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Dana Incorporated Reports 2024 Third-Quarter Financial Results, Reports Strong Third-Quarter Profit Margin, Maintains Full-Year Free Cash Flow Guidance

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Dana Incorporated reported Q3 2024 financial results with sales of $2.48 billion, down from $2.67 billion in Q3 2023. Net income was $4 million ($0.03 per share), compared to $19 million ($0.13 per share) in Q3 2023. Adjusted EBITDA reached $232 million with a 9.4% margin, showing a 30-basis-point improvement despite lower sales due to weakening demand across markets, particularly in EVs and traditional vehicles. The company maintained its full-year free cash flow guidance at $100 million and revised its 2024 sales target to $10.2-10.4 billion.

Dana Incorporated ha riportato i risultati finanziari del terzo trimestre 2024 con vendite di 2,48 miliardi di dollari, in calo rispetto ai 2,67 miliardi di dollari del terzo trimestre 2023. L'utile netto è stato di 4 milioni di dollari (0,03 dollari per azione), rispetto ai 19 milioni di dollari (0,13 dollari per azione) del terzo trimestre 2023. EBITDA rettificato ha raggiunto i 232 milioni di dollari con un margine del 9,4%, mostrando un miglioramento di 30 punti base nonostante le vendite inferiori dovute a una domanda in calo in tutti i mercati, in particolare nei veicoli elettrici e nei veicoli tradizionali. L'azienda ha mantenuto le proprie previsioni di flusso di cassa libero per l'intero anno a 100 milioni di dollari e ha rivisto il suo obiettivo di vendite per il 2024 a 10,2-10,4 miliardi di dollari.

Dana Incorporated informó los resultados financieros del tercer trimestre de 2024 con ventas de 2.48 mil millones de dólares, una disminución respecto a los 2.67 mil millones de dólares en el tercer trimestre de 2023. La utilidad neta fue de 4 millones de dólares (0.03 dólares por acción), comparado con 19 millones de dólares (0.13 dólares por acción) en el tercer trimestre de 2023. EBITDA ajustado alcanzó los 232 millones de dólares con un margen del 9.4%, mostrando una mejora de 30 puntos básicos a pesar de las menores ventas debido a una demanda débil en todos los mercados, especialmente en vehículos eléctricos y vehículos convencionales. La compañía mantuvo su guía de flujo de caja libre para todo el año en 100 millones de dólares y revisó su objetivo de ventas para 2024 a 10.2-10.4 mil millones de dólares.

다나 주식회사는 2024년 3분기 재무 결과를 보고했으며, 매출은 24억8000만 달러로, 2023년 3분기의 26억7000만 달러에서 감소했습니다. 순이익은 400만 달러(주당 0.03달러)로, 2023년 3분기의 1900만 달러(주당 0.13달러)와 비교되었습니다. 조정된 EBITDA는 2억3200만 달러에 도달했으며, 마진은 9.4%로, EV 및 전통 자동차에 대한 수요 약화에도 불구하고 30베이시스 포인트 개선을 보여주었습니다. 회사는 전체 연간 자유 현금 흐름 지침을 1억 달러로 유지했으며, 2024년 판매 목표를 102억~104억 달러로 수정했습니다.

Dana Incorporated a annoncé ses résultats financiers pour le troisième trimestre 2024 avec des ventes de 2,48 milliards de dollars, en baisse par rapport à 2,67 milliards de dollars pour le troisième trimestre 2023. Le revenu net s'est élevé à 4 millions de dollars (0,03 dollar par action), contre 19 millions de dollars (0,13 dollar par action) au troisième trimestre 2023. EBITDA ajusté a atteint 232 millions de dollars avec une marge de 9,4%, montrant une amélioration de 30 points de base malgré des ventes inférieures dues à une demande affaiblie sur les marchés, en particulier dans les véhicules électriques et traditionnels. L'entreprise a maintenu sa prévision de flux de trésorerie libre pour l'année à 100 millions de dollars et a révisé son objectif de ventes pour 2024 à 10,2-10,4 milliards de dollars.

Dana Incorporated hat die finanziellen Ergebnisse des 3. Quartals 2024 veröffentlicht, mit einem Umsatz von 2,48 Milliarden Dollar, ein Rückgang von 2,67 Milliarden Dollar im 3. Quartal 2023. Der Nettogewinn betrug 4 Millionen Dollar (0,03 Dollar pro Aktie) im Vergleich zu 19 Millionen Dollar (0,13 Dollar pro Aktie) im 3. Quartal 2023. Bereinigtes EBITDA erreichte 232 Millionen Dollar mit einer Marge von 9,4%, was eine Verbesserung um 30 Basispunkte zeigt, trotz geringerer Verkäufe aufgrund der sinkenden Nachfrage auf den Märkten, insbesondere bei Elektrofahrzeugen und traditionellen Fahrzeugen. Das Unternehmen behielt seine Prognose für den freien Cashflow für das gesamte Jahr bei 100 Millionen Dollar und passte sein Verkaufsziel für 2024 auf 10,2-10,4 Milliarden Dollar an.

Positive
  • Adjusted EBITDA margin improved by 30 basis points to 9.4%
  • Successfully maintained full-year free cash flow guidance
  • Effective cost structure management despite lower sales
Negative
  • Sales declined 7.1% YoY to $2.48 billion
  • Net income decreased 79% to $4 million from $19 million YoY
  • Adjusted net income fell to $18 million from $43 million YoY
  • Operating cash flow declined to $35 million from $112 million YoY
  • Weakening market demand across EV and traditional vehicle segments

Insights

Dana's Q3 results reveal concerning trends with $2.48 billion in sales, down from $2.67 billion year-over-year and net income dropping to $4 million from $19 million. While the company achieved a 9.4% adjusted EBITDA margin, showing slight improvement, the broader picture suggests challenges:

  • Weakening demand across multiple segments, particularly in EVs and traditional vehicles
  • Diluted EPS declined to $0.03 from $0.13 year-over-year
  • Free cash flow remained negative at -$11 million

The revised 2024 guidance implies continued pressure, with adjusted EBITDA margins expected at 8.5%. While cost-control measures are helping maintain profitability, the demand slowdown and EV market weakness present significant headwinds for near-term growth.

The automotive supplier market is facing a complex transition period, reflected in Dana's results. Key market dynamics include:

  • Softening EV demand signals a potential slowdown in the electric vehicle transition
  • Widespread weakness across commercial trucks and off-highway equipment suggests broader industrial slowdown
  • Margin preservation through cost management indicates defensive positioning

The company's maintained free cash flow guidance of $100 million despite headwinds shows operational resilience, but reduced sales targets from $10.2 to $10.4 billion highlight market uncertainties. This reflects broader industry challenges in navigating the transition between traditional and electric powertrains.

  • Sales of $2.48 billion
  • Net income of $4 million
  • Adjusted EBITDA of $232 million
  • Adjusted EBITDA margin of 9.4 percent, a 30-basis-point improvement compared with 2023
  • Full-year free cash flow guidance maintained at $100 million

MAUMEE, Ohio, Oct. 30, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced financial results for the third quarter of 2024.

"Dana achieved 30 basis points of profit-margin improvement in the third quarter despite lower sales as a result of softening demand for both EV and traditional programs across our end markets," said Chairman and CEO Jim Kamsickas.

"Dana's ability to flex our cost structure and generate efficiencies from our global business and operating systems through the current adverse market conditions is allowing us to continue driving toward our profitability goals. Despite market cyclicality, we remain focused on the technology innovations required to meet the needs of our customers and secure long-term, profitable growth."

Sales for the third quarter of 2024 totaled $2.48 billion, compared with $2.67 billion in the same period of 2023. Weakening market demand for electric vehicles, commercial trucks, off-highway equipment, and certain light-truck programs drove lower sales.  

Adjusted EBITDA for the third quarter of 2024 was $232 million or 9.4 percent of sales, compared with $242 million or 9.1 percent of sales for the same period in 2023. Company-wide efficiency improvements and cost-savings actions offset the margin impact of lower sales, inflation, and spending on development for electric-vehicle products.

Net income attributable to Dana was $4 million, or $0.03 per share, compared with $19 million, or $0.13 per share, in the third quarter of 2023. 

Adjusted net income attributable to Dana was $18 million, and diluted adjusted earnings per share were $0.12 for the third quarter of 2024, compared with adjusted net income of $43 million and $0.30 per share in 2023.

Operating cash flow in the third quarter of 2024 was $35 million, compared with $112 million in the same period of 2023. Free cash flow was a use of $11 million, compared with a use of $5 million for the third quarter of 2023.

"Lower end-market demand is driving our reduced sales and profit expectations for the remainder of the year," said Timothy Kraus, Senior Vice President and Chief Financial Officer. "Targeted cost-savings actions and reduced capital expenditures will position us well for continued profit and cashflow improvements into next year."

Revised 2024 Financial Targets

  • Sales of $10.2 to $10.4 billion;
  • Adjusted EBITDA of $855 to $895 million, an implied adjusted EBITDA margin of approximately 8.5 percent at the midpoint of the range;
  • Operating cash flow of approximately $465 to $485 million; and
  • Free cash flow of $90 to $110 million;
  • Diluted EPS of $0.05 to $0.25;
  • Diluted Adjusted EPS of $0.75 to $0.95.

Dana to Host Conference Call at 9 a.m., Wednesday, Oct. 30
Dana will discuss its third-quarter results in a conference call at 9 a.m. EDT on Wednesday, Oct. 30.  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 Measures
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 (loss) 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 and 2024 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 September 30, 2024 and 2023 








Three Months Ended

 (In millions, except per share amounts) 


September 30,



2024


2023

 Net sales 


$      2,476


$      2,669

 Costs and expenses 





     Cost of sales 


2,231


2,433

     Selling, general and administrative expenses 


130


126

     Amortization of intangibles 


3


3

     Restructuring charges, net 


24


17

 Adjustment of loss on disposal group previously held for sale 


4



 Other income (expense), net 


(4)


1

 Earnings before interest and income taxes 


88


91

 Interest income 


4


5

 Interest expense 


40


41

 Earnings before income taxes 


52


55

 Income tax expense 


43


33

 Equity in earnings of affiliates 


2


3

 Net income 


11


25

     Less: Noncontrolling interests net income 


7


8

     Less: Redeemable noncontrolling interests net loss 


-


(2)

 Net income attributable to the parent company 


$              4


$            19






 Net income per share available to common stockholders 





    Basic 


$        0.03


$        0.13

    Diluted 


$        0.03


$        0.13






 Weighted-average shares outstanding - Basic 


145.0


144.3

 Weighted-average shares outstanding - Diluted 


145.1


144.7

 

 DANA INCORPORATED 

 Consolidated Statement of Operations (Unaudited) 

 For the Nine Months Ended September 30, 2024 and 2023 









Nine Months Ended

 (In millions, except per share amounts) 


September 30,



2024


2023

 Net sales 


$      7,949


$      8,061

 Costs and expenses 





     Cost of sales 


7,205


7,325

     Selling, general and administrative expenses 


401


410

     Amortization of intangibles 


10


10

     Restructuring charges, net 


41


21

 Loss on disposal group previously held for sale 


(26)



 Other income (expense), net 


(4)


10

 Earnings before interest and income taxes 


262


305

 Loss on extinguishment of debt 




(1)

 Interest income 


10


14

 Interest expense 


118


114

 Earnings before income taxes 


154


204

 Income tax expense 


134


118

 Equity in earnings of affiliates 


7


6

 Net income 


27


92

     Less: Noncontrolling interests net income 


17


17

     Less: Redeemable noncontrolling interests net loss 


(13)


(2)

 Net income attributable to the parent company 


$            23


$            77






 Net income per share available to common stockholders 





    Basic 


$        0.16


$        0.53

    Diluted 


$        0.16


$        0.53






 Weighted-average shares outstanding - Basic 


144.9


144.2

 Weighted-average shares outstanding - Diluted 


145.0


144.5

 

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Three Months Ended September 30, 2024 and 2023 








Three Months Ended

 (In millions) 


September 30,



2024


2023

 Net income 


$            11


$            25

 Other comprehensive income (loss), net of tax: 






Currency translation adjustments


14


(24)


Hedging gains and losses


(7)


(21)


Defined benefit plans


1


(1)


Other comprehensive Income (loss)


8


(46)

Total comprehensive income (loss)


19


(21)


Less: Comprehensive income attributable to noncontrolling interests


(7)


(7)


Less: Comprehensive loss attributable to redeemable noncontrolling interests


-


4

Comprehensive income (loss) attributable to the parent company


$            12


$          (24)

 

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Nine Months Ended September 30, 2024 and 2023 








Nine Months Ended

 (In millions) 


September 30,



2024


2023

 Net income 


$            27


$            92

 Other comprehensive income (loss), net of tax: 






Currency translation adjustments


(52)


(6)


Hedging gains and losses


(35)


(3)


Defined benefit plans


6




Other comprehensive loss


(81)


(9)

Total comprehensive income (loss)


(54)


83


Less: Comprehensive income attributable to noncontrolling interests


(16)


(16)


Less: Comprehensive loss attributable to redeemable noncontrolling interests


17


4

Comprehensive income (loss) attributable to the parent company


$          (53)


$            71

 

 DANA INCORPORATED 

 Consolidated Balance Sheet (Unaudited) 

 As of September 30, 2024 and December 31, 2023 






 (In millions, except share and per share amounts) 


September 30,


December 31,



2024


2023

 Assets 





 Current assets 





 Cash and cash equivalents 


$                419


$                529

 Accounts receivable 






 Trade, less allowance for doubtful accounts of $11 in 2024 and $16 in 2023 


1,463


1,371


 Other 


227


280

 Inventories 


1,714


1,676

 Other current assets 


231


247



 Total current assets 


4,054


4,103

 Goodwill 


263


263

 Intangibles 


160


182

 Deferred tax assets 


518


516

 Other noncurrent assets 


176


140

 Investments in affiliates 


126


123

 Operating lease assets 


304


327

 Property, plant and equipment, net 


2,258


2,311



 Total assets 


$             7,859


$             7,965






 Liabilities, redeemable noncontrolling interests and equity 





 Current liabilities 





 Short-term debt 


$                  23


$                   22

 Current portion of long-term debt 


212


35

 Accounts payable 


1,689


1,756

 Accrued payroll and employee benefits 


269


288

 Taxes on income 


62


86

 Current portion of operating lease liabilities 


44


42

 Other accrued liabilities 


417


373



 Total current liabilities 


2,716


2,602

 Long-term debt, less debt issuance costs of $21 in 2024 and $24 in 2023 


2,436


2,598

 Noncurrent operating lease liabilities 


270


284

 Pension and postretirement obligations 


323


334

 Other noncurrent liabilities 


366


319



 Total liabilities 


6,111


6,137

 Commitments and contingencies 





 Redeemable noncontrolling interests 


205


191

 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, 







 144,978,881 and 144,386,484 shares outstanding 


2


2


 Additional paid-in capital 


2,274


2,255


 Retained earnings 


283


317


 Treasury stock, at cost (831,871 and 474,981 shares) 


(13)


(9)


 Accumulated other comprehensive loss 


(1,066)


(990)



 Total parent company stockholders' equity 


1,480


1,575

 Noncontrolling interests 


63


62



 Total equity 


1,543


1,637



 Total liabilities, redeemable noncontrolling interests and equity 


$             7,859


$             7,965

 

 DANA INCORPORATED 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Three Months Ended September 30, 2024 and 2023 








Three Months Ended

 (In millions) 


September 30,



2024


2023

 Operating activities 





 Net income 


$            11


$            25

 Depreciation 


97


101

 Amortization 


5


6

 Amortization of deferred financing charges 


1


1

 Earnings of affiliates, net of dividends received 


(1)


(1)

 Stock compensation expense 


7


5

 Deferred income taxes 


(11)


(16)

 Pension expense, net 


5


2

 Change in working capital 


(66)


3

 Adjustment of loss on disposal group previously held for sale 


(4)



 Other, net 


(9)


(14)

 Net cash provided by operating activities 


35


112






 Investing activities 





 Purchases of property, plant and equipment 


(46)


(117)

 Proceeds from sale of property, plant and equipment 


3


(2)

 Settlements of undesignated derivatives 


(1)


(6)

 Other, net 


16


(13)

 Net cash used in investing activities 


(28)


(138)






 Financing activities 





 Net change in short-term debt 


4


2

 Proceeds from long-term debt 


1



 Repayment of long-term debt 


(5)


(3)

 Dividends paid to common stockholders 


(14)


(14)

 Distributions to noncontrolling interests 


(12)


(7)

 Contributions from redeemable noncontrolling interests 




1

 Other, net 




1

 Net cash used in financing activities 


(26)


(20)






 Net decrease in cash, cash equivalents and restricted cash 


(19)


(46)

 Cash, cash equivalents and restricted cash − beginning of period 


440


503

 Effect of exchange rate changes on cash balances 


14


(17)

 Cash, cash equivalents and restricted cash − end of period 


$         435


$         440

 

 DANA INCORPORATED 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Nine Months Ended September 30, 2024 and 2023 




Nine Months Ended

 (In millions) 


September 30,



2024


2023

 Operating activities 





 Net income 


$            27


$            92

 Depreciation 


304


287

 Amortization 


16


17

 Amortization of deferred financing charges 


4


4

 Write-off of deferred financing costs 




1

 Earnings of affiliates, net of dividends received 


(4)


(4)

 Stock compensation expense 


21


19

 Deferred income taxes 


18


(46)

 Pension expense, net 


1


4

 Change in working capital 


(261)


(169)

 Loss on disposal group previously held for sale 


26



 Other, net 


(4)


(7)

 Net cash provided by operating activities 


148


198






 Investing activities 





 Purchases of property, plant and equipment 


(227)


(359)

 Proceeds from sale of property, plant and equipment 


7



 Settlements of undesignated derivatives 


(5)


(10)

 Other, net 


20


(14)

 Net cash used in investing activities 


(205)


(383)






 Financing activities 





 Net change in short-term debt 




(15)

 Proceeds from long-term debt 


1


458

 Repayment of long-term debt 


(35)


(207)

 Deferred financing payments 




(9)

 Dividends paid to common stockholders 


(43)


(43)

 Distributions to noncontrolling interests 


(17)


(10)

 Collection of note receivable from redeemable noncontrolling interest 


11



 Contributions from redeemable noncontrolling interests 


18


18

 Other, net 


9


(3)

 Net cash provided by (used in) financing activities 


(56)


189






 Net increase (decrease) in cash, cash equivalents and restricted cash 


(113)


4

 Cash, cash equivalents and restricted cash − beginning of period 


563


442

 Effect of exchange rate changes on cash balances 


(15)


(6)

 Cash, cash equivalents and restricted cash − end of period 


$         435


$         440

 

 DANA INCORPORATED 

 Reconciliation of Net Cash Provided By Operating Activities to 

   Free Cash Flow (Unaudited) 









Three Months Ended

 (In millions) 


September 30,



2024


2023

 Net cash provided by operating activities 


$           35


$       112

 Purchases of property, plant and equipment 


(46)


(117)

 Free cash flow 


$         (11)


$          (5)









Nine Months Ended

 (In millions) 


September 30,



2024


2023

 Net cash provided by operating activities 


$         148


$       198

 Purchases of property, plant and equipment 


(227)


(359)

 Free cash flow 


$         (79)


$     (161)

 

 DANA INCORPORATED 

 Segment Sales and Segment EBITDA (Unaudited) 

 For the Three Months Ended September 30, 2024 and 2023 




Three Months Ended

 (In millions) 


September 30,



2024


2023

 Sales 





Light Vehicle


$        1,033


$        1,084

Commercial Vehicle


494


535

Off-Highway


627


739

Power Technologies


322


311

 Total Sales 


$        2,476


$        2,669






 Segment EBITDA 





Light Vehicle


$             78


$             75

Commercial Vehicle


26


29

Off-Highway


103


110

Power Technologies


26


28

 Total Segment EBITDA 


233


242

 Corporate expense and other items, net 


(1)



 Adjusted EBITDA 


$           232


$           242

 

 DANA INCORPORATED 

 Segment Sales and Segment EBITDA (Unaudited) 

 For the Nine Months Ended September 30, 2024 and 2023 








Nine Months Ended

 (In millions) 


September 30,



2024


2023

 Sales 





Light Vehicle


$        3,263


$        3,112

Commercial Vehicle


1,545


1,583

Off-Highway


2,154


2,423

Power Technologies


987


943

 Total Sales 


$        7,949


$        8,061






 Segment EBITDA 





Light Vehicle


$           229


$           190

Commercial Vehicle


66


74

Off-Highway


334


359

Power Technologies


75


70

 Total Segment EBITDA 


704


693

 Corporate expense and other items, net 


(5)


(4)

 Adjusted EBITDA 


$           699


$           689

 

 DANA INCORPORATED 

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

 For the Three Months Ended September 30, 2024 and 2023 




Three Months Ended

 (In millions) 


September 30,



2024


2023

 Segment EBITDA 


$           233


$           242

Corporate expense and other items, net


(1)



 Adjusted EBITDA 


232


242

Depreciation


(97)


(101)

Amortization


(5)


(6)

Non-service cost components of pension and OPEB costs


(8)


(4)

Restructuring charges, net


(24)


(17)

Stock compensation expense


(7)


(5)

Strategic transaction expenses


(1)


(2)

Loss on sale of property, plant and equipment




(1)

Distressed supplier costs




(14)

Adjustment of loss on disposal group previously held for sale


4



Other items


(6)


(1)

 Earnings before interest and income taxes 


88


91

Interest income


4


5

Interest expense


40


41

 Earnings before income taxes 


52


55

 Income tax expense 


43


33

 Equity in earnings of affiliates 


2


3

 Net income 


$             11


$             25

 

 DANA INCORPORATED 

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

 For the Nine Months Ended September 30, 2024 and 2023 




Nine Months Ended

 (In millions) 


September 30,



2024


2023

 Segment EBITDA 


$           704


$           693

Corporate expense and other items, net


(5)


(4)

 Adjusted EBITDA 


699


689

Depreciation


(304)


(287)

Amortization


(16)


(17)

Non-service cost components of pension and OPEB costs


(14)


(10)

Restructuring charges, net


(41)


(21)

Stock compensation expense


(21)


(19)

Strategic transaction expenses


(5)


(4)

Loss on sale of property, plant and equipment


(5)


(1)

Distressed supplier costs




(26)

Loss on disposal group previously held for sale


(26)



Other items


(5)


1

 Earnings before interest and income taxes 


262


305

Loss on extinguishment of debt




(1)

Interest income


10


14

Interest expense


118


114

 Earnings before income taxes 


154


204

 Income tax expense 


134


118

 Equity in earnings of affiliates 


7


6

 Net income 


$             27


$             92

 

 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 September 30, 2024 and 2023 






 (In millions, except per share amounts) 







Three Months Ended



September 30,



2024


2023

 Net income attributable to the parent company 


$                4


$             19

 Items impacting income before income taxes: 






 Amortization 


5


5


 Restructuring charges, net 


24


17


 Strategic transaction expenses 


1


2


 Distressed supplier costs 




14


 Adjustment of loss on disposal group previously held for sale 


(4)




 Other  items 


3


2

 Items impacting income taxes: 






 Net income tax expense on items above 


(15)


(16)

 Adjusted net income attributable to the parent company 


$             18


$             43






 Diluted shares - as reported 


145.1


144.7

 Adjusted diluted shares 


145.1


144.7






 Diluted adjusted EPS 


$          0.12


$          0.30

 

 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 Nine Months Ended September 30, 2024 and 2023 


 (In millions, except per share amounts) 







Nine Months Ended



September 30,



2024


2023

 Net income attributable to the parent company 


$             23


$             77

 Items impacting income before income taxes: 






 Amortization 


15


15


 Restructuring charges, net 


41


21


 Strategic transaction expenses 


5


4


 Distressed supplier costs 




26


 Loss on disposal group previously held for sale 


26




 Other  items 




2

 Items impacting income taxes: 






 Net income tax expense on items above 


(34)


(26)


 Income tax expense attributable to various discrete tax matters 


24


14

 Adjusted net income attributable to the parent company 


$           100


$           133






 Diluted shares - as reported 


145.0


144.5

 Adjusted diluted shares 


145.0


144.5






 Diluted adjusted EPS 


$          0.69


$          0.92

 

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SOURCE Dana Incorporated

FAQ

What was Dana's (DAN) Q3 2024 revenue?

Dana reported Q3 2024 sales of $2.48 billion, compared to $2.67 billion in Q3 2023.

What is Dana's (DAN) adjusted EBITDA margin for Q3 2024?

Dana's Q3 2024 adjusted EBITDA margin was 9.4%, a 30-basis-point improvement from 9.1% in Q3 2023.

What are Dana's (DAN) revised 2024 financial targets?

Dana revised its 2024 targets to sales of $10.2-10.4 billion, adjusted EBITDA of $855-895 million, and free cash flow of $90-110 million.

How much was Dana's (DAN) Q3 2024 net income?

Dana reported Q3 2024 net income of $4 million, or $0.03 per share, down from $19 million, or $0.13 per share in Q3 2023.

Dana Incorporated

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