Dana Incorporated Reports Strong 2023 Second-quarter Financial Results, Company Raises Full-year Guidance

Key Highlights

  • Sales of $2.75 billion, an increase of $162 million or 6 percent over last year

  • Net income attributable to Dana of $30 million, an increase of $22 million over last year

  • Diluted EPS of $0.21; diluted adjusted EPS of $0.37, an increase of $0.29 per share

  • Adjusted EBITDA of $243 million, an increase of $81 million or 50 percent over last year

  • Adjusted EBITDA margin improved by 250 basis points compared with last year

  • Free cash flow of $134 million

MAUMEE, Ohio, July 28, 2023 /PRNewswire/ — Dana Incorporated (NYSE: DAN) today announced financial results for the second quarter of 2023.

Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)

Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)

“Dana had another strong quarter, with sales of $2.75 billion and a 250-basis-point margin improvement,” said James Kamsickas, Dana chairman and chief executive officer.  “I am extremely proud of how the Dana team is executing across our operations, including a substantial number of launches for both electrified and traditional programs, as well as our ongoing transformation toward zero emissions.  The challenging production environment has persisted, but we have positioned ourselves well to take advantage as supply chains and customer order patterns continue to stabilize.  As a result, we expect our momentum to carry through the back half of the year as demand remains strong across each of our end markets.”

Second-quarter 2023 Financial Results
Sales for the second quarter of 2023 totaled $2.75 billion, compared with $2.59 billion in the same period of 2022, representing a $162 million increase driven by higher market demand, cost-recovery actions, and conversion of our sales backlog, partially offset by the translation of foreign currencies.

Adjusted EBITDA for the second quarter of 2023 was $243 million, compared with $162 million for the same period in 2022.  The 250 basis points of margin improvement in the second quarter of 2023 was primarily driven by higher sales volume, net customer pricing and recovery actions, and lower net commodity costs.  These improvements were partially offset by production inefficiencies driven by volatile customer demand schedules and negative exchange-rate impacts.

Net income attributable to Dana was $30 million, or $0.21 per share, compared with net income of $8 million, or $0.06 per share, in the second quarter of 2022.

Adjusted net income attributable to Dana was $54 million, and diluted adjusted earnings per share were $0.37 for the second quarter of 2023, compared with adjusted net income of $12 million and $0.08 per share in 2022.

Cash flow from operations in the second quarter of 2023 were $256 million, compared with $257 million in the same period of 2022.  Free cash flow was $134 million, compared with $167 million in the second quarter of 2022.  The difference was due to higher capital spending for new business backlog.

“Strong demand, great execution, and improved market dynamics have allowed us to increase our full-year guidance for 2023,” said Timothy Kraus, Dana senior vice president and chief financial officer.  “Throughout the second half of the year, we remain focused on delivering our program launch commitments, offsetting external cost increases, and continuing to win new business.”

Revised 2023 Financial Targets1, 2

  • Sales of $10.45 to $10.95 billion;

  • Adjusted EBITDA of $800 to $900 million, an implied adjusted EBITDA margin of approximately 7.9 percent at the midpoint of the range;

  • Diluted adjusted EPS of $0.65 to $1.05;

  • Operating cash flow of approximately, $560 to $610 million; and

  • Free cash flow of $50 million to $100 million

1Net income and diluted EPS guidance are not provided, as discussed below in Non-GAAP Financial Information.
2Assumes no customer labor disruption in 2023

Company Recognized for Sustainability, Employee Engagement
In the past two months, Dana earned recognition from USA Today as one of “America’s Climate Leaders 2023” for its focus on sustainability and from Newsweek magazine as one of “America’s Greatest Workplaces 2023” for its commitment to its people.

Dana to Host Conference Call at 9 a.m. Friday, July 28
Dana will discuss its second-quarter results in a conference call at 9 a.m. EDT on Friday, July 28.  The conference call can be accessed by telephone from both domestic and international locations using the information provided below:

Conference ID: 9943139
Participant Toll-Free Dial-In Number: 1 (888) 440-5873
Participant Toll Dial-In Number: 1 (646) 960-0319

Audio streaming and slides will be available online via a link provided on the Dana investor website: www.dana.com/investors.  Phone registration will be available beginning at 8:30 a.m. EDT.

A webcast replay can be accessed via Dana’s investor website following the call.

Non-GAAP Financial Information
Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements, divestitures, impairment, etc.). Adjusted EBITDA is a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. We use adjusted EBITDA in assessing the effectiveness of our business strategies, evaluating and pricing potential acquisitions and as a factor in making incentive compensation decisions. In addition to its use by management, we also believe adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate financial performance of our company relative to other Tier 1 automotive suppliers. Adjusted EBITDA should not be considered a substitute for earnings (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Adjusted net income (loss) attributable to the parent company is a non-GAAP financial measure which we have defined as net income (loss) attributable to the parent company, excluding any discrete income tax items, restructuring charges, amortization expense and other adjustments not related to our core operations (as used in adjusted EBITDA), net of any associated income tax effects. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to net income attributable to the parent company reported by other companies. Adjusted net income (loss) attributable to the parent company is neither intended to represent nor be an alternative measure to net income (loss) attributable to the parent company reported in accordance with GAAP.

Diluted adjusted EPS is a non-GAAP financial measure which we have defined as adjusted net income (loss) attributable to the parent company divided by adjusted diluted shares.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income (loss) attributable to the parent company.  This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies.  Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported in accordance with GAAP.

Free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment.  We believe free cash flow is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Free cash flow is not intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported in accordance with GAAP.  Free cash flow may not be comparable to similarly titled measures reported by other companies.

The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA and diluted adjusted EPS outlook to the most comparable GAAP measures of net income (loss) and diluted EPS. Providing net income (loss) and diluted EPS guidance is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items that are included in net income (loss) and diluted EPS, including restructuring actions, asset impairments and certain income tax adjustments. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance.

Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change.  Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” and similar expressions, and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Dana’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe.  The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $10.2 billion in 2022 with 42,000 people in 31 countries across six continents.  With a history dating to 1904, Dana was named among the “World’s Most Ethical Companies” for 2023 by Ethisphere and as one of “America’s Most Responsible Companies 2023” by Newsweek.  The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer.  Learn more at dana.com.

DANA INCORPORATED

 Consolidated Statement of Operations (Unaudited)

 For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

 (In millions, except per share amounts)

June 30,

2023

2022

 Net sales

$       2,748

$       2,586

 Costs and expenses

     Cost of sales

2,477

2,403

     Selling, general and administrative expenses

144

130

     Amortization of intangibles

4

3

     Restructuring charges, net

3

1

 Other income (expense), net

4

10

 Earnings before interest and income taxes

124

59

 Loss on extinguishment of debt

(1)

 Interest income

5

2

 Interest expense

39

32

 Earnings before income taxes

89

29

 Income tax expense

55

18

 Equity in earnings (loss) of affiliates

2

(1)

 Net income

36

10

     Less: Noncontrolling interests net income

5

3

     Less: Redeemable noncontrolling interests net income (loss)

1

(1)

 Net income attributable to the parent company

$            30

$              8

 Net income per share available to common stockholders

    Basic

$         0.21

$         0.06

    Diluted

$         0.21

$         0.06

 Weighted-average shares outstanding – Basic

144.3

143.4

 Weighted-average shares outstanding – Diluted

144.4

143.7

DANA INCORPORATED

 Consolidated Statement of Operations (Unaudited)

 For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

 (In millions, except per share amounts)

June 30,

2023

2022

 Net sales

$       5,392

$       5,066

 Costs and expenses

     Cost of sales

4,892

4,686

     Selling, general and administrative expenses

284

260

     Amortization of intangibles

7

7

     Restructuring charges, net

4

 Other income (expense), net

9

12

 Earnings before interest and income taxes

214

125

 Loss on extinguishment of debt

(1)

 Interest income

9

4

 Interest expense

73

63

 Earnings before income taxes

149

66

 Income tax expense

85

36

 Equity in earnings of affiliates

3

 Net income

67

30

     Less: Noncontrolling interests net income

9

7

     Less: Redeemable noncontrolling interests net loss

(2)

 Net income attributable to the parent company

$            58

$            25

 Net income per share available to common stockholders

    Basic

$         0.40

$         0.17

    Diluted

$         0.40

$         0.17

 Weighted-average shares outstanding – Basic

144.1

143.8

 Weighted-average shares outstanding – Diluted

144.3

144.6

DANA INCORPORATED
Consolidated Statement of Comprehensive Income (Unaudited)
For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

 (In millions)

June 30,

2023

2022

 Net income

$            36

$            10

 Other comprehensive income (loss), net of tax:

Currency translation adjustments

(7)

(91)

Hedging gains and losses

3

1

Defined benefit plans

3

Other comprehensive loss

(4)

(87)

Total comprehensive income (loss)

32

(77)

Less: Comprehensive income attributable to noncontrolling interests

(5)

(1)

Less: Comprehensive loss attributable to redeemable noncontrolling interests

7

Comprehensive income (loss) attributable to the parent company

$            27

$           (71)

DANA INCORPORATED
Consolidated Statement of Comprehensive Income (Unaudited)
For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

 (In millions)

June 30,

2023

2022

 Net income

$            67

$            30

 Other comprehensive income (loss), net of tax:

Currency translation adjustments

18

(52)

Hedging gains and losses

18

(3)

Defined benefit plans

1

4

Other comprehensive income (loss)

37

(51)

Total comprehensive income (loss)

104

(21)

Less: Comprehensive income attributable to noncontrolling interests

(9)

(5)

Less: Comprehensive loss attributable to redeemable noncontrolling interests

8

Comprehensive income (loss) attributable to the parent company

$            95

$           (18)

DANA INCORPORATED
Consolidated Balance Sheet (Unaudited)
As of June 30, 2023 and December 31, 2022

(In millions, except share and per share amounts)

June 30,
2023

December 31,
2022

Assets

 Current assets

 Cash and cash equivalents

$                 484

$                 425

 Accounts receivable

      Trade, less allowance for doubtful accounts of $12 in 2023 and $11 in 2022 

1,581

1,374

     Other 

288

202

 Inventories

1,731

1,609

 Other current assets

247

219

          Total current assets 

4,331

3,829

 Goodwill

262

259

 Intangibles

192

201

 Deferred tax assets

425

397

 Other noncurrent assets

106

123

 Investments in affiliates

135

136

 Operating lease assets

326

311

 Property, plant and equipment, net

2,269

2,193

          Total assets 

$              8,046

$              7,449

 Liabilities, redeemable noncontrolling interests and equity

 Current liabilities

 Short-term debt

$                   35

$                   52

 Current portion of long-term debt

32

8

 Accounts payable

1,966

1,838

 Accrued payroll and employee benefits

256

214

 Taxes on income

95

54

 Current portion of operating lease liabilities

35

36

 Other accrued liabilities

301

277

          Total current liabilities 

2,720

2,479

 Long-term debt, less debt issuance costs of $26 in 2023 and $22 in 2022

2,587

2,348

 Noncurrent operating lease liabilities

287

277

 Pension and postretirement obligations

306

298

 Other noncurrent liabilities

252

249

          Total liabilities 

6,152

5,651

 Commitments and contingencies

 Redeemable noncontrolling interests

213

195

 Parent company stockholders’ equity

     Preferred stock, 50,000,000 shares authorized, $0.01 par value, 

          no shares outstanding

     Common stock, 450,000,000 shares authorized, $0.01 par value, 

          144,334,974 and 143,366,482 shares outstanding 

2

2

     Additional paid-in capital 

2,244

2,229

     Retained earnings 

349

321

     Treasury stock, at cost (449,505 and zero shares) 

(8)

     Accumulated other comprehensive loss 

(964)

(1,001)

          Total parent company stockholders’ equity 

1,623

1,551

 Noncontrolling interests

58

52

          Total equity 

1,681

1,603

          Total liabilities, redeemable noncontrolling interests and equity 

$              8,046

$              7,449

DANA INCORPORATED

 Consolidated Statement of Cash Flows (Unaudited)

 For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

 (In millions)

June 30,

2023

2022

 Operating activities

 Net income

$            36

$            10

 Depreciation

94

91

 Amortization

6

5

 Amortization of deferred financing charges

2

2

 Write-off of deferred financing costs

1

 Earnings of affiliates, net of dividends received

(2)

30

 Stock compensation expense

8

4

 Deferred income taxes

(22)

(17)

 Pension expense, net

2

1

 Change in working capital

132

127

 Other, net

(1)

4

 Net cash provided by operating activities

256

257

 Investing activities

 Purchases of property, plant and equipment

(122)

(90)

 Proceeds from sale of property, plant and equipment

(2)

 Acquisition of business, net of cash acquired

(1)

 Purchases of marketable securities

(8)

 Proceeds from sales of marketable securities

10

 Settlements of undesignated derivatives

(4)

(7)

 Other, net

(1)

 Net cash used in investing activities

(127)

(98)

 Financing activities

 Net change in short-term debt

(286)

(64)

 Proceeds from long-term debt

458

 Repayment of long-term debt

(202)

(2)

 Deferred financing payments

(7)

 Dividends paid to common stockholders

(14)

(15)

 Distributions to noncontrolling interests

(2)

(1)

 Contributions from redeemable noncontrolling interests

7

5

 Payments to acquire noncontrolling interests

(1)

 Other, net

1

 Net cash used in financing activities

(46)

(77)

 Net increase in cash, cash equivalents and restricted cash

83

82

 Cash, cash equivalents and restricted cash − beginning of period

419

280

 Effect of exchange rate changes on cash balances

1

(22)

 Cash, cash equivalents and restricted cash − end of period

$          503

$          340

DANA INCORPORATED

 Consolidated Statement of Cash Flows (Unaudited)

 For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

 (In millions)

June 30,

2023

2022

 Operating activities

 Net income

$            67

$            30

 Depreciation

186

182

 Amortization

11

11

 Amortization of deferred financing charges

3

3

 Write-off of deferred financing costs

1

 Earnings of affiliates, net of dividends received

(3)

29

 Stock compensation expense

14

8

 Deferred income taxes

(30)

(42)

 Pension expense, net

2

 Change in working capital

(172)

(84)

 Other, net

7

(1)

 Net cash provided by operating activities

86

136

 Investing activities

 Purchases of property, plant and equipment

(242)

(206)

 Proceeds from sale of property, plant and equipment

2

 Acquisition of business, net of cash acquired

(1)

 Purchases of marketable securities

(13)

 Proceeds from sales of marketable securities

10

 Settlements of undesignated derivatives

(4)

(7)

 Other, net

(1)

2

 Net cash used in investing activities

(245)

(215)

 Financing activities

 Net change in short-term debt

(17)

214

 Proceeds from long-term debt

458

2

 Repayment of long-term debt

(204)

(5)

 Deferred financing payments

(9)

 Dividends paid to common stockholders

(29)

(29)

 Repurchases of common stock

(25)

 Distributions to noncontrolling interests

(3)

(2)

 Contributions from redeemable noncontrolling interests

17

7

 Payments to acquire noncontrolling interests

(4)

 Other, net

(4)

(6)

 Net cash provided by financing activities

209

152

 Net increase in cash, cash equivalents and restricted cash

50

73

 Cash, cash equivalents and restricted cash − beginning of period

442

287

 Effect of exchange rate changes on cash balances

11

(20)

 Cash, cash equivalents and restricted cash − end of period

$          503

$          340

DANA INCORPORATED

 Reconciliation of Net Cash Provided By Operating Activities to

   Free Cash Flow (Unaudited)

Three Months Ended

 (In millions)

June 30,

2023

2022

 Net cash provided by operating activities

$         256

$        257

 Purchases of property, plant and equipment

(122)

(90)

 Free cash flow

$         134

$        167

Six Months Ended

 (In millions)

June 30,

2023

2022

 Net cash provided by operating activities

$           86

$        136

 Purchases of property, plant and equipment

(242)

(206)

 Free cash flow

$        (156)

$        (70)

DANA INCORPORATED

 Segment Sales and Segment EBITDA (Unaudited)

 For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

 (In millions)

June 30,

2023

2022

 Sales

Light Vehicle

$         1,066

$         1,028

Commercial Vehicle

526

507

Off-Highway

842

768

Power Technologies

314

283

 Total Sales

$         2,748

$         2,586

 Segment EBITDA

Light Vehicle

$              66

$              33

Commercial Vehicle

28

10

Off-Highway

131

100

Power Technologies

19

21

 Total Segment EBITDA

244

164

 Corporate expense and other items, net

(1)

(2)

 Adjusted EBITDA

$            243

$            162

DANA INCORPORATED

 Segment Sales and Segment EBITDA (Unaudited)

 For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

 (In millions)

June 30,

2023

2022

 Sales

Light Vehicle

$         2,028

$         2,013

Commercial Vehicle

1,048

970

Off-Highway

1,684

1,512

Power Technologies

632

571

 Total Sales

$         5,392

$         5,066

 Segment EBITDA

Light Vehicle

$            115

$              64

Commercial Vehicle

45

20

Off-Highway

249

200

Power Technologies

42

50

 Total Segment EBITDA

451

334

 Corporate expense and other items, net

(4)

(2)

 Adjusted EBITDA

$            447

$            332

DANA INCORPORATED

 Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited)

 For the Three Months Ended June 30, 2023 and 2022

Three Months Ended

 (In millions)

June 30,

2023

2022

 Segment EBITDA

$            244

$            164

Corporate expense and other items, net

(1)

(2)

 Adjusted EBITDA

243

162

Depreciation

(94)

(91)

Amortization

(6)

(5)

Non-service cost components of pension and OPEB costs

(3)

(3)

Restructuring charges, net

(3)

(1)

Stock compensation expense

(8)

(4)

Strategic transaction expenses

(1)

(1)

Distressed supplier costs

(4)

Other items

2

 Earnings before interest and income taxes

124

59

Loss on extinguishment of debt

(1)

Interest income

5

2

Interest expense

39

32

 Earnings before income taxes

89

29

 Income tax expense

55

18

 Equity in earnings (loss) of affiliates

2

(1)

 Net income

$              36

$              10

DANA INCORPORATED

 Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited)

 For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

 (In millions)

June 30,

2023

2022

 Segment EBITDA

$            451

$            334

Corporate expense and other items, net

(4)

(2)

 Adjusted EBITDA

447

332

Depreciation

(186)

(182)

Amortization

(11)

(11)

Non-service cost components of pension and OPEB costs

(6)

(3)

Restructuring charges, net

(4)

Stock compensation expense

(14)

(8)

Strategic transaction expenses

(2)

(5)

Distressed supplier costs

(12)

Other items

2

2

 Earnings before interest and income taxes

214

125

Loss on extinguishment of debt

(1)

Interest income

9

4

Interest expense

73

63

 Earnings before income taxes

149

66

 Income tax expense

85

36

 Equity in earnings of affiliates

3

 Net income

$              67

$              30

DANA INCORPORATED

 Reconciliation of Net Income Attributable to the Parent Company to

   Adjusted Net Income Attributable to the Parent Company and

   Diluted Adjusted EPS (Unaudited)

 For the Three Months Ended June 30, 2023 and 2022

 (In millions, except per share amounts)

Three Months Ended

June 30,

2023

2022

 Net income attributable to the parent company

$              30

$                8

 Items impacting income before income taxes:

 Amortization

5

5

 Restructuring charges, net

3

1

 Strategic transaction expenses

1

3

 Distressed supplier costs

4

 Other  items

1

(2)

 Items impacting income taxes:

 Net income tax expense on items above

(4)

(3)

 Income tax expense attributable to various discrete tax matters

14

 Adjusted net income attributable to the parent company

$              54

$              12

 Diluted shares – as reported

144.4

143.7

 Adjusted diluted shares

144.4

143.7

 Diluted adjusted EPS

$           0.37

$           0.08

DANA INCORPORATED

 Reconciliation of Net Income Attributable to the Parent Company to

   Adjusted Net Income Attributable to the Parent Company and

   Diluted Adjusted EPS (Unaudited)

 For the Six Months Ended June 30, 2023 and 2022

 (In millions, except per share amounts)

Six Months Ended

June 30,

2023

2022

 Net income attributable to the parent company

$              58

$              25

 Items impacting income before income taxes:

 Amortization

10

10

 Restructuring charges, net

4

 Strategic transaction expenses

2

5

 Distressed supplier costs

12

 Other  items

 Items impacting income taxes:

 Net income tax expense on items above

(10)

(5)

 Income tax expense attributable to various discrete tax matters

14

 Adjusted net income attributable to the parent company

$              90

$              35

 Diluted shares – as reported

144.3

144.6

 Adjusted diluted shares

144.3

144.6

 Diluted adjusted EPS

$           0.62

$           0.24

Cision

Cision

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SOURCE Dana Incorporated

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