Dana Corporation’s 2Q net income doubles

Dana Corporation announced that its 2004 second-quarter sales were $2.3 billion, compared to $2 billion during the same period last year, and net income (including $33 million of unusual net gains) totaled $108 million, or 72 cents per share. This compares to net income (including $5 million of unusual net gains) of $52 million, or 35 cents per share, for the period in 2003.

"We are pleased to have delivered another solid quarter of operational performance with net income, exclusive of unusual items, up 60 percent," said Dana Chairman and CEO Mike Burns. "At the same time, we're far from satisfied and continue to pursue greater focus, integration, and productivity in line with our commitment to meeting the needs of our global customers."

Second-quarter sales were up 16 percent over the same period last year with the majority of the increase being driven by our new business programs and higher production volumes in the principal markets served by Dana, particularly the North American heavy-truck sector.

"Our solid sales growth contributed to stronger bottom-line results," Burns said. "In addition, we continued to see growth in our gross margin - both year-over-year and sequentially by quarter - as we achieved further cost efficiencies and made progress in addressing the launch costs associated with our structures programs. It's important to note that these improvements were achieved in spite of the higher cost of steel and certain other raw materials that we experienced during the quarter."

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