking.
Sources: Dana third-quarter results release.