Dana Corporation Revises Earnings Outlook
23 März 2005 - 4:45PM
PR Newswire (US)
Dana Corporation Revises Earnings Outlook TOLEDO, Ohio, March 23
/PRNewswire-FirstCall/ -- Dana Corporation (NYSE:DCN) today
announced that it has revised its first-quarter 2005 earnings
outlook to a range of 11 to 13 cents per share, from its previously
announced range of 17 to 23 cents per share. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Dana Chairman
and CEO Michael J. Burns said the reduction is primarily
attributable to three factors: - Higher-than-expected material
costs, including the effect of the increased cost of steel to
Dana's suppliers and other factors; - A current component shortage
from a principal supplier that has resulted in reduced shipments of
heavy-duty axles; and - Lower-than-expected North American
light-vehicle production rates on key platforms. Mr. Burns added,
"We are hopeful that we will see less pressure on material price
increases during the balance of the year, but we can't count on
this. We are accelerating our cost-reduction efforts to pull
forward savings to offset the potential impact of continued
pressure on material costs. Regarding the component shortage that
has reduced heavy-duty axle shipments, we are working closely with
the supplier to resolve the situation and are confident that we
will see a substantial improvement in the second quarter. However,
given the uncertain outlook for the light-vehicle industry in
general, as well as on commodity prices, we feel it is prudent to
lower our 2005 full-year guidance to $1.30 to $1.45 per share, from
our previous guidance of $1.40 to $1.62 per share." Dana people
design and manufacture products for every major vehicle producer in
the world. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually. A
leading supplier of axle, driveshaft, engine, frame, chassis, and
transmission technologies, Dana employs 46,000 people in 28
countries. Based in Toledo, Ohio, the company reported sales of
$9.1 billion in 2004. Dana's Internet address is:
http://www.dana.com/ . Forward-Looking Statements Certain
statements contained in this release constitute "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements represent Dana's expectations
based on our current information and assumptions. Forward-looking
statements are inherently subject to risks and uncertainties.
Dana's actual results could differ materially from those that are
anticipated or projected due to a number of factors. These factors
include: national and international economic conditions; adverse
effects from terrorism or hostilities; the strength of other
currencies relative to the U.S. dollar; increases in commodity
costs, including steel, that cannot be recouped in product pricing;
our ability and that of our customers to achieve projected sales
and production levels; the continued availability of necessary
goods and services from our suppliers; competitive pressures on our
sales and pricing; the continued success of our cost reduction and
cash management programs, long-term transformation and U.S. tax
loss carryforward utilization strategies; and other factors set out
in our public filings with the Securities and Exchange Commission.
Dana does not undertake to update any forward-looking statements in
this release. http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Michelle L. Hards of Dana Corporation, +1-419-535-4636, or Web
site: http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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