Profit drops at Owens Corning, Dana has a loss

4/27/2011

Owens Corning reported Wednesday its first-quarter profit dropped in half and its sales slid, while Dana Holding Corp. said it had a loss of $30 million on higher sales in the first three months of the year.

OC, the Toledo area’s third largest firm, said it had a profit of $24 million, or 19 cents a share, on sales of $1.24 billion in the first quarter, compared with a profit of $48 million, or 38 cents a share, on sales of $1.27 billion for the same period a year earlier.

The company said it was confident in its earnings guidance for the year, a projection of adjusted earnings-per-share growth of 30 percent.

Dana said its bottom line was affected by $53 million in charges related to refinancing and restructuring of its debt. It’s revenue for the quarter was $1.8 billion.

The Maumee automotive parts maker, the Toledo area’s second largest company, had a loss of $31 million for the first quarter a year ago on sales of $1.5 billion in the quarter.

Its per-share quarterly performance was a loss of 26 cents this year compared with 28 cents last year. If adjusted for the special charges, Dana said its quarterly earnings were 34 cents a share this year compared with 6 cents a share a year ago.

The firm said it had a strong quarter and has increased its earnings guidance for the year. The company said its 2011 revenues are projected to increase 20 percent above last year and its adjusted earnings per share are expected to be $1.55 to $1.65, up from $1.50 to $1.60 previously announced.