MAUMEE, Ohio, April 30, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) earned a 2024 Automotive News PACE Award for its electro-mechanical, infinitely variable transmission (EMIVT) system at the annual awards ceremony held on April 29, 2024. With this win, Dana has earned nine PACE Awards throughout the program's history, including two PACE Innovation Partnership Awards, and has been named a finalist 25 times. Dana's electro-mechanical, infinitely variable transmission is a multi-mode driveline system t ...

Exhibit 99.1 IMMEDIATE Dana Incorporated Reports 2024 First-Quarter Financial Results With Increased Sales, Adjusted EBITDA, and Free Cash Flow Raises Full-Year Free Cash Flow Guidance MAUMEE, Ohio, April 30, 2024 – Dana Incorporated (NYSE: DAN) today announced financial results for the first quarter of 2024. "Dana delivered strong performance in the first quarter with improved sales, profit margins, and free cash flow over the previous year. Consistent with the past several quarters, stable demand in key m ...

MAUMEE, Ohio, April 12, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) will release its 2024 first-quarter financial results on Tuesday, April 30, 2024. A press release will be issued at approximately 7 a.m. EDT, followed by a conference call and webcast at 10 a.m. EDT. Members of the company's senior management team will be available at that time to discuss the results and answer related questions. The conference call can be accessed by telephone from both domestic and international locations using the ...

MAUMEE, Ohio, March 4, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has been recognized as one of the 2024 World's Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. In 2024, a total of 136 companies spanning 20 countries and 44 industries were recognized. Dana is one of only eight honorees across the mobility industry. "It is an honor to have Dana named as one of the World's Most Ethical Companies for t ...

MAUMEE, Ohio, Feb. 21, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that, as part of an ongoing evaluation of its operations and product portfolio, the company has entered into a definitive agreement to sell its European hydraulics business to HPI Group, a hydraulics business jointly held by Apogee Group and EiM Capital. The transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and customary closing conditions. The transaction includes opera ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the year was $845 million, an increase of $145 million, driven by efficient execution across the company despite challenges from the UAW strike [8][54] - Full year net income was $38 million compared to a net loss of $242 million last year, primarily due to a one-time non-cash goodwill impairment charge in 2022 [41] - Free cash flow was a use of $25 million for the full year, reflecting higher working capital requirements and capital spending [41][86] Business Line Data and Key Metrics Changes - Sales improved by 4% over the prior year, with a total of $10.6 billion for the year, driven by improved demand across all end markets [26][40] - EV product sales grew by $182 million over 2022, totaling $760 million across all end markets [84] - The company completed over 100 program launches in 2023, representing more than $2.5 billion in annual sales [28][30] Market Data and Key Metrics Changes - Light vehicle production volumes are expected to increase by 2% to 5% as customer demand remains resilient post-UAW strike [18] - The heavy vehicle market is anticipated to decline compared to last year after several years of growth, although Dana is gaining market share in this segment [19][51] - North America and Asia are expected to see growth, while Europe and South America may experience declines, resulting in a net market growth of $135 million for Dana [21] Company Strategy and Development Direction - Dana aims to achieve long-term sales targets of over $11 billion by 2025, supported by a balanced product portfolio across ICE and EV markets [30][54] - The company is focused on improving operational efficiencies and driving synergies across its business to enhance customer satisfaction and profitability [12][13] - Dana's strategy includes expanding its electrification capabilities and entering new markets, as evidenced by new business wins in the EV sector [32][34] Management's Comments on Operating Environment and Future Outlook - Management expects higher sales, profits, and free cash flow in 2024 due to improved operating conditions and a record sales backlog of $950 million [12][46] - Cost inflation is moderating, but labor costs have increased globally, and the company is monitoring logistics to navigate potential challenges [15][16] - The overall operating environment is anticipated to improve, allowing Dana to leverage efficiencies and reduce launch costs [14][16] Other Important Information - The company reported a record three-year sales backlog of $950 million, with 74% coming from EV platforms [49] - Free cash flow is expected to improve to approximately $50 million in 2024, driven by higher profits and lower capital spending [63][67] - The company is introducing a new guidance item for GAAP diluted EPS, expecting it to be approximately $0.60 for 2024 [89] Q&A Session Summary Question: What is the expected cadence for the company in 2024? - Management indicated that the profit pattern is returning to a more normalized range, with Q1 and Q4 being lighter and Q2 and Q3 being the heaviest [94] Question: How should the alignment of EV and ICE programs be viewed? - Management noted that the alignment depends on the specific program and customer strategies, with both EV and ICE programs being pursued [99][100] Question: What is driving the higher EV growth in the backlog? - Management explained that the backlog reflects a significant shift towards electrification, with sourcing influenced by customer demand over the past few years [101] Question: How will free cash flow be managed in light of potential customer plan slowdowns? - Management confirmed that there is flexibility in capital spending and that working capital is expected to unwind as the impacts of the UAW strike diminish [105][106] Question: What is the outlook for off-highway markets? - Management expects agriculture to decline slightly, while other segments like underground mining are anticipated to remain neutral compared to the previous year [120]

Dana (DAN) reported $2.49 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 2.4%. EPS of -$0.08 for the same period compares to -$0.10 a year ago.The reported revenue represents a surprise of -3.78% over the Zacks Consensus Estimate of $2.59 billion. With the consensus EPS estimate being -$0.02, the EPS surprise was -300.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

DANA INCORPORATED | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|---------|--------------|---------| | | | | | | | | | | Year Ended | | | (In millions) | | | December 31, | | | | | 2023 | | 2022 | | Segment EBITDA | | $ 853 | | $ 699 | | Corporate expense and other items, net (8) 1 | | | | | | Adjusted EBITDA | | 845 700 | | | | Depreciation (393) (365) | | | | | | Amortization (23) (23) | | | | | | Non-service cost components of pension and OPEB ...

Dana (DAN) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -300%. A quarter ago, it was expected that this automotive equipment supplier would post earnings of $0.10 per share when it actually produced earnings of $0.30, delivering a surprise of 200%.Over the last four quarters, the company h ...

Sales Performance - Dana reported total external sales of $10,555 million in 2023, a 3.9% increase from $10,156 million in 2022[18]. - Light Vehicle Drive Systems accounted for 38.2% of total sales in 2023, down from 40.3% in 2022, while Off-Highway Drive and Motion Systems increased to 30.2% from 29.0%[18]. - Sales to Ford Motor Company represented approximately 20% of total sales in 2023, while Stellantis accounted for about 9%[22]. - Dana's sales to its ten largest customers accounted for 55% of overall sales in 2023[54]. - In 2023, net sales reached $10,555 million, an increase of $399 million compared to 2022, with a gross margin of 8.5%[143]. - Commercial Vehicle sales in 2023 were $2,092 million, a 5% increase from 2022, with North America Class 8 production up 8%[160]. - Off-Highway sales reached $3,185 million in 2023, reflecting an 8% increase from 2022, supported by strong global markets and net customer pricing actions[162]. - Power Technologies sales were $1,243 million in 2023, a 9% increase from 2022, driven by improved North America and Europe markets[164]. - Total sales in 2023 were $10,555 million, a $399 million increase from 2022, with an organic sales increase of $408 million or 4%[144]. Financial Performance - The company reported a net income of $48 million, a significant improvement from a net loss of $311 million in 2022[169]. - Adjusted EBITDA for 2023 was $845 million, up 20.7% from $700 million in 2022[169]. - Free cash flow for 2023 was $(25) million, a decline from $209 million in 2022, primarily due to increased capital expenditures[172]. - Cash and cash equivalents totaled $529 million as of December 31, 2023, with total liquidity reaching $1.67 billion[173]. - The company had net cash provided by operating activities of $476 million in 2023, down from $649 million in 2022[178]. - Capital expenditures increased to $501 million in 2023 from $440 million in 2022, supporting next-generation programs and new business[181]. - The company expects adjusted EBITDA for 2024 to approximate $875 million to $975 million, with an expected adjusted EBITDA margin improvement of 50 basis points over 2023[139]. - The company reported a decrease in cash provided by changes in working capital, with $70 million in 2023 compared to $199 million in 2022[180]. Research and Development - Research and development costs increased to $237 million in 2023 from $201 million in 2022, reflecting a focus on electrification initiatives[32]. - Dana's engineering expenses, including research and development, totaled $369 million in 2023, up from $321 million in 2022[32]. - The company has developed innovative fuel cell products to support new-energy hydrogen vehicles and industrial stationary markets[33]. - The transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) is expected to increase content opportunity up to three-fold, but also brings increased competition[84]. - The company anticipates elevated research and development costs and capital investment during the transition to EVs, which could negatively impact profitability[85]. - The company is focused on expanding its presence in Asia, particularly in India and China, through acquisitions and organic investments[118]. - Dana's investments in electrodynamic technologies aim to lead the market in electric vehicle propulsion systems[120]. Employee and Operational Insights - Dana employed approximately 41,800 people across 31 countries as of December 31, 2023[34]. - The company emphasizes the importance of employee development, providing regular training and mentorship programs to enhance skills and leadership diversity[36]. - Dana's health and wellness initiatives include enhanced employee assistance programs addressing emotional, physical, and financial needs[40]. - The company is continuously evaluating new health-related programs to support employee well-being[40]. - Dana's development of Business Resource Groups (BRGs) aims to enhance talent retention and attract diverse employees[38]. Market and Economic Factors - Rising interest rates could negatively impact demand for Dana's products and make financing more difficult[52]. - The company faces risks from potential changes in international trade policies and tariffs that could affect manufacturing costs[57]. - Labor stoppages or slowdowns at key suppliers or customers could disrupt operations and adversely affect sales and profitability[66]. - The company faces volatility in commodity, labor, transportation, and energy costs, which could pressure profit margins if not recovered from customers[67]. - A significant portion of annual cost of sales is driven by purchased goods and services, and reliance on single-source suppliers increases risk of shortages[68]. - Approximately 57% of Dana's sales in 2023 were from operations located outside the U.S., exposing the company to currency exchange rate risks[59]. - International currency movements affected 2023 sales, decreasing them by $9 million due to weaker currencies against the U.S. dollar[134]. Compliance and Risk Management - The cost of environmental compliance did not have a material adverse effect on Dana's earnings or competitive position in 2023[42]. - Failure to maintain effective internal controls could result in financial misstatements or noncompliance, adversely impacting financial condition[89]. - The company employs risk management controls to mitigate exposure to fluctuations in foreign currency exchange rates, commodity prices, and interest rates[210]. - The company has maintained compliance with financing covenants, allowing for potential future borrowings and dividend payments[175]. Debt and Liquidity - As of December 31, 2023, the company had consolidated debt obligations of $2,679 million, with cash and cash equivalents of $529 million and unused revolving credit capacity of $1,141 million[91]. - Total contractual cash obligations amounted to $4.6 billion as of December 31, 2023, with long-term debt obligations of $2.6 billion[185]. - The company expects sufficient liquidity to meet anticipated cash requirements for capital expenditures and other commitments over the next twelve months[177]. Pension and Benefits - The company's U.S. defined benefit pension plans represent 62% of its consolidated defined benefit pension obligations as of December 31, 2023[195]. - A 25 basis point increase in the discount rate would decrease the U.S. pension liability by approximately $11 million[196]. - The expected long-term rate of return on U.S. pension plan assets is set at 5.75% for 2024 based on recent portfolio return analysis[196]. - The company anticipates making contributions of $7 million to its U.S. pension plans during 2024[199]. - The company has $136 million of unrecognized losses related to its U.S. pension plans as of December 31, 2023[198]. - Warranty costs are estimated and accrued at the time of sale, with adjustments made based on actual occurrences[207]. - The company utilizes a full yield curve approach to estimate the annual cost of pension and other postretirement benefit plans[197]. - Changes in assumptions regarding pension benefits can significantly impact the company's consolidated financial statements[192].