Toledo's Dana Corp. chopped its profit forecast for the first quarter and full year yesterday after getting hit with higher-than-expected material costs; a component shortage that curbed heavy-duty axle shipments; and lower North American vehicle production.
Dana now expects earnings of 11 to 13 cents a share in the first quarter, not 17 to 23 cents previously announced, and $1.30 to $1.45 a share for the year, not $1.40 to $1.62. The auto supplier's stock took a dive on the New York Stock Exchange yesterday, closing at $13.01 a share, down 53 cents to a 52-week low.
A consensus of analysts polled by Thomson Financial Network predicted Dana would have earnings of 19 cents a share for the quarter and $1.36 for the year.
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