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TOLEDO, Ohio, Oct 25 (Reuters) - Automotive parts maker Dana Corp. said on Friday third-quarter earnings fell after the latest in a series of charges taken during a year-long restructuring campaign.
Results excluding those one-time costs exceeded most analysts' expectations, however, as the restructuring delivered cost savings.
Dana also effectively lowered its fourth-quarter forecast, saying it still expects earnings for the second half of 2002 to total 50 cents to 55 cents a share.
The company said it remains cautious due to an industrywide decline in heavy-duty truck orders, seasonal weakness in the auto parts aftermarket and economic uncertainty.
Dana shares fell 39 cents, or 3.7 percent, to $10.11 early Friday on the New York Stock Exchange.
The Toledo, Ohio-based company earned $4 million, or 2 cents a share, in the quarter, down from $13 million, or 8 cents per share, the year before. Sales rose 7 percent to $2.6 billion.
Excluding one-time items, Dana 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 had expected Dana to earn 26 cents a share, with estimates ranging from 18 cents to 33 cents, according to Thomson First Call.
Analysts also had expected fourth-quarter earnings of 21 to 37 cents a share, with an average forecast of 28 cents, according to First Call. Dana would have to earn 20 cents to 25 cents in the fourth-quarter to meet its previous forecast for the second half of the year.
Dana has cut about 9 percent of its work force, closed 18 facilities and announced plans to close 16 others since the restructuring began. It expects to complete most of the actions and record all of the related charges by the end of the year.