Oct 26 (Reuters) - Dana Holding Corp’s third-quarter profit and revenue fell on a slide in North American and European sales, the auto parts supplier said on Friday.
Dana’s earnings of 37 cents per share, excluding one-time items, missed the analysts’ average estimate of 45 cents, according to Thomson Reuters I/B/E/S.
Sales fell 12 percent to $1.72 billion, below analysts’ expectations of $1.82 billion, according to Thomson Reuters I/B/E/S.
Dana reported net income of $56 million, or 26 cents per share, down 49 percent from $110 million, or 51 cents per share, a year earlier, when the company booked a one-time gain of $60 million on the sale of some equity affiliate investments.
Dana, in a statement, said declining demand had sustained a “rapid softening” in its sales to builders of commercial vehicles in North America.