Dana Corp.

(DCN)

raised its second-quarter guidance, saying it now expects to earn 33 cents to 35 cents a share.

Previously, the auto parts supplier had forecast second-quarter EPS of 28 cents, but the company told analysts at a meeting Wednesday that its expectations had changed due to "positive results from its cost reduction initiatives and a stronger-than-expected rate of light-vehicle production" during the quarter.

Analysts polled by Thomson Financial/First Call were expecting the company to earn 32 cents.

Before the new outlook, shares of Dana closed at $20.80 Wednesday.