Dana Takes Glum View of 2013 After Weak Quarter

Dana Holding Corp. boosted net earnings to $88 million in the fourth quarter of 2012 from $71 million in the same period of 2011, thanks largely to a one-time tax benefit.

Revenue dropped 16% year over year to $1.6 billion in the October-December period. The Maumee, Ohio-based maker of axles and drive shafts attributes the decline to weak commercial-vehicle demand and the end of several vehicle programs.

Full-year net income jumped 37% to a record $300 million. Sales slipped 4% to $7.2 billion because of unfavorable exchange rates.

For 2013, Dana predicts revenue will decline to $7.1 billion, and adjusted operating profit will slide to $800 million-$820 million from $781 million last year.