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Auto parts supplier Dana's net falls

TOLEDO, Ohio, Oct 25 (Reuters) - Automotive parts maker Dana Corp. on Friday said third-quarter earnings fell after the latest in a series of charges taken during a year-long restructuring campaign.

Excluding those one-time costs, however, Dana, which makes axles, driveshafts, brakes and chassis among other parts, said its earnings exceeded most analysts' expectations, as the restructuring delivered cost savings.

Dana's third-quarter net income was $4 million, or 2 cents a share, down from $13 million, or 8 cents per share, the year before. Sales rose 7 percent to $2.6 billion.

Excluding one-time items, the Toledo, Ohio, company reported a profit of $44 million, or 30 cents per share, compared with a loss of $8 million, or 5 cents a share, a year earlier. On that basis, analysts expected Dana to earn 26 cents a share, with estimates ranging from 18 cents to 33 cents, according to Thomson First Call.

Looking ahead, Dana said it is cautious about the outlook for the fourth quarter but is confident it will achieve its restructuring targets and its previously stated goal of combined third- and fourth-quarter earnings 50 cents to 55 cents a share.