Dana Announces Third Quarter 2015 Results

Company lowers its full-year 2015 financial targets

Dana's sales for the 3rd quarter of 2015 were $1.468 billion, $169 million lower compared with the same period in 2014. Unfavorable foreign currency translation and the divestiture of operations in Venezuela were the primary drivers of the comparison, lowering sales by $136 million and $22 million, respectively. Adjusting for these factors, Dana's Light Vehicle Driveline Technologies, Off-Highway Driveline Technologies, and Power Technologies business units posted combined organic sales growth of $69 million, or 6 percent higher than a year ago, driven by higher light-vehicle end-market demand and new business gains. Commercial Vehicle Driveline sales in the quarter, adjusted for the effects of foreign currency, were lower by $80 million, or about 16 percent, when compared with the same period a year ago. Significant weakness in South American truck production and lower market share with a North American customer as a result of supply constraints the company encountered during the first half of the year, and since remedied, were the principal drivers of lower sales in the quarter.