DETROIT -- Auto parts maker Dana Holding Corp. on Thursday posted higher quarterly profits and raised its full-year profit outlook on higher production volumes.
Net income rose to $61 million during the second quarter compared with $1 million in the year earlier period.
Sales at the supplier of axles, drive shafts and transmissions rose 26 percent to $1.93 billion.
The company, based outside Toledo, Ohio, said it now expects to earn $1.60 to $1.70 a share before one-time items for the full year. Previously, it had forecast earnings of $1.55 to $1.65 a share.
Dana said revenue for the year is expected to increase more than 25 percent over 2010, up from its prior estimate for more than 20 percent growth.
For the year, analysts were expecting a profit of $1.59 a share and revenue of $7.4 billion.
Separately, Dana said it will sell its equity in two joint ventures to Getrag KG for $136 million, a deal that will allow the company to enhance liquidity and overall balance sheet.
The joint ventures, both with Getrag subsidiaries, are Getrag Corp. in the U.S., which produces rear-axle units, and Sweden-based Getrag All Wheel Drive, which produces all-wheel-drive systems.
The deal is expected to close in September, Dana said.
"The sale of our interests in these businesses represents a divesture of nonstrategic assets," Dana CEO Roger J. Wood said in a statement. "Our ongoing focus will be on our core strategic products in on-highway and off-highway driveline technologies, including proprietary all-wheel-drive products, and power technologies."
Following the sale of Dana's stakes in the joint ventures, Getrag said today it will sell the assets to GKN PLC.