NEWS: Dana Holding Corp. on Tuesday reported a third-quarter loss and slashed its earnings and revenue forecasts for the year, which sent shares of the automotive equipment supplier tumbling.
DETAILS: The company, which makes parts for cars, trucks and construction equipment, said demand has weakened in the construction and mining industries. It also pointed to economic pressures in India and South America, as well as lower expectations in some of its North American business.
NUMBERS: Dana reported a loss of $170 million, or $1.16 per share, for the quarter that ended Sept. 30. That is compared with net income of $48 million, or 26 cents per share, last year. On an adjusted basis, it earned 47 cents per share versus 37 cents per share last year.
Revenue slipped to $1.67 billion from $1.72 billion.
Analysts polled by FactSet were anticipating adjusted earnings of 55 cents per share on revenue of $1.78 billion.
FUTURE: The company expects to earn $1.76 per share on an adjusted basis for the year on revenue of $6.7 billion, compared with a forecast in July of $1.90 per share on revenue of $7 billion. That fell short of market forecasts. Analysts were anticipating earnings of $1.89 per share on revenue of $7.01 billion.
STOCK: Shares of the Maumee, Ohio-based company were off $3.30, a more than 14 percent drop, to $19.34 by early afternoon amid a broader market uptick.