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

Rhea-AI Summary

Dana Incorporated (NYSE: DAN) announced Q2 2023 sales of $2.75 billion, a 6% increase over last year. Adjusted EBITDA increased by 50% to $243 million. The company revised its 2023 targets, expecting sales of $10.45 to $10.95 billion and adjusted EBITDA of $800 to $900 million. Dana was recognized for sustainability and employee engagement. The company will host a conference call at 9 a.m. on July 28.

Positive

• Sales increased by 6% compared to the same period last year, indicating growing market demand.
• Adjusted EBITDA margin improved by 250 basis points, showing enhanced operational efficiency.
• Revised 2023 financial targets reflect the company's confidence in continued growth and profitability.
• Recognition for sustainability and employee engagement enhances the company's reputation and brand value.

Negative

• None.

Key Highlights

• Sales of $2.75 billion, an increase of $162 million or 6 percent over last year
• Net income attributable to Dana of $30 million, an increase of $22 million over last year
• Diluted EPS of $0.21; diluted adjusted EPS of $0.37, an increase of $0.29 per share
• Adjusted EBITDA of $243 million, an increase of $81 million or 50 percent over last year
• Adjusted EBITDA margin improved by 250 basis points compared with last year
• Free cash flow of $134 million

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

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

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

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

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

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

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

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

Revised 2023 Financial Targets^{1, 2}

• Sales of $10.45 to $10.95 billion;
• Adjusted EBITDA of $800 to $900 million, an implied adjusted EBITDA margin of approximately 7.9 percent at the midpoint of the range;
• Diluted adjusted EPS of $0.65 to $1.05; 
• Operating cash flow of approximately, $560 to $610 million; and
• Free cash flow of $50 million to $100 million

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

DANA INCORPORATED
Consolidated Statement of Operations (Unaudited)
For the Three Months Ended June 30, 2023 and 2022
			Three Months Ended
(In millions, except per share amounts)			June 30,
			2023		2022
Net sales			$       2,748		$       2,586
Costs and expenses
Cost of sales			2,477		2,403
Selling, general and administrative expenses			144		130
Amortization of intangibles			4		3
Restructuring charges, net			3		1
Other income (expense), net			4		10
Earnings before interest and income taxes			124		59
Loss on extinguishment of debt			(1)
Interest income			5		2
Interest expense			39		32
Earnings before income taxes			89		29
Income tax expense			55		18
Equity in earnings (loss) of affiliates			2		(1)
Net income			36		10
Less: Noncontrolling interests net income			5		3
Less: Redeemable noncontrolling interests net income (loss)			1		(1)
Net income attributable to the parent company			$            30		$              8
Net income per share available to common stockholders
Basic			$         0.21		$         0.06
Diluted			$         0.21		$         0.06
Weighted-average shares outstanding - Basic			144.3		143.4
Weighted-average shares outstanding - Diluted			144.4		143.7

 

DANA INCORPORATED
Consolidated Statement of Operations (Unaudited)
For the Six Months Ended June 30, 2023 and 2022
			Six Months Ended
(In millions, except per share amounts)			June 30,
			2023		2022
Net sales			$       5,392		$       5,066
Costs and expenses
Cost of sales			4,892		4,686
Selling, general and administrative expenses			284		260
Amortization of intangibles			7		7
Restructuring charges, net			4
Other income (expense), net			9		12
Earnings before interest and income taxes			214		125
Loss on extinguishment of debt			(1)
Interest income			9		4
Interest expense			73		63
Earnings before income taxes			149		66
Income tax expense			85		36
Equity in earnings of affiliates			3
Net income			67		30
Less: Noncontrolling interests net income			9		7
Less: Redeemable noncontrolling interests net loss					(2)
Net income attributable to the parent company			$            58		$            25
Net income per share available to common stockholders
Basic			$         0.40		$         0.17
Diluted			$         0.40		$         0.17
Weighted-average shares outstanding - Basic			144.1		143.8
Weighted-average shares outstanding - Diluted			144.3		144.6

 

DANA INCORPORATED Consolidated Statement of Comprehensive Income (Unaudited) For the Three Months Ended June 30, 2023 and 2022
					Three Months Ended
(In millions)					June 30,
					2023		2022
Net income					$            36		$            10
Other comprehensive income (loss), net of tax:
	Currency translation adjustments				(7)		(91)
	Hedging gains and losses				3		1
	Defined benefit plans						3
	Other comprehensive loss				(4)		(87)
Total comprehensive income (loss)					32		(77)
	Less: Comprehensive income attributable to noncontrolling interests				(5)		(1)
	Less: Comprehensive loss attributable to redeemable noncontrolling interests				-		7
Comprehensive income (loss) attributable to the parent company					$            27		$           (71)

 

	DANA INCORPORATED Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended June 30, 2023 and 2022
					Six Months Ended
(In millions)					June 30,
					2023		2022
Net income					$            67		$            30
Other comprehensive income (loss), net of tax:
	Currency translation adjustments				18		(52)
	Hedging gains and losses				18		(3)
	Defined benefit plans				1		4
	Other comprehensive income (loss)				37		(51)
Total comprehensive income (loss)					104		(21)
	Less: Comprehensive income attributable to noncontrolling interests				(9)		(5)
	Less: Comprehensive loss attributable to redeemable noncontrolling interests						8
Comprehensive income (loss) attributable to the parent company					$            95		$           (18)

 

DANA INCORPORATED Consolidated Balance Sheet (Unaudited) As of June 30, 2023 and December 31, 2022
(In millions, except share and per share amounts)				June 30, 2023		December 31, 2022
Assets
Current assets
Cash and cash equivalents				$                 484		$                 425
Accounts receivable
Trade, less allowance for doubtful accounts of $12 in 2023 and $11 in 2022				1,581		1,374
Other				288		202
Inventories				1,731		1,609
Other current assets				247		219
Total current assets				4,331		3,829
Goodwill				262		259
Intangibles				192		201
Deferred tax assets				425		397
Other noncurrent assets				106		123
Investments in affiliates				135		136
Operating lease assets				326		311
Property, plant and equipment, net				2,269		2,193
Total assets				$              8,046		$              7,449
Liabilities, redeemable noncontrolling interests and equity
Current liabilities
Short-term debt				$                   35		$                   52
Current portion of long-term debt				32		8
Accounts payable				1,966		1,838
Accrued payroll and employee benefits				256		214
Taxes on income				95		54
Current portion of operating lease liabilities				35		36
Other accrued liabilities				301		277
Total current liabilities				2,720		2,479
Long-term debt, less debt issuance costs of $26 in 2023 and $22 in 2022				2,587		2,348
Noncurrent operating lease liabilities				287		277
Pension and postretirement obligations				306		298
Other noncurrent liabilities				252		249
Total liabilities				6,152		5,651
Commitments and contingencies
Redeemable noncontrolling interests				213		195
Parent company stockholders' equity
Preferred stock, 50,000,000 shares authorized, $0.01 par value,
no shares outstanding				-		-
Common stock, 450,000,000 shares authorized, $0.01 par value,
144,334,974 and 143,366,482 shares outstanding				2		2
Additional paid-in capital				2,244		2,229
Retained earnings				349		321
Treasury stock, at cost (449,505 and zero shares)				(8)		-
Accumulated other comprehensive loss				(964)		(1,001)
Total parent company stockholders' equity				1,623		1,551
Noncontrolling interests				58		52
Total equity				1,681		1,603
Total liabilities, redeemable noncontrolling interests and equity				$              8,046		$              7,449

 

DANA INCORPORATED
Consolidated Statement of Cash Flows (Unaudited)
For the Three Months Ended June 30, 2023 and 2022
			Three Months Ended
(In millions)			June 30,
			2023		2022
Operating activities
Net income			$            36		$            10
Depreciation			94		91
Amortization			6		5
Amortization of deferred financing charges			2		2
Write-off of deferred financing costs			1
Earnings of affiliates, net of dividends received			(2)		30
Stock compensation expense			8		4
Deferred income taxes			(22)		(17)
Pension expense, net			2		1
Change in working capital			132		127
Other, net			(1)		4
Net cash provided by operating activities			256		257
Investing activities
Purchases of property, plant and equipment			(122)		(90)
Proceeds from sale of property, plant and equipment					(2)
Acquisition of business, net of cash acquired					(1)
Purchases of marketable securities					(8)
Proceeds from sales of marketable securities					10
Settlements of undesignated derivatives			(4)		(7)
Other, net			(1)
Net cash used in investing activities			(127)		(98)
Financing activities
Net change in short-term debt			(286)		(64)
Proceeds from long-term debt			458
Repayment of long-term debt			(202)		(2)
Deferred financing payments			(7)
Dividends paid to common stockholders			(14)		(15)
Distributions to noncontrolling interests			(2)		(1)
Contributions from redeemable noncontrolling interests			7		5
Payments to acquire noncontrolling interests					(1)
Other, net					1
Net cash used in financing activities			(46)		(77)
Net increase in cash, cash equivalents and restricted cash			83		82
Cash, cash equivalents and restricted cash − beginning of period			419		280
Effect of exchange rate changes on cash balances			1		(22)
Cash, cash equivalents and restricted cash − end of period			$          503		$          340

 

DANA INCORPORATED
Consolidated Statement of Cash Flows (Unaudited)
For the Six Months Ended June 30, 2023 and 2022
			Six Months Ended
(In millions)			June 30,
			2023		2022
Operating activities
Net income			$            67		$            30
Depreciation			186		182
Amortization			11		11
Amortization of deferred financing charges			3		3
Write-off of deferred financing costs			1
Earnings of affiliates, net of dividends received			(3)		29
Stock compensation expense			14		8
Deferred income taxes			(30)		(42)
Pension expense, net			2
Change in working capital			(172)		(84)
Other, net			7		(1)
Net cash provided by operating activities			86		136
Investing activities
Purchases of property, plant and equipment			(242)		(206)
Proceeds from sale of property, plant and equipment			2
Acquisition of business, net of cash acquired					(1)
Purchases of marketable securities					(13)
Proceeds from sales of marketable securities					10
Settlements of undesignated derivatives			(4)		(7)
Other, net			(1)		2
Net cash used in investing activities			(245)		(215)
Financing activities
Net change in short-term debt			(17)		214
Proceeds from long-term debt			458		2
Repayment of long-term debt			(204)		(5)
Deferred financing payments			(9)
Dividends paid to common stockholders			(29)		(29)
Repurchases of common stock					(25)
Distributions to noncontrolling interests			(3)		(2)
Contributions from redeemable noncontrolling interests			17		7
Payments to acquire noncontrolling interests					(4)
Other, net			(4)		(6)
Net cash provided by financing activities			209		152
Net increase in cash, cash equivalents and restricted cash			50		73
Cash, cash equivalents and restricted cash − beginning of period			442		287
Effect of exchange rate changes on cash balances			11		(20)
Cash, cash equivalents and restricted cash − end of period			$          503		$          340

 

DANA INCORPORATED
Reconciliation of Net Cash Provided By Operating Activities to
Free Cash Flow (Unaudited)
		Three Months Ended
(In millions)		June 30,
		2023			2022
Net cash provided by operating activities		$         256			$        257
Purchases of property, plant and equipment		(122)			(90)
Free cash flow		$         134			$        167
		Six Months Ended
(In millions)		June 30,
		2023			2022
Net cash provided by operating activities		$           86			$        136
Purchases of property, plant and equipment		(242)			(206)
Free cash flow		$        (156)			$        (70)

 

DANA INCORPORATED
Segment Sales and Segment EBITDA (Unaudited)
For the Three Months Ended June 30, 2023 and 2022
		Three Months Ended
(In millions)		June 30,
		2023		2022
Sales
Light Vehicle		$         1,066		$         1,028
Commercial Vehicle		526		507
Off-Highway		842		768
Power Technologies		314		283
Total Sales		$         2,748		$         2,586
Segment EBITDA
Light Vehicle		$              66		$              33
Commercial Vehicle		28		10
Off-Highway		131		100
Power Technologies		19		21
Total Segment EBITDA		244		164
Corporate expense and other items, net		(1)		(2)
Adjusted EBITDA		$            243		$            162

 

DANA INCORPORATED
Segment Sales and Segment EBITDA (Unaudited)
For the Six Months Ended June 30, 2023 and 2022
		Six Months Ended
(In millions)		June 30,
		2023		2022
Sales
Light Vehicle		$         2,028		$         2,013
Commercial Vehicle		1,048		970
Off-Highway		1,684		1,512
Power Technologies		632		571
Total Sales		$         5,392		$         5,066
Segment EBITDA
Light Vehicle		$            115		$              64
Commercial Vehicle		45		20
Off-Highway		249		200
Power Technologies		42		50
Total Segment EBITDA		451		334
Corporate expense and other items, net		(4)		(2)
Adjusted EBITDA		$            447		$            332

 

DANA INCORPORATED
Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited)
For the Three Months Ended June 30, 2023 and 2022
		Three Months Ended
(In millions)		June 30,
		2023		2022
Segment EBITDA		$            244		$            164
Corporate expense and other items, net		(1)		(2)
Adjusted EBITDA		243		162
Depreciation		(94)		(91)
Amortization		(6)		(5)
Non-service cost components of pension and OPEB costs		(3)		(3)
Restructuring charges, net		(3)		(1)
Stock compensation expense		(8)		(4)
Strategic transaction expenses		(1)		(1)
Distressed supplier costs		(4)
Other items				2
Earnings before interest and income taxes		124		59
Loss on extinguishment of debt		(1)
Interest income		5		2
Interest expense		39		32
Earnings before income taxes		89		29
Income tax expense		55		18
Equity in earnings (loss) of affiliates		2		(1)
Net income		$              36		$              10

 

DANA INCORPORATED
Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited)
For the Six Months Ended June 30, 2023 and 2022
		Six Months Ended
(In millions)		June 30,
		2023		2022
Segment EBITDA		$            451		$            334
Corporate expense and other items, net		(4)		(2)
Adjusted EBITDA		447		332
Depreciation		(186)		(182)
Amortization		(11)		(11)
Non-service cost components of pension and OPEB costs		(6)		(3)
Restructuring charges, net		(4)
Stock compensation expense		(14)		(8)
Strategic transaction expenses		(2)		(5)
Distressed supplier costs		(12)
Other items		2		2
Earnings before interest and income taxes		214		125
Loss on extinguishment of debt		(1)
Interest income		9		4
Interest expense		73		63
Earnings before income taxes		149		66
Income tax expense		85		36
Equity in earnings of affiliates		3
Net income		$              67		$              30

 

DANA INCORPORATED
Reconciliation of Net Income Attributable to the Parent Company to
Adjusted Net Income Attributable to the Parent Company and
Diluted Adjusted EPS (Unaudited)
For the Three Months Ended June 30, 2023 and 2022
(In millions, except per share amounts)
			Three Months Ended
			June 30,
			2023		2022
Net income attributable to the parent company			$              30		$                8
Items impacting income before income taxes:
	Amortization		5		5
	Restructuring charges, net		3		1
	Strategic transaction expenses		1		3
	Distressed supplier costs		4
	Other  items		1		(2)
Items impacting income taxes:
	Net income tax expense on items above		(4)		(3)
	Income tax expense attributable to various discrete tax matters		14
Adjusted net income attributable to the parent company			$              54		$              12
Diluted shares - as reported			144.4		143.7
Adjusted diluted shares			144.4		143.7
Diluted adjusted EPS			$           0.37		$           0.08

 

DANA INCORPORATED
Reconciliation of Net Income Attributable to the Parent Company to
Adjusted Net Income Attributable to the Parent Company and
Diluted Adjusted EPS (Unaudited)
For the Six Months Ended June 30, 2023 and 2022
(In millions, except per share amounts)
			Six Months Ended
			June 30,
			2023		2022
Net income attributable to the parent company			$              58		$              25
Items impacting income before income taxes:
	Amortization		10		10
	Restructuring charges, net		4
	Strategic transaction expenses		2		5
	Distressed supplier costs		12
	Other  items
Items impacting income taxes:
	Net income tax expense on items above		(10)		(5)
	Income tax expense attributable to various discrete tax matters		14
Adjusted net income attributable to the parent company			$              90		$              35
Diluted shares - as reported			144.3		144.6
Adjusted diluted shares			144.3		144.6
Diluted adjusted EPS			$           0.62		$           0.24

 

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SOURCE Dana Incorporated

FAQ

What were Dana Incorporated's Q2 2023 sales?

Sales for Q2 2023 were $2.75 billion, a 6% increase over last year.

What was Dana's adjusted EBITDA for Q2 2023?

Adjusted EBITDA for Q2 2023 was $243 million, a 50% increase over last year.

What are Dana's revised 2023 financial targets?

The company expects sales of $10.45 to $10.95 billion and adjusted EBITDA of $800 to $900 million.

What recognition did Dana receive recently?

Dana was recognized for sustainability and employee engagement.

When will Dana host a conference call to discuss its Q2 2023 results?

Dana will host a conference call at 9 a.m. on July 28.