Dana Inc. said Thursday that weaker demand in a key segment and the impact of the COVID-19 pandemic weighed on its first-quarter sales and profits.
The axles and transmission supplier said sales fell nearly 11 percent to $1.93 billion in the quarter.
A sluggish heavy-vehicle market in January and February and production halts across all mobility markets in March as a result of the global response to COVID-19 impacted sales, the company said.
Dana reported net income of $38 million, down 61 percent from the same period last year. This includes a goodwill impairment charge of $51 million resulting from the impact of the virus, the company said.
First-quarter adjusted earnings before interest, taxes, depreciation and amortization dropped 20 percent to $205 million. Dana said cost management helped mitigate the margin impact of the sales decline in the first quarter.
Dana joins several suppliers that have reported earnings during the crisis. Ma…