Dana Incorporated Reports 2024 Adjusted EBITDA Growth of $40 Million, Including Margin Improvement of 60 Basis Points; Announces $300 Million Annualized Total Cost-Reduction Savings
Dana Incorporated (NYSE: DAN) reported its 2024 financial results, showing mixed performance. Sales decreased to $10.3 billion, down $271 million from 2023, primarily due to lower demand across all markets. Despite lower sales, the company achieved improved profitability metrics, with adjusted EBITDA increasing by $40 million to $885 million and margin improving by 60 basis points to 8.6%.
The company reported a net loss of $57 million in 2024, compared to a net income of $38 million in 2023, mainly due to higher restructuring charges. However, free cash flow improved to $70 million, a $95 million increase over 2023. Dana announced a significant cost-reduction program targeting $300 million in annualized savings by 2026, with over $100 million already achieved.
For 2025, Dana projects sales of $9.525-$10.025 billion, adjusted EBITDA of $925-$1,025 million, and free cash flow of $175-$275 million, representing a 10% increase in adjusted EBITDA and $155 million increase in free cash flow.
Dana Incorporated (NYSE: DAN) ha riportato i risultati finanziari per il 2024, mostrando una performance mista. Le vendite sono diminuite a 10,3 miliardi di dollari, in calo di 271 milioni di dollari rispetto al 2023, principalmente a causa di una minore domanda in tutti i mercati. Nonostante le vendite più basse, l'azienda ha ottenuto metriche di redditività migliorate, con un EBITDA rettificato aumentato di 40 milioni di dollari, raggiungendo 885 milioni di dollari, e un margine migliorato di 60 punti base, arrivando all'8,6%.
L'azienda ha registrato una perdita netta di 57 milioni di dollari nel 2024, rispetto a un utile netto di 38 milioni di dollari nel 2023, principalmente a causa di costi di ristrutturazione più elevati. Tuttavia, il flusso di cassa libero è migliorato a 70 milioni di dollari, con un incremento di 95 milioni di dollari rispetto al 2023. Dana ha annunciato un significativo programma di riduzione dei costi mirato a risparmi annualizzati di 300 milioni di dollari entro il 2026, con oltre 100 milioni di dollari già raggiunti.
Per il 2025, Dana prevede vendite tra 9,525 e 10,025 miliardi di dollari, un EBITDA rettificato tra 925 e 1,025 milioni di dollari, e un flusso di cassa libero tra 175 e 275 milioni di dollari, rappresentando un aumento del 10% nell'EBITDA rettificato e un incremento di 155 milioni di dollari nel flusso di cassa libero.
Dana Incorporated (NYSE: DAN) reportó sus resultados financieros de 2024, mostrando un desempeño mixto. Las ventas disminuyeron a 10.3 mil millones de dólares, una caída de 271 millones de dólares en comparación con 2023, principalmente debido a una menor demanda en todos los mercados. A pesar de las ventas más bajas, la empresa logró mejorar sus métricas de rentabilidad, con un EBITDA ajustado que aumentó en 40 millones de dólares, alcanzando 885 millones de dólares, y un margen que mejoró en 60 puntos básicos, llegando al 8.6%.
La empresa reportó una pérdida neta de 57 millones de dólares en 2024, en comparación con una ganancia neta de 38 millones de dólares en 2023, principalmente debido a mayores cargos por reestructuración. Sin embargo, el flujo de caja libre mejoró a 70 millones de dólares, un aumento de 95 millones de dólares respecto a 2023. Dana anunció un programa significativo de reducción de costos con un objetivo de ahorros anualizados de 300 millones de dólares para 2026, con más de 100 millones de dólares ya alcanzados.
Para 2025, Dana proyecta ventas de entre 9.525 y 10.025 mil millones de dólares, un EBITDA ajustado de entre 925 y 1.025 millones de dólares, y un flujo de caja libre de entre 175 y 275 millones de dólares, lo que representa un aumento del 10% en el EBITDA ajustado y un incremento de 155 millones de dólares en el flujo de caja libre.
다나 주식회사 (NYSE: DAN)는 2024년 재무 결과를 발표하며 혼합된 성과를 보였습니다. 매출은 103억 달러로 감소했으며, 이는 2023년 대비 2억 7100만 달러 줄어든 수치로, 모든 시장에서 수요가 감소한 것이 주된 원인입니다. 매출이 감소했음에도 불구하고, 회사는 개선된 수익성 지표를 달성했으며, 조정 EBITDA는 4000만 달러 증가하여 8억 8500만 달러에 달하고, 마진은 60bp 개선되어 8.6%에 이르렀습니다.
회사는 2024년에 5700만 달러의 순손실을 보고했으며, 이는 2023년의 3800만 달러 순이익에 비해 증가한 수치로, 주로 높은 구조조정 비용 때문입니다. 그러나 자유 현금 흐름은 7000만 달러로 개선되어 2023년 대비 9500만 달러 증가했습니다. 다나는 2026년까지 연간 3억 달러의 비용 절감을 목표로 하는 대규모 비용 절감 프로그램을 발표했으며, 이미 1억 달러 이상이 달성되었습니다.
2025년을 위해 다나는 매출을 95억 2500만 달러에서 100억 2500만 달러로, 조정 EBITDA를 9억 2500만 달러에서 10억 2500만 달러로, 자유 현금 흐름을 1억 7500만 달러에서 2억 7500만 달러로 예상하여, 조정 EBITDA는 10% 증가하고 자유 현금 흐름은 1억 5500만 달러 증가할 것으로 보입니다.
Dana Incorporated (NYSE: DAN) a publié ses résultats financiers pour 2024, affichant des performances mitigées. Les ventes ont diminué à 10,3 milliards de dollars, soit une baisse de 271 millions de dollars par rapport à 2023, principalement en raison d'une demande plus faible sur tous les marchés. Malgré la baisse des ventes, la société a réussi à améliorer ses indicateurs de rentabilité, avec un EBITDA ajusté en hausse de 40 millions de dollars, atteignant 885 millions de dollars, et une marge améliorée de 60 points de base à 8,6%.
La société a enregistré une perte nette de 57 millions de dollars en 2024, contre un bénéfice net de 38 millions de dollars en 2023, principalement en raison de charges de restructuration plus élevées. Cependant, le flux de trésorerie disponible s'est amélioré, atteignant 70 millions de dollars, soit une augmentation de 95 millions de dollars par rapport à 2023. Dana a annoncé un programme significatif de réduction des coûts visant des économies annualisées de 300 millions de dollars d'ici 2026, avec plus de 100 millions de dollars déjà réalisés.
Pour 2025, Dana prévoit des ventes de 9,525 à 10,025 milliards de dollars, un EBITDA ajusté de 925 à 1,025 millions de dollars, et un flux de trésorerie disponible de 175 à 275 millions de dollars, représentant une augmentation de 10% de l'EBITDA ajusté et une augmentation de 155 millions de dollars du flux de trésorerie disponible.
Dana Incorporated (NYSE: DAN) hat die Finanzzahlen für 2024 veröffentlicht und zeigt gemischte Ergebnisse. Der Umsatz sank auf 10,3 Milliarden Dollar, ein Rückgang um 271 Millionen Dollar im Vergleich zu 2023, hauptsächlich aufgrund der geringeren Nachfrage in allen Märkten. Trotz des Rückgangs der Verkaufszahlen erzielte das Unternehmen verbesserte Rentabilitätskennzahlen, mit einem bereinigten EBITDA, das um 40 Millionen Dollar auf 885 Millionen Dollar stieg, und einer Margenverbesserung um 60 Basispunkte auf 8,6%.
Das Unternehmen meldete einen Nettoverlust von 57 Millionen Dollar im Jahr 2024, verglichen mit einem Nettogewinn von 38 Millionen Dollar im Jahr 2023, hauptsächlich aufgrund höherer Umstrukturierungskosten. Der freie Cashflow verbesserte sich jedoch auf 70 Millionen Dollar, was einen Anstieg von 95 Millionen Dollar im Vergleich zu 2023 darstellt. Dana kündigte ein bedeutendes Kostenreduzierungsprogramm an, das bis 2026 jährliche Einsparungen von 300 Millionen Dollar anstrebt, wobei bereits über 100 Millionen Dollar erzielt wurden.
Für 2025 prognostiziert Dana einen Umsatz von 9,525 bis 10,025 Milliarden Dollar, ein bereinigtes EBITDA von 925 bis 1.025 Millionen Dollar und einen freien Cashflow von 175 bis 275 Millionen Dollar, was eine Erhöhung des bereinigten EBITDA um 10% und einen Anstieg des freien Cashflows um 155 Millionen Dollar darstellt.
- Adjusted EBITDA increased by $40 million to $885 million in 2024
- Margin improved by 60 basis points to 8.6%
- Free cash flow improved by $95 million to $70 million
- $100 million in cost savings already achieved towards $300 million target
- Adjusted net income increased to $136 million from $122 million
- Sales declined by $271 million to $10.3 billion
- Net loss of $57 million compared to net income of $38 million in 2023
- Lower market demand across all segments
- Projected sales decline for 2025
Insights
Dana's 2024 results reveal a compelling transformation story focused on operational efficiency amid challenging market conditions. The
The announced
The three-year new business backlog of
Key risks to monitor include:
- Execution challenges in achieving the remaining
$200 million in cost savings - Potential market share impacts from reduced capital expenditure
- Customer pricing pressures that could offset efficiency gains
- Further weakness in the EV market affecting growth prospects
The company's shift toward cash flow optimization, evidenced by the projected
Full-year Results
- Sales of
$10.3 billion $271 million - Net loss of
$57 million $38 million - Adjusted net income of
$136 million $122 million - Adjusted EBITDA of
$885 million $40 million - Adjusted EBITDA margin of 8.6 percent, a 60-basis-point improvement compared with 2023
- Free cash flow of
$70 million $95 million - Three-year new business sales backlog of
$650 million - 2025 guidance reflects 10 percent increase in adjusted EBITDA,
$155 million
"Our 2024 results reflect the initial improvements we've implemented to streamline our cost structure, and we anticipate even greater progress in 2025," said R. Bruce
Fourth-quarter 2024 Financial Results
Sales for the fourth quarter of 2024 totaled
Adjusted EBITDA for the fourth quarter of 2024 was
The net loss attributable to Dana was
The adjusted net income attributable to Dana was
Operating cash flow in the fourth quarter of 2024 was
Full-year 2024 Financial Results
Sales for 2024 were
Adjusted EBITDA for 2024 was
The net loss attributable to Dana for 2024 was
Adjusted net income attributable to Dana was
The company reported operating cash flow of
"Today we are affirming our previously announced guidance for 2025 financial targets," said Timothy Kraus, senior vice president and chief financial officer. "Sales are expected to be lower for the year, mainly driven by lower demand for off-highway equipment and translation of foreign currency. The impact of our cost-savings actions, totaling
2025 Financial Targets
- Sales of
$9.52 5$10.02 5 billion - Adjusted EBITDA of
$925 $1,025 million - Operating cash flow of approximately
$500 $600 million - Free cash flow of
$175 $275 million - Diluted Adjusted EPS of
$1.40 $1.90
Dana to Host Conference Call at 9 a.m. Thursday, Feb. 20
Dana will discuss its fourth-quarter and full-year results in a conference call at 9 a.m. EST on Thursday, 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 8:30 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
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DANA INCORPORATED | |||||
Consolidated Statement of Operations (Unaudited) | |||||
For the Three Months Ended December 31, 2024 and 2023 | |||||
Three Months Ended | |||||
(In millions, except per share amounts) | December 31, | ||||
2024 | 2023 | ||||
Net sales | $ 2,335 | $ 2,494 | |||
Costs and expenses | |||||
Cost of sales | 2,203 | 2,330 | |||
Selling, general and administrative expenses | 123 | 139 | |||
Amortization of intangibles | 3 | 3 | |||
Restructuring charges, net | 35 | 4 | |||
Other income (expense), net | (7) | (7) | |||
Earnings (loss) before interest and income taxes | (36) | 11 | |||
Interest income | 5 | 3 | |||
Interest expense | 43 | 40 | |||
Loss before income taxes | (74) | (26) | |||
Income tax expense | 5 | 3 | |||
Equity in earnings (loss) of affiliates | 3 | (15) | |||
Net loss | (76) | (44) | |||
Less: Noncontrolling interests net income | 4 | 5 | |||
Less: Redeemable noncontrolling interests net loss | - | (10) | |||
Net loss attributable to the parent company | $ (80) | $ (39) | |||
Net loss per share available to common stockholders | |||||
Basic | $ (0.55) | $ (0.27) | |||
Diluted | $ (0.55) | $ (0.27) | |||
Weighted-average shares outstanding - Basic | 145.3 | 144.5 | |||
Weighted-average shares outstanding - Diluted | 145.3 | 144.5 | |||
DANA INCORPORATED | |||||
Consolidated Statement of Operations | |||||
For the Year Ended December 31, 2024 and 2023 | |||||
Year Ended | |||||
(In millions, except per share amounts) | December 31, | ||||
2024 | 2023 | ||||
Net sales | $ 10,284 | $ 10,555 | |||
Costs and expenses | |||||
Cost of sales | 9,408 | 9,655 | |||
Selling, general and administrative expenses | 524 | 549 | |||
Amortization of intangibles | 13 | 13 | |||
Restructuring charges, net | 76 | 25 | |||
Loss on disposal group previously held for sale | (26) | ||||
Other income (expense), net | (11) | 3 | |||
Earnings before interest and income taxes | 226 | 316 | |||
Loss on extinguishment of debt | (1) | ||||
Interest income | 15 | 17 | |||
Interest expense | 161 | 154 | |||
Earnings before income taxes | 80 | 178 | |||
Income tax expense | 139 | 121 | |||
Equity in earnings (loss) of affiliates | 10 | (9) | |||
Net income (loss) | (49) | 48 | |||
Less: Noncontrolling interests net income | 21 | 22 | |||
Less: Redeemable noncontrolling interests net loss | (13) | (12) | |||
Net income (loss) attributable to the parent company | $ (57) | $ 38 | |||
Net income (loss) per share available to common stockholders | |||||
Basic | $ (0.39) | $ 0.26 | |||
Diluted | $ (0.39) | $ 0.26 | |||
Weighted-average shares outstanding - Basic | 145.2 | 144.4 | |||
Weighted-average shares outstanding - Diluted | 145.2 | 144.6 | |||
DANA INCORPORATED | |||||||
Consolidated Statement of Comprehensive Income (Unaudited) | |||||||
For the Three Months Ended December 31, 2024 and 2023 | |||||||
Three Months Ended | |||||||
(In millions) | December 31, | ||||||
2024 | 2023 | ||||||
Net loss | $ (76) | $ (44) | |||||
Other comprehensive income (loss), net of tax: | |||||||
Currency translation adjustments | (65) | 36 | |||||
Hedging gains and losses | (14) | 2 | |||||
Defined benefit plans | 2 | (16) | |||||
Other comprehensive income (loss) | (77) | 22 | |||||
Total comprehensive loss | (153) | (22) | |||||
Less: Comprehensive income attributable to noncontrolling interests | (2) | (6) | |||||
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests | (1) | 6 | |||||
Comprehensive loss attributable to the parent company | $ (156) | $ (22) | |||||
DANA INCORPORATED | |||||||
Consolidated Statement of Comprehensive Income | |||||||
For the Year Ended December 31, 2024 and 2023 | |||||||
Year Ended | |||||||
(In millions) | December 31, | ||||||
2024 | 2023 | ||||||
Net income (loss) | $ (49) | $ 48 | |||||
Other comprehensive income (loss), net of tax: | |||||||
Currency translation adjustments | (117) | 30 | |||||
Hedging gains and losses | (49) | (1) | |||||
Defined benefit plans | 8 | (16) | |||||
Other comprehensive income (loss) | (158) | 13 | |||||
Total comprehensive income (loss) | (207) | 61 | |||||
Less: Comprehensive income attributable to noncontrolling interests | (18) | (22) | |||||
Less: Comprehensive loss attributable to redeemable noncontrolling interests | 16 | 10 | |||||
Comprehensive income (loss) attributable to the parent company | $ (209) | $ 49 | |||||
DANA INCORPORATED | ||||||
Consolidated Balance Sheet | ||||||
As of December 31, 2024 and December 31, 2023 | ||||||
(In millions, except share and per share amounts) | December 31, | December 31, | ||||
2024 | 2023 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ 494 | $ 529 | ||||
Accounts receivable | ||||||
Trade, less allowance for doubtful accounts of | 1,195 | 1,371 | ||||
Other | 261 | 280 | ||||
Inventories | 1,547 | 1,676 | ||||
Other current assets | 206 | 247 | ||||
Total current assets | 3,703 | 4,103 | ||||
Goodwill | 250 | 263 | ||||
Intangibles | 150 | 182 | ||||
Deferred tax assets | 560 | 516 | ||||
Other noncurrent assets | 189 | 140 | ||||
Investments in affiliates | 126 | 123 | ||||
Operating lease assets | 293 | 327 | ||||
Property, plant and equipment, net | 2,214 | 2,311 | ||||
Total assets | $ 7,485 | $ 7,965 | ||||
Liabilities, redeemable noncontrolling interests and equity | ||||||
Current liabilities | ||||||
Short-term debt | $ 8 | $ 22 | ||||
Current portion of long-term debt | 214 | 35 | ||||
Accounts payable | 1,522 | 1,756 | ||||
Accrued payroll and employee benefits | 236 | 288 | ||||
Taxes on income | 69 | 86 | ||||
Current portion of operating lease liabilities | 44 | 42 | ||||
Other accrued liabilities | 468 | 373 | ||||
Total current liabilities | 2,561 | 2,602 | ||||
Long-term debt, less debt issuance costs of | 2,389 | 2,598 | ||||
Noncurrent operating lease liabilities | 258 | 284 | ||||
Pension and postretirement obligations | 295 | 334 | ||||
Other noncurrent liabilities | 397 | 319 | ||||
Total liabilities | 5,900 | 6,137 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 189 | 191 | ||||
Parent company stockholders' equity | ||||||
Preferred stock, 50,000,000 shares authorized, | ||||||
no shares outstanding | - | - | ||||
Common stock, 450,000,000 shares authorized, | ||||||
144,993,614 and 144,386,484 shares outstanding | 2 | 2 | ||||
Additional paid-in capital | 2,282 | 2,255 | ||||
Retained earnings | 204 | 317 | ||||
Treasury stock, at cost (837,803 and 474,981 shares) | (13) | (9) | ||||
Accumulated other comprehensive loss | (1,142) | (990) | ||||
Total parent company stockholders' equity | 1,333 | 1,575 | ||||
Noncontrolling interests | 63 | 62 | ||||
Total equity | 1,396 | 1,637 | ||||
Total liabilities, redeemable noncontrolling interests and equity | $ 7,485 | $ 7,965 | ||||
DANA INCORPORATED | |||||
Consolidated Statement of Cash Flows (Unaudited) | |||||
For the Three Months Ended December 31, 2024 and 2023 | |||||
Three Months Ended | |||||
(In millions) | December 31, | ||||
2024 | 2023 | ||||
Operating activities | |||||
Net loss | $ (76) | $ (44) | |||
Depreciation | 97 | 106 | |||
Amortization | 5 | 6 | |||
Amortization of deferred financing charges | 2 | 1 | |||
Earnings of affiliates, net of dividends received | (3) | 15 | |||
Stock compensation expense | 9 | 7 | |||
Deferred income taxes | (47) | (58) | |||
Pension expense, net | (1) | ||||
Change in working capital | 288 | 239 | |||
Change in other noncurrent assets and liabilities | 40 | (2) | |||
Other, net | (13) | 9 | |||
Net cash provided by operating activities | 302 | 278 | |||
Investing activities | |||||
Purchases of property, plant and equipment | (153) | (142) | |||
Proceeds from sale of property, plant and equipment | 4 | 2 | |||
Settlements of undesignated derivatives | (3) | ||||
Other, net | 2 | (2) | |||
Net cash used in investing activities | (147) | (145) | |||
Financing activities | |||||
Net change in short-term debt | (14) | (15) | |||
Repayment of long-term debt | (2) | (2) | |||
Dividends paid to common stockholders | (15) | (15) | |||
Distributions to noncontrolling interests | (3) | ||||
Contributions from redeemable noncontrolling interests | 4 | ||||
Other, net | (1) | ||||
Net cash used in financing activities | (34) | (29) | |||
Net increase in cash, cash equivalents and restricted cash | 121 | 104 | |||
Cash, cash equivalents and restricted cash − beginning of period | 435 | 440 | |||
Effect of exchange rate changes on cash balances | (44) | 19 | |||
Cash, cash equivalents and restricted cash − end of period | $ 512 | $ 563 | |||
DANA INCORPORATED | |||||
Consolidated Statement of Cash Flows | |||||
For the Year Ended December 31, 2024 and 2023 | |||||
Year Ended | |||||
(In millions) | December 31, | ||||
2024 | 2023 | ||||
Operating activities | |||||
Net income (loss) | $ (49) | $ 48 | |||
Depreciation | 401 | 393 | |||
Amortization | 21 | 23 | |||
Amortization of deferred financing charges | 6 | 5 | |||
Write-off of deferred financing costs | 1 | ||||
Earnings of affiliates, net of dividends received | (7) | 11 | |||
Stock compensation expense | 30 | 26 | |||
Deferred income taxes | (29) | (104) | |||
Pension expense, net | 1 | 3 | |||
Change in working capital | 27 | 70 | |||
Change in other noncurrent assets and liabilities | 25 | 11 | |||
Loss on disposal group previously held for sale | 26 | ||||
Other, net | (2) | (11) | |||
Net cash provided by operating activities | 450 | 476 | |||
Investing activities | |||||
Purchases of property, plant and equipment | (380) | (501) | |||
Proceeds from sale of property, plant and equipment | 11 | 2 | |||
Settlements of undesignated derivatives | (5) | (13) | |||
Other, net | 22 | (16) | |||
Net cash used in investing activities | (352) | (528) | |||
Financing activities | |||||
Net change in short-term debt | (14) | (30) | |||
Proceeds from long-term debt | 1 | 458 | |||
Repayment of long-term debt | (37) | (209) | |||
Deferred financing payments | (9) | ||||
Dividends paid to common stockholders | (58) | (58) | |||
Distributions to noncontrolling interests | (20) | (10) | |||
Collection of note receivable from redeemable noncontrolling interest | 11 | ||||
Contributions from redeemable noncontrolling interests | 18 | 22 | |||
Other, net | 9 | (4) | |||
Net cash provided by (used in) financing activities | (90) | 160 | |||
Net increase in cash, cash equivalents and restricted cash | 8 | 108 | |||
Cash, cash equivalents and restricted cash − beginning of period | 563 | 442 | |||
Effect of exchange rate changes on cash balances | (59) | 13 | |||
Cash, cash equivalents and restricted cash − end of period | $ 512 | $ 563 | |||
DANA INCORPORATED | |||||
Reconciliation of Net Cash Provided By Operating Activities to | |||||
Free Cash Flow (Unaudited) | |||||
Three Months Ended | |||||
(In millions) | December 31, | ||||
2024 | 2023 | ||||
Net cash provided by operating activities | $ 302 | $ 278 | |||
Purchases of property, plant and equipment | (153) | (142) | |||
Free cash flow | $ 149 | $ 136 | |||
Year Ended | |||||
(In millions) | December 31, | ||||
2024 | 2023 | ||||
Net cash provided by operating activities | $ 450 | $ 476 | |||
Purchases of property, plant and equipment | (380) | (501) | |||
Free cash flow | $ 70 | $ (25) | |||
DANA INCORPORATED | ||||
Segment Sales and Segment EBITDA (Unaudited) | ||||
For the Three Months Ended December 31, 2024 and 2023 | ||||
Three Months Ended | ||||
(In millions) | December 31, | |||
2024 | 2023 | |||
Sales | ||||
Light Vehicle | $ 961 | $ 923 | ||
Commercial Vehicle | 460 | 509 | ||
Off-Highway | 613 | 762 | ||
Power Technologies | 301 | 300 | ||
Total Sales | $ 2,335 | $ 2,494 | ||
Segment EBITDA | ||||
Light Vehicle | $ 85 | $ 22 | ||
Commercial Vehicle | 1 | 13 | ||
Off-Highway | 85 | 106 | ||
Power Technologies | 17 | 19 | ||
Total Segment EBITDA | 188 | 160 | ||
Corporate expense and other items, net | (2) | (4) | ||
Adjusted EBITDA | $ 186 | $ 156 | ||
DANA INCORPORATED | ||||
Segment Sales and Segment EBITDA | ||||
For the Year Ended December 31, 2024 and 2023 | ||||
Year Ended | ||||
(In millions) | December 31, | |||
2024 | 2023 | |||
Sales | ||||
Light Vehicle | $ 4,224 | $ 4,035 | ||
Commercial Vehicle | 2,005 | 2,092 | ||
Off-Highway | 2,767 | 3,185 | ||
Power Technologies | 1,288 | 1,243 | ||
Total Sales | $ 10,284 | $ 10,555 | ||
Segment EBITDA | ||||
Light Vehicle | $ 314 | $ 212 | ||
Commercial Vehicle | 67 | 87 | ||
Off-Highway | 419 | 465 | ||
Power Technologies | 92 | 89 | ||
Total Segment EBITDA | 892 | 853 | ||
Corporate expense and other items, net | (7) | (8) | ||
Adjusted EBITDA | $ 885 | $ 845 | ||
DANA INCORPORATED | ||||
Reconciliation of Segment and Adjusted EBITDA to Earnings (Loss) | ||||
Before Income Taxes (Unaudited) | ||||
For the Three Months Ended December 31, 2024 and 2023 | ||||
Three Months Ended | ||||
(In millions) | December 31, | |||
2024 | 2023 | |||
Segment EBITDA | $ 188 | $ 160 | ||
Corporate expense and other items, net | (2) | (4) | ||
Adjusted EBITDA | 186 | 156 | ||
Depreciation | (97) | (106) | ||
Amortization | (5) | (6) | ||
Non-service cost components of pension and OPEB costs | (4) | (3) | ||
Restructuring charges, net | (35) | (4) | ||
Stock compensation expense | (9) | (7) | ||
Strategic transaction expenses | (4) | (1) | ||
Loss on sale of property, plant and equipment | (1) | |||
Distressed supplier costs | (18) | |||
Supplier capacity commitment charge | (46) | |||
Amount attributable to previously divested/closed operations | (9) | |||
Other items | (12) | |||
Earnings (loss) before interest and income taxes | (36) | 11 | ||
Interest income | 5 | 3 | ||
Interest expense | 43 | 40 | ||
Loss before income taxes | $ (74) | $ (26) | ||
DANA INCORPORATED | ||||
Reconciliation of Segment and Adjusted EBITDA to Earnings | ||||
Before Income Taxes | ||||
For the Year Ended December 31, 2024 and 2023 | ||||
Year Ended | ||||
(In millions) | December 31, | |||
2024 | 2023 | |||
Segment EBITDA | $ 892 | $ 853 | ||
Corporate expense and other items, net | (7) | (8) | ||
Adjusted EBITDA | 885 | 845 | ||
Depreciation | (401) | (393) | ||
Amortization | (21) | (23) | ||
Non-service cost components of pension and OPEB costs | (18) | (13) | ||
Restructuring charges, net | (76) | (25) | ||
Stock compensation expense | (30) | (26) | ||
Strategic transaction expenses | (9) | (5) | ||
Loss on sale of property, plant and equipment | (6) | (1) | ||
Distressed supplier costs | (44) | |||
Supplier capacity commitment charge | (46) | |||
Loss on disposal group previously held for sale | (26) | |||
Amount attributable to previously divested/closed operations | (9) | |||
Other items | (17) | 1 | ||
Earnings before interest and income taxes | 226 | 316 | ||
Loss on extinguishment of debt | (1) | |||
Interest income | 15 | 17 | ||
Interest expense | 161 | 154 | ||
Earnings before income taxes | $ 80 | $ 178 | ||
DANA INCORPORATED | |||||
Reconciliation of Net Loss Attributable to the Parent Company to | |||||
Adjusted Net Income (Loss) Attributable to the Parent Company and | |||||
Diluted Adjusted EPS (Unaudited) | |||||
For the Three Months Ended December 31, 2024 and 2023 | |||||
(In millions, except per share amounts) | |||||
Three Months Ended | |||||
December 31, | |||||
2024 | 2023 | ||||
Net loss attributable to the parent company | $ (80) | $ (39) | |||
Items impacting income before income taxes: | |||||
Amortization | 5 | 5 | |||
Restructuring charges, net | 35 | 3 | |||
Strategic transaction expenses | 4 | 1 | |||
Distressed supplier costs | 18 | ||||
Supplier capacity commitment charge | 46 | ||||
Amount attributable to previously divested/closed operations | 9 | ||||
Other items | 9 | (1) | |||
Items impacting income taxes: | |||||
Net income tax (expense) benefit on items above | (3) | 6 | |||
Income tax expense (benefit) attributable to various discrete tax matters | 11 | (4) | |||
Adjusted net income (loss) attributable to the parent company | $ 36 | $ (11) | |||
Diluted shares - as reported | 145.3 | 144.5 | |||
Adjusted diluted shares | 145.9 | 144.5 | |||
Diluted adjusted EPS | $ 0.25 | $ (0.08) | |||
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, 2024 and 2023 | |||||
(In millions, except per share amounts) | |||||
Year Ended | |||||
December 31, | |||||
2024 | 2023 | ||||
Net income (loss) attributable to the parent company | $ (57) | $ 38 | |||
Items impacting income before income taxes: | |||||
Amortization | 20 | 20 | |||
Restructuring charges, net | 76 | 24 | |||
Strategic transaction expenses | 9 | 5 | |||
Distressed supplier costs | 44 | ||||
Supplier capacity commitment charge | 46 | ||||
Amount attributable to previously divested/closed operations | 9 | ||||
Loss on disposal group previously held for sale | 26 | ||||
Other items | 9 | 1 | |||
Items impacting income taxes: | |||||
Net income tax expense on items above | (37) | (20) | |||
Income tax expense attributable to various discrete tax matters | 35 | 10 | |||
Adjusted net income attributable to the parent company | $ 136 | $ 122 | |||
Diluted shares - as reported | 145.2 | 144.6 | |||
Adjusted diluted shares | 145.4 | 144.6 | |||
Diluted adjusted EPS | $ 0.94 | $ 0.84 | |||
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SOURCE Dana Incorporated
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