Dana Corporation Revises 2004 Earnings Outlook
12 Oktober 2004 - 11:34PM
PR Newswire (US)
Dana Corporation Revises 2004 Earnings Outlook TOLEDO, Ohio, Oct.
12 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE:DCN) today
revised its 2004 earnings expectations from $1.90 per share to a
range of $1.60 to $1.65 per share, excluding non-recurring items.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) Dana
Chairman and CEO Michael J. Burns said, "Like most in our industry,
we are being impacted by the rising cost of steel and other raw
materials, as well as reduced North American light-vehicle
production volumes. Both factors are contributing to
lower-than-expected operating results, not only in our original
equipment business, but also in the automotive aftermarket
business. "We had expected that the bottom-line impact of these
factors could be offset by the stronger performance in our heavy
vehicle business and continuing cost-reduction efforts. But, given
more recent trends in commodity prices and light-vehicle production
volumes, it's now clear that we will see a negative effect on our
2004 earnings," Mr. Burns said. "It's also clear that this effect
will be more pronounced in the fourth quarter, since our third-
quarter results will reflect a benefit from favorable tax
developments." As previously announced, Dana will discuss its
third-quarter results in a conference call at 10 a.m. (EDT) on Oct.
20. The call may be accessed via Dana's web site (
http://www.dana.com/ ), where it will be accompanied by a brief
slide presentation, or by dialing (800) 275-3210. Dana Corporation
is a global leader in the design, engineering, and manufacture of
value-added products and systems for automotive, commercial, and
off-highway vehicles. Delivering on a century of innovation, the
company's continuing operations employ approximately 45,000 people
worldwide dedicated to advancing the science of mobility. Founded
in 1904 and based in Toledo, Ohio, Dana operates technology,
manufacturing, and customer-service facilities in 30 countries.
Sales from continuing operations totaled $7.9 billion in 2003.
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; the ability of our customers and
suppliers to achieve their projected sales and production levels;
competitive pressures on our sales and pricing; the continued
success of our cost reduction and cash management programs and of
our long-term transformation strategy for the company; the success
and timing of the divestiture of the automotive aftermarket
business; 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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