Automotive parts maker Dana falls after lowering revenue view for Q3
Shares of automotive parts maker Dana are trading lower on Wednesday after the company lowered its expectation for its quarterly revenue, earlier in a slides presentation prepared for the RBC Capital Markets Industrial Conference. The company noted earlier that weaker off-highway end market demand in July and August is likely leading to Q3 revenue being lower than previously expected by up to $100M. Dana added that the opportunity remains to largely offset the shortfall with sustained NA Class 8 production in Q4. Also, the company sees profit margins pressured by segment mix of lower off-highway and higher commercial vehicle likely to pressure profit margins. Shares of Dana are down almost 6% or 90c to $14.67 per share in afternoon trading.