Automobile

Axle suppliers see boosted net profits and revenues in Q2

Dana said its performance in the second quarter benefited from ongoing strong demand across its three business segments.

The company posted revenue of $2.21 billion, up nearly 105 percent from $1.08 billion in the same period last year.

The Maumee, Ohio-based axle and transmission producer swung to net income of $53 million in the quarter from a net loss of $173 million in the year-earlier period.

“We continue to actively manage through a challenging supply-chain environment, and our team has done an excellent job proactively responding to the regional impacts of COVID-19,” Dana CEO James Kamsickas said in a statement.

Dana’s adjusted earnings before interest, taxes, depreciation and amortization stood at $233 million, compared with a loss of $5 million in the second quarter of 2020.

 

The company is maintaining its estimate of full-year sales landing between $8.5 billion and $9 billion, but CFO Jonathan Collins said he anticipates sales landing at the higher end because of the level of market demand exhibited in the first half of the year.

Notably, Dana’s sales in the light-vehicle segment got a boost, rising 164 percent from $337 million in 2020’s second quarter to $890 million in the second quarter of 2021.

Dana ranks No. 33 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $7.11 billion in 2020.

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