Dana (DCN) reported third-quarter earnings that missed Wall Street's expectations by a penny.
The company, which supplies parts to vehicle makers and their aftermarkets, earned $61 million, or 41 cents a share, for the latest quarter, compared with $162 million, or 97 cents a share, for the same period a year ago. Although the company warned investors that it wouldn't meet expectations for the quarter, earnings still came in a penny below the revised 12-analyst
First Call/Thomson Financial
consensus estimate of 42 cents a share.
Revenue fell to $2.86 billion from $3.13 billion a year ago. Dana blamed its earnings shortfall on unexpected reductions in production schedules for light truck and sport utility vehicles made by several customers, a declining U.S. heavy truck market, softness in the U.S. and European aftermarkets, and the continued weakness of the Euro. The company also said it is aggressively pursuing the sale of its nonstrategic operations.
Shares of Dana were recently trading down 88 cents, or 4.1%, to $20.56 in
New York Stock Exchange