The Maumee, Ohio-based company reported net income of $100 million, or 69 cents a share, compared with a net loss of $104 million, or 74 cents a share, a year ago. Adjusted earnings came to 71 cents a share, exceeding Wall Street expectations of 66 cents.
The increase was primarily due to a $186 million charge related to the enactment of U.S. tax reform in the fourth quarter of 2017, Dana said in a statement, and increased operating earnings associated with higher sales in the fourth quarter of 2018.
Revenue totaled $1.97 billion, up from $1.84 billion a year ago, and beat analysts' forecasts of $1.92 billion. Dana said the increase was largely attributable to higher end-market demand in all business units, conversion of sales backlog, and favorable currency translation.
For the year, the company reported profit of $427 million, or $2.91 a share, while revenue totaled $8.14 billion.
Dana expects full-year earnings in the range of $2.90 to $3.30 a share, with revenue in the range of $8.25 billion to $8.55 billion.
"Dana achieved record annual sales, profit, and profit margin performance in 2018, and we increased adjusted free cash flow by more than 50 percent. At the same time, we organically and inorganically established complete e-Propulsion capability to support all our end markets," James Kamsickas, president and CEO, said in a statement.