Dana Holding Corp. said today that lower demand from commercial vehicle customers in North America and continued weakness in the South American market dragged down sales in the third quarter.
The Mamuee parts giant reported third quarter sales fell $225 million, or 12 percent, compared to last year to $1.7 billion. In addition to the weak demand, the company said currency exchange rates also lowered sales dollars.
The company's quarterly earnings fell by more than half, though Dana said some of that drop was because of a one-time $60 million gain last year on the sale of investments
Dana said it earned $48 million, or 26 cents per share, in the third quarter. Last year, it earned $102 million, or 53 cents per share.
Officials cut full-year sales projection to $7.2 billion to $7.3 billion; previously, the Dana had said it expected sales of $7.5 billion to $7.6 billion. In 2011, Dana posted sales of $7.6 billion.
Dana also this morning declared a 5 cent per share fourth-quarter dividend, payable Nov. 30 to holders of record on Nov. 9. It also announced a share repurchase program for up to $250 million worth of outstanding shares.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.