Shares of Dana(DCN Quote) were among NYSE's losers Monday, falling 26% after the auto parts maker withdrew its 2005 earnings forecast, delayed its third-quarter earnings release and said it would restate its earnings.
The company, which said the earnings restatement would cover the last six quarters, blamed the restatement primarily on issues involving customer pricing and transactions with suppliers in the company's commercial vehicle business. Dana said that in connection with the restatements, it believes there are material weaknesses in its internal control over financial reporting. As a result of the restatements, Dana said that it would not be able to release its third-quarter earnings on Oct. 19. A new date has not yet been set.
Analysts polled by Thomson First Call are expecting third-quarter earnings of 4 cents a share on sales of $2.21 billion. For 2005, analysts had been expecting earnings of 65 cents a share. Shares were recently trading down $2.43 to $6.76. ...
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