Dana Corp. Pre-Announces Roughly Breakeven Results
Dana Corp. (DCN ) reported that it expects Q4 EPS from operations to be about breakeven.
CS First Boston analyst Wendy Beale Needham cut her estimates on the company. She told her salesforce earnings are under pressure from weak conditions in North America and believes pressures on the aftermarket and OEM sides are significant. Needham notes the company expects to take an $85 million non-recurring Q4 charge.
The analyst cut her $0.16 Q4 EPS estimate to breakeven and $2.54 2000 EPS forecast to $2.38. Needham forecasts $2.00 2001 EPS. She says there could be further risk to 2001 EPS estimates and will revisit her forecasts after Dana Corp. reports Q4 results on Feb. 13. The analyst has a $30 12-month price target on the company's shares.