Dana Holding Corp.'s first-quarter profit dropped 45 percent as weakness in the North American commercial vehicle segment cut into the Mamuee-based auto parts supplier's sales.
The company said sales for the first quarter were $1.68 billion, down about 15 percent from the same period last year. Profit fell to $34 million, from $62 million last year. On a per-share basis, Dana said it earned 19 cents in the first quarter, compared with 33 cents per share in 2012.
The company said results were within officials expectations. Dana reaffirmed its financial targets of sales of $7.1 billion in 2013, and an expected earnings per share of $1.85 to $1.95.