Updated from 11:50 a.m. EDT
reported a fourth-quarter loss and said sales slumped from a year ago due to lower vehicle production and currency changes.
The Toledo, Ohio-based auto parts manufacturer reported a loss of $256 million, or $2.64 a share, compared with a year-ago loss of $257 million, or $1.71 a share. The latest quarter had fewer common shares outstanding, accounting for the difference in the per-share calculation. The year-ago results also included a loss of 19 cents a share from discontinued operations.
Dana, which emerged from Chapter 11 bankruptcy reorganization last year, said revenue dropped 29% from the same quarter a year earlier to $1.52 billion, as sales were impacted "by both sharply declining North American vehicle production and unfavorable currency changes."
According to Thomson Reuters, the lone analyst covering Dana was looking for sales of $1.71 billion.
"We believe we are taking the difficult actions necessary to survive in the current environment and compete over the long term," said Chairman and CEO John Devine. "There can be no assurances, however, if the global economy deteriorates substantially beyond our planning assumptions."
Looking ahead, Dana did not provide specific guidance for upcoming quarters as Devine said that "these are unprecedented times that make any projections uncertain."
"We expect 2009 to be even more challenging than 2008, but we believe Dana is prepared with plans to continue re-sizing our operations, improve operational performance and margins, and maintain adequate liquidity and earnings," Devine added.
Despite the dour outlook, shares of Dana were jumping 25.8% to 39 cents. Among other auto parts makers,
American Axle & Manufacturing
was rallying 43% to $1.13, and
was 4% higher at $19.03.