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Dana Comfortable With Range of Analysts' Estimates

26 October 1999

Dana Comfortable With Range of Analysts' Estimates

    TOLEDO, Ohio, Oct. 25 -- At a meeting with a group of
investors and analysts in Toronto today, Dana Corporation's
President and Chief Executive Officer Joe Magliochetti and Vice President and
Chief Financial Officer Bob Richter commented that they are comfortable with
the range of earnings estimates analysts have published for the fourth quarter
and for the year 2000.
    Last Monday, Dana released results for the third quarter announcing record
sales, 6 percent over the prior year, and operating profit after tax that was
up 27 percent over the third quarter of 1998.  In the announcement, management
advised investors that while these results and those of previous quarters had
been achieved largely on the strength of a strong North American market for
light and heavy vehicles that had offset disappointing results
internationally, the company was not certain that North American results could
continue to outpace weakness in other regions during the fourth quarter and
into 2000.  The announcement also indicated that in the event management
concluded, during the fourth quarter, that North American markets were in fact
weakening, it would consider rationalization actions, which could affect
fourth quarter net income by $100-$200 million before tax.
    "The reaction from the analyst community, which generally seems to
understand our business very well, has been to adjust our earnings forecast
for the fourth quarter to a range of $.85-$1.05 per share.  We're comfortable
with that range," Richter said.
    "We are also now seeing many forecasts for our earnings per share for the
year 2000 in the range of $4.40-$4.50.  To us, this seems reasonable
considering that international markets are not expected to improve much next
year and that we see our North American markets retreating somewhat from
today's lofty levels.  This range would still represent a significant year-on-
year profit increase resulting from continued implementation of synergy plans
associated with last year's acquisition of Echlin and the benefits from any
rationalization efforts we might undertake in the fourth quarter.
    "The conclusion of a number of analysts, with which we concur, is that at
current levels Dana represents an attractive long-term investment," he said.
    Dana Corporation is one of the world's largest independent suppliers to
vehicle manufacturers and their related aftermarkets.  Founded in 1904 and
based in Toledo, Ohio, the company operates some 330 major facilities in 32
countries and employs more than 86,000 people.  The company reported sales of
$12.5 billion in 1998. Dana's Internet address is http://www.dana.com .
    Certain statements contained herein constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform Act
of 1995.  These statements involve assumptions, uncertainties, and risks, and
Dana's actual future results, performance, or achievements may differ
materially from those expressed or implied in these statements.  Among the
factors that could affect Dana's actual results are the ability of its
customers to achieve projected vehicle sales levels, the cyclical nature of
the automotive industry, and economic conditions.  Additional factors are
detailed in Dana's public filings with the Securities and Exchange Commission.
Dana does not undertake to update any forward-looking statements contained
herein.