Why Shares of Dana Are Falling Today
Shares of Dana (NYSE: DAN) are falling today, down by 9.5% as of 11:17 a.m. EDT, after the auto parts manufacturer reported second-quarter financials that came in short of estimates. However, the results were up year over year, and the company reaffirmed its full-year guidance for 2019.
Dana earned $0.87 per share in the quarter on revenue of $2.31 billion, falling just short of analyst expectations for EPS of $0.89 on sales of $2.35 billion. The per-share results did not include a number of one-time items, including a $258 million one-time pension settlement charge related to the transfer of its plan to third-party insurers, as well as an $87 million net tax benefit driven by the pension termination and foreign tax credits.
Dana-made driveshaft parts. Image source: Dana.
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