Dana Inc. said Wednesday that cost management and the restart of operations helped limit the damage from COVID-19 on sales in the third quarter.
Dana reported net income of $45 million, a 60 percent decrease from the same period last year but a major swing from a $174 million loss in the second quarter.
The Ohio-based axles and transmission supplier said sales fell nearly 8 percent to $1.99 billion in the quarter.
Dana CEO Jim Kamsickas credited the ability to keep up with consumer demand to the teamwork across the company.
Third-quarter adjusted earnings before interest, taxes, depreciation and amortization dropped 19 percent to $201 million.
“The improving business conditions across all of our global end markets have enabled us to reinstate our revised, full-year financial targets,” Kamsickas said in statement. “Dana remains financially strong, and we are well-positioned to capitalize on the strengthening of our businesses through the remainder of this year and into next year.”
The company’s 2020 full-year financial targets include sales ranging from $6.6 billion to $6.8 billion, an adjusted EBITDA ranging from $530 million to $590 million and operating cash flow of up to 5 percent sales.
