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Dana Profits Soar on Tax Allowances
Dana Inc. reversed a year-earlier loss of $82 million with a net profit of $485 million in the quarter ended Dec. 31, thanks to a favorable swing in tax valuation allowances.
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Dana Inc. reversed a year-earlier loss of $82 million with a net profit of $485 million in the quarter ended Dec. 31, thanks to a favorable swing in tax valuation allowances. Revenue for the period rose 5% to $1.4 billion.
For the full year, net sales for the powertrain components supplier dropped 4% to $5.8 billion, mainly because of unfavorable currency exchange. Net income quadrupled to $640 million. When special items are excluded, net income slipped less than 1% to $225 million last year.
Dana predicts sales this year between $6.2 billion and $6.4 billion. The company anticipates adjusted earnings before interest, tax, depreciation and amortization will range between $695 million and $725 million, compared with last year’s adjusted EBITDA of $660 million.
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