|
Dana 3Q loss on target
|
 |
October 17, 2001: 11:52 a.m. ET
The auto parts maker cites weak market and plans 10,000 additional job cuts.
|
NEW YORK (CNNmoney) - Automotive parts maker Dana Corp. reported a third-quarter net loss Wednesday in line with Wall Street estimates and said it will reduce its work force by an additional 15 percent, or 11,000 jobs, in a move to curb costs.
Toledo, Ohio-based Dana (DCN: Research, Estimates) said it logged a loss of $8 million, or 5 cents a share, excluding one-time items, compared with $61 million, or 41 cents a share, in the year-earlier period.
"While global economic conditions had already shown signs of weakening, given the events following Sept. 11 we now face the prospect of a further significant decline in our markets," Chairman and CEO Joe Magliochett said. "These extraordinary circumstances necessitate extraordinary actions to secure the long-term competitive position of the company."
Including one-time items, net income fell to $13 million, or 8 cents a share, from $29 million, or 19 cents a share, a year earlier.
Click here to check on auto stocks
Dana said it will take a restructuring charge of $400 million to $450 million, primarily in the fourth quarter, and target more job cuts in addition to the approximately 10,000 it eliminated over the past year and a half. 
|
|
|
|
|
 |
|
