UPDATE 1-Dana cuts outlook on materials costs, output cuts


(Adds details from release, regulatory filing, background) CHICAGO, March 23 (Reuters) - Auto and truck parts supplier Dana Corp. on Wednesday cut its first-quarter and full-year earnings outlook, citing higher-than-expected raw materials costs and lower-than-expected light vehicle output. Dana, whose shares slumped 5 percent to a 20-month low, said a component shortage from a supplier hurt heavy-duty axle shipments in the first quarter, but conditions are expected to improve ...

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