Dana Incorporated Reports 2023 Record Sales and Profit Growth of 21 Percent, Including Margin Improvement of 110 Basis Points; Company Increases New Business Sales Backlog to Record $950 Million

Full-year Results

  • Sales of $10.6 billion, an increase of $0.4 billion or 4 percent over last year

  • Net income of $38 million, compared with a net loss of $242 million in 2022

  • Adjusted EBITDA of $845 million, an increase of $145 million over last year

  • Adjusted EBITDA margin of 8 percent, a 110-basis-point improvement compared with 2022

  • Operating cash flow of $476 million

  • Record three-year new business sales backlog of $950 million, a $50 million increase over prior backlog

  • 2024 guidance of approximately 3 percent increase in sales, 10 percent increase in adjusted EBITDA, $75 million increase in free cash flow 

MAUMEE, Ohio, Feb. 20, 2024 /PRNewswire/ — Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2023.

Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)

Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)

“With record sales reaching $10.6 billion for 2023, Dana continues its strong trajectory built on our balanced approach of supplying both conventional and clean-energy solutions to nearly every vehicle manufacturer around the globe.  The Dana team successfully launched a company-record number of programs across all markets we serve, while delivering substantial profit conversion on our growth,” said James Kamsickas, chairman and chief executive officer.

“We are building on this strong momentum, as we expect to further expand sales and profit margin into 2024.  Our record three-year new business backlog has grown to $950 million, marking the seventh consecutive year we have recorded an increase.  This reflects our team’s relentless commitment to being a leading supplier to the world’s top vehicle manufacturers for internal combustion, hybrid, and electric vehicles.”

Fourth-quarter 2023 Financial Results
Sales for the fourth quarter of 2023 totaled $2.5 billion, compared with $2.6 billion in the same period of 2022.  Lower sales in 2023 were driven by the impact of the UAW strike on our Light Vehicle Driveline segment, which was partially offset by cost-recovery actions and conversion of the sales backlog.

Adjusted EBITDA for the fourth quarter of 2023 was $156 million, compared with $176 million for the same period in 2022.  Strong efficiency improvements partially offset the margin impact of the UAW strike and higher spending on development for electric-vehicle products.

The net loss attributable to Dana was $39 million, or $0.27 per share, compared with a net loss of $179 million, or $1.25 per share, in the fourth quarter of 2022 due primarily to the impact of the UAW strike, lower earnings from equity-method affiliates, and the devaluation of the Argentine peso.  The loss in 2022 resulted primarily from the recording of non-cash tax valuation allowances.

The adjusted net loss attributable to Dana was $11 million, or $0.08 per share, for the fourth quarter of 2023, compared with an adjusted net loss of $15 million or $0.10 earnings per share in 2022. Operating cash flow in the fourth quarter of 2023 was $278 million, compared with $342 million in the same period of 2022.  Free cash flow was $136 million, compared with $202 million in the fourth quarter of 2022.  The decrease was driven by higher working capital requirements.

Full-year 2023 Financial Results 
Sales for 2023 were $10.6 billion, compared with $10.2 billion in 2022.  The increase of $399 million resulted from improved overall market demand and conversion of the sales backlog, combined with pricing actions and cost recoveries partially offset by the UAW strike.

Adjusted EBITDA for 2023 was $845 million, compared with $700 million in 2022 driven by refreshed and new programs, efficiency improvement actions, and more stable customer order patterns.

The net income attributable to Dana for 2023 was $38 million or $0.26 per share, compared with a net loss of $242 million or a loss of $1.69 per share in 2022.  The loss in 2022 resulted from a one-time non-cash goodwill impairment charge and from non-cash tax valuation allowances.

Adjusted net income attributable to Dana was $122 million and diluted adjusted earnings per share were $0.84 in 2023, compared with an adjusted net income of $54 million and $0.37 per share in 2022.

The company reported operating cash flow of $476 million in 2023.  Free cash flow was a use of $25 million, compared with free cash flow of $209 million in 2022.  Cash flow use this year was driven by increased working capital requirements and higher capital spending partially offset by higher operating earnings.

“Finishing 2023 with strong results has set the stage for continued profitable growth,” said Timothy Kraus, Dana senior vice president and chief financial officer.  “In 2024, we expect another record sales year, further improved margins, and higher free cash flow as we leverage the improved cross-company efficiencies and begin to benefit from the record number of new and refreshed vehicle programs.”

2024 Financial Targets

  • Sales of $10.65 to $11.15 billion;

  • Adjusted EBITDA of $875 to $975 million, an implied adjusted EBITDA margin of approximately 8.5 percent at the midpoint of the range;

  • Operating cash flow of approximately $475 to $525 million; and

  • Free cash flow of $25 to $75 million;

  • Diluted EPS of $0.35 to $0.85.

Dana to Host Conference Call at 10 a.m. Tuesday, Feb. 20
Dana will discuss its fourth-quarter and full-year results in a conference call at 10 a.m. EST on Tuesday, Feb. 20.  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 9:30 a.m. EST.

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 $10.6 billion in 2023 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 December 31, 2023 and 2022 

Three Months Ended

 (In millions, except per share amounts)

December 31,

2023

2022

 Net sales

$      2,494

$      2,555

 Costs and expenses

     Cost of sales

2,330

2,375

     Selling, general and administrative expenses

139

121

     Amortization of intangibles

3

4

     Restructuring charges, net

4

 Other income (expense), net

(7)

7

 Earnings before interest and income taxes

11

62

 Interest income

3

5

 Interest expense

40

33

 Earnings (loss) before income taxes

(26)

34

 Income tax expense

3

217

 Equity in earnings (loss) of affiliates

(15)

5

 Net loss

(44)

(178)

     Less: Noncontrolling interests net income

5

4

     Less: Redeemable noncontrolling interests net loss

(10)

(3)

 Net loss attributable to the parent company

$          (39)

$        (179)

 Net loss per share available to common stockholders

    Basic

$       (0.27)

$       (1.25)

    Diluted

$       (0.27)

$       (1.25)

 Weighted-average shares outstanding – Basic

144.5

143.4

 Weighted-average shares outstanding – Diluted

144.5

143.4

DANA INCORPORATED

Consolidated Statement of Operations 

For the Year Ended December 31, 2023 and 2022 

Year Ended

 (In millions, except per share amounts)

December 31,

2023

2022

 Net sales

$    10,555

$    10,156

 Costs and expenses

     Cost of sales

9,655

9,393

     Selling, general and administrative expenses

549

495

     Amortization of intangibles

13

14

     Restructuring charges, net

25

(1)

 Impairment of goodwill

(191)

 Other income (expense), net

3

22

 Earnings before interest and income taxes

316

86

 Loss on extinguishment of debt

(1)

 Interest income

17

11

 Interest expense

154

128

 Earnings (loss) before income taxes

178

(31)

 Income tax expense

121

284

 Equity in earnings (loss) of affiliates

(9)

4

 Net income (loss)

48

(311)

     Less: Noncontrolling interests net income

22

15

     Less: Redeemable noncontrolling interests net loss

(12)

(84)

 Net income (loss) attributable to the parent company

$           38

$        (242)

 Net income (loss) per share available to common stockholders

    Basic

$        0.26

$       (1.69)

    Diluted

$        0.26

$       (1.69)

 Weighted-average shares outstanding – Basic

144.4

143.6

 Weighted-average shares outstanding – Diluted

144.6

143.6

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Three Months Ended December 31, 2023 and 2022 

Three Months Ended

 (In millions) 

December 31,

2023

2022

 Net loss 

$          (44)

$        (178)

 Other comprehensive income (loss), net of tax: 

Currency translation adjustments

36

32

Hedging gains and losses

2

19

Defined benefit plans

(16)

48

Other comprehensive income

22

99

Total comprehensive loss

(22)

(79)

Less: Comprehensive income attributable to noncontrolling interests

(6)

(4)

Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests

6

(2)

Comprehensive loss attributable to the parent company

$          (22)

$          (85)

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income 

 For the Year Ended December 31, 2023 and 2022 

Year Ended

 (In millions) 

December 31,

2023

2022

 Net income (loss) 

$            48

$        (311)

 Other comprehensive income (loss), net of tax: 

Currency translation adjustments

30

(102)

Hedging gains and losses

(1)

17

Defined benefit plans

(16)

53

Other comprehensive income (loss)

13

(32)

Total comprehensive income (loss)

61

(343)

Less: Comprehensive income attributable to noncontrolling interests

(22)

(10)

Less: Comprehensive loss attributable to redeemable noncontrolling interests

10

95

Comprehensive income (loss) attributable to the parent company

$            49

$        (258)

 DANA INCORPORATED 

 Consolidated Balance Sheet 

 As of December 31, 2023 and December 31, 2022 

 (In millions, except share and per share amounts) 

December 31,

December 31,

2023

2022

 Assets 

 Current assets 

 Cash and cash equivalents 

$               529

$               425

 Accounts receivable 

     Trade, less allowance for doubtful accounts of $16 in 2023 and $11 in 2022 

1,371

1,374

     Other 

280

202

 Inventories 

1,676

1,609

 Other current assets 

247

219

     Total current assets 

4,103

3,829

 Goodwill 

263

259

 Intangibles 

182

201

 Deferred tax assets 

516

397

 Other noncurrent assets 

140

123

 Investments in affiliates 

123

136

 Operating lease assets 

327

311

 Property, plant and equipment, net 

2,311

2,193

     Total assets 

$            7,965

$            7,449

 Liabilities, redeemable noncontrolling interests and equity 

 Current liabilities 

 Short-term debt 

$                 22

$                 52

 Current portion of long-term debt 

35

8

 Accounts payable 

1,756

1,838

 Accrued payroll and employee benefits 

288

214

 Taxes on income 

86

54

 Current portion of operating lease liabilities 

42

36

 Other accrued liabilities 

373

277

     Total current liabilities 

2,602

2,479

 Long-term debt, less debt issuance costs of $24 in 2023 and $22 in 2022 

2,598

2,348

 Noncurrent operating lease liabilities 

284

277

 Pension and postretirement obligations 

334

298

 Other noncurrent liabilities 

319

249

     Total liabilities 

6,137

5,651

 Commitments and contingencies 

 Redeemable noncontrolling interests 

191

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, 

     144,386,484 and 143,366,482 shares outstanding 

2

2

Additional paid-in capital 

2,255

2,229

Retained earnings 

317

321

Treasury stock, at cost (474,981 and zero shares) 

(9)

Accumulated other comprehensive loss 

(990)

(1,001)

     Total parent company stockholders’ equity 

1,575

1,551

 Noncontrolling interests 

62

52

     Total equity 

1,637

1,603

     Total liabilities, redeemable noncontrolling interests and equity 

$            7,965

$            7,449

DANA INCORPORATED

Consolidated Statement of Cash Flows (Unaudited) 

For the Three Months Ended December 31, 2023 and 2022 

Three Months Ended

 (In millions)

December 31,

2023

2022

 Operating activities

 Net loss

$          (44)

$        (178)

 Depreciation

106

95

 Amortization

6

6

 Amortization of deferred financing charges

1

1

 Earnings of affiliates, net of dividends received

15

(6)

 Stock compensation expense

7

6

 Deferred income taxes

(58)

209

 Pension expense, net

(1)

(1)

 Change in working capital

239

220

 Change in other noncurrent assets and liabilities

11

3

 Other, net

(4)

(13)

 Net cash provided by operating activities

278

342

 Investing activities

 Purchases of property, plant and equipment

(142)

(140)

 Proceeds from sale of property, plant and equipment

2

3

 Proceeds from sales of marketable securities

12

 Settlements of undesignated derivatives

(3)

(2)

 Other, net

(2)

(2)

 Net cash used in investing activities

(145)

(129)

 Financing activities

 Net change in short-term debt

(15)

(179)

 Repayment of long-term debt

(2)

(5)

 Dividends paid to common stockholders

(15)

(15)

 Distributions to noncontrolling interests

(1)

 Contributions from redeemable noncontrolling interests

4

21

 Other, net

(1)

(1)

 Net cash used in financing activities

(29)

(180)

 Net increase in cash, cash equivalents and restricted cash

104

33

 Cash, cash equivalents and restricted cash − beginning of period

440

390

 Effect of exchange rate changes on cash balances

19

19

 Cash, cash equivalents and restricted cash − end of period

$         563

$         442

DANA INCORPORATED

Consolidated Statement of Cash Flows 

For the Year Ended December 31, 2023 and 2022 

Year Ended

 (In millions)

December 31,

2023

2022

 Operating activities

 Net income (loss)

$           48

$        (311)

 Depreciation

393

365

 Amortization

23

23

 Amortization of deferred financing charges

5

5

 Write-off of deferred financing costs

1

 Earnings of affiliates, net of dividends received

11

23

 Stock compensation expense

26

19

 Deferred income taxes

(104)

153

 Pension expense, net

3

(1)

 Impairment of goodwill

191

 Change in working capital

70

199

 Change in other noncurrent assets and liabilities

11

9

 Other, net

(11)

(26)

 Net cash provided by operating activities

476

649

 Investing activities

 Purchases of property, plant and equipment

(501)

(440)

 Proceeds from sale of property, plant and equipment

2

3

 Acquisition of business, net of cash acquired

(1)

 Purchases of marketable securities

(15)

 Proceeds from sales of marketable securities

30

 Settlements of undesignated derivatives

(13)

(8)

 Other, net

(16)

5

 Net cash used in investing activities

(528)

(426)

 Financing activities

 Net change in short-term debt

(30)

33

 Proceeds from long-term debt

458

2

 Repayment of long-term debt

(209)

(24)

 Deferred financing payments

(9)

 Dividends paid to common stockholders

(58)

(58)

 Repurchases of common stock

(25)

 Distributions to noncontrolling interests

(10)

(9)

 Contributions from redeemable noncontrolling interests

22

51

 Payments to acquire noncontrolling interests

(4)

 Other, net

(4)

(8)

 Net cash provided by (used in) financing activities

160

(42)

 Net increase in cash, cash equivalents and restricted cash

108

181

 Cash, cash equivalents and restricted cash − beginning of period

442

287

 Effect of exchange rate changes on cash balances

13

(26)

 Cash, cash equivalents and restricted cash − end of period

$         563

$         442

DANA INCORPORATED

Reconciliation of Net Cash Provided By Operating Activities to 

Free Cash Flow (Unaudited) 

Three Months Ended

 (In millions)

December 31,

2023

2022

 Net cash provided by operating activities

$         278

$       342

 Purchases of property, plant and equipment

(142)

(140)

 Free cash flow

$         136

$       202

Year Ended

December 31,

2023

2022

 Net cash provided by operating activities

$         476

$       649

 Purchases of property, plant and equipment

(501)

(440)

 Free cash flow

$         (25)

$       209

DANA INCORPORATED

Segment Sales and Segment EBITDA (Unaudited) 

For the Three Months Ended December 31, 2023 and 2022 

Three Months Ended

 (In millions)

December 31,

2023

2022

 Sales

Light Vehicle

$           923

$        1,030

Commercial Vehicle

509

504

Off-Highway

762

740

Power Technologies

300

281

 Total Sales

$        2,494

$        2,555

 Segment EBITDA

Light Vehicle

$             22

$             34

Commercial Vehicle

13

5

Off-Highway

106

113

Power Technologies

19

23

 Total Segment EBITDA

160

175

 Corporate expense and other items, net

(4)

1

 Adjusted EBITDA

$           156

$           176

DANA INCORPORATED

Segment Sales and Segment EBITDA 

For the Year Ended December 31, 2023 and 2022 

Year Ended

 (In millions)

December 31,

2023

2022

 Sales

Light Vehicle

$        4,035

$        4,090

Commercial Vehicle

2,092

1,979

Off-Highway

3,185

2,946

Power Technologies

1,243

1,141

 Total Sales

$      10,555

$      10,156

 Segment EBITDA

Light Vehicle

$           212

$           158

Commercial Vehicle

87

43

Off-Highway

465

404

Power Technologies

89

94

 Total Segment EBITDA

853

699

 Corporate expense and other items, net

(8)

1

 Adjusted EBITDA

$           845

$           700

DANA INCORPORATED

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

For the Three Months Ended December 31, 2023 and 2022 

Three Months Ended

 (In millions)

December 31,

2023

2022

 Segment EBITDA

$           160

$           175

Corporate expense and other items, net

(4)

1

 Adjusted EBITDA

156

176

Depreciation

(106)

(95)

Amortization

(6)

(6)

Non-service cost components of pension and OPEB costs

(3)

(4)

Restructuring charges, net

(4)

Stock compensation expense

(7)

(6)

Strategic transaction expenses

(1)

(2)

Distressed supplier costs

(18)

Amounts attributable to previously divested/closed operations

(2)

Other items

1

 Earnings before interest and income taxes

11

62

Interest income

3

5

Interest expense

40

33

 Earnings (loss) before income taxes

(26)

34

 Income tax expense

3

217

 Equity in earnings (loss) of affiliates

(15)

5

 Net loss

$            (44)

$          (178)

DANA INCORPORATED

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

For the Year Ended December 31, 2023 and 2022 

Year Ended

 (In millions)

December 31,

2023

2022

 Segment EBITDA

$           853

$           699

Corporate expense and other items, net

(8)

1

 Adjusted EBITDA

845

700

Depreciation

(393)

(365)

Amortization

(23)

(23)

Non-service cost components of pension and OPEB costs

(13)

(7)

Restructuring charges, net

(25)

1

Stock compensation expense

(26)

(19)

Strategic transaction expenses

(5)

(8)

Distressed supplier costs

(44)

Amounts attributable to previously divested/closed operations

(2)

Impairment of goodwill

(191)

 Earnings before interest and income taxes

316

86

Loss on extinguishment of debt

(1)

Interest income

17

11

Interest expense

154

128

 Earnings (loss) before income taxes

178

(31)

 Income tax expense

121

284

 Equity in earnings (loss) of affiliates

(9)

4

 Net income (loss)

$             48

$          (311)

DANA INCORPORATED

Reconciliation of Net Loss Attributable to the Parent Company to 

Adjusted Net Loss Attributable to the Parent Company and 

Diluted Adjusted EPS (Unaudited) 

For the Three Months Ended December 31, 2023 and 2022 

 (In millions, except per share amounts)

Three Months Ended

December 31,

2023

2022

 Net loss attributable to the parent company

$            (39)

$          (179)

 Items impacting loss before income taxes:

 Amortization

5

5

 Restructuring charges, net

3

 Strategic transaction expenses

1

 Distressed supplier costs

18

 Other items

(1)

2

 Items impacting income taxes:

 Net income tax benefit on items above

6

2

 Income tax expense (benefit) attributable to various discrete tax matters

(4)

155

 Adjusted net loss attributable to the parent company

$            (11)

$            (15)

 Diluted shares – as reported

144.5

143.4

 Adjusted diluted shares

144.5

143.4

 Diluted adjusted EPS

$         (0.08)

$         (0.10)

DANA INCORPORATED

Reconciliation of Net Income (Loss) Attributable to the Parent Company to 

Adjusted Net Income Attributable to the Parent Company and 

Diluted Adjusted EPS (Unaudited) 

For the Year Ended December 31, 2023 and 2022 

 (In millions, except per share amounts)

Year Ended

December 31,

2023

2022

 Net income (loss) attributable to the parent company

$             38

$          (242)

 Items impacting income (loss) before income taxes:

 Amortization

20

20

 Restructuring charges, net

24

(1)

 Strategic transaction expenses

5

8

 Distressed supplier costs

44

 Impairment of goodwill

118

 Other items

1

2

 Items impacting income taxes:

 Net income tax expense on items above

(20)

(8)

 Income tax expense attributable to various discrete tax matters

10

157

 Adjusted net income attributable to the parent company

$           122

$             54

 Diluted shares – as reported

144.6

143.6

 Adjusted diluted shares

144.6

144.3

 Diluted adjusted EPS

$          0.84

$          0.37

Cision

Cision

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SOURCE Dana Incorporated

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