Dana Incorporated Reports 2024 Third-Quarter Financial Results, Reports Strong Third-Quarter Profit Margin, Maintains Full-Year Free Cash Flow Guidance
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.
- 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
- 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
- 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
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
- 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
"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
Adjusted EBITDA for the third quarter of 2024 was
Net income attributable to Dana was
Adjusted net income attributable to Dana was
Operating cash flow in the third quarter of 2024 was
"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
to$10.2 ;$10.4 billion - Adjusted EBITDA of
to$855 , an implied adjusted EBITDA margin of approximately 8.5 percent at the midpoint of the range;$895 million - Operating cash flow of approximately
to$465 ; and$485 million - Free cash flow of
to$90 ;$110 million - Diluted EPS of
to$0.05 ;$0.25 - Diluted Adjusted EPS of
to$0.75 .$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
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 | 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 | 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, | ||||||
no shares outstanding | - | - | ||||
Common stock, 450,000,000 shares authorized, | ||||||
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
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