Auto provider Dana Inc. stated internet revenue fell almost 85 % within the second quarter, reflecting decrease working revenue brought on by the unfavorable affect of overseas forex values, rising prices and challenges. of the availability chain.
Dana reported internet revenue of $8 million, a drop of $45 million from the prior yr. The corporate attributed the drop primarily to inflation, which resulted in greater working prices, together with labor, vitality, transportation and uncooked supplies.
There have been some vivid spots for the Maumee, Ohio-based producer of axles and transmissions. Gross sales elevated roughly 17% to $2.59 billion, and free money movement elevated to $167 million in comparison with adverse money movement of $13 million within the prior yr interval..
Gross sales of electrical car merchandise, which Chief Government Officer James Kamsickas stated in April will turn into a prime precedence, rose $59 million.
Gross sales of sunshine car merchandise elevated 16 % from 2021 to about $1.03 billion. Industrial car gross sales progress doubled, rising 31 % to $507 million.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization fell 30 % to $162 million.
Most of Dana’s headwinds usually are not distinctive, with the corporate citing commodity prices, inflation and overseas forex conversion as prime headwinds in the course of the quarter and within the close to future.
Dana lowered its 2022 earnings forecast to a median of 75 cents a share, down from its first-quarter outlook of a median of $1.33 a share.
Dana shares have been buying and selling at $15.78 on Friday afternoon, down 5.6 % because the market closed on Tuesday.