LAS VEGAS, Sept. 24, 2024 /PRNewswire/ -- Today at MINExpo®, Dana Incorporated (NYSE: DAN) debuted a new certified remanufacturing program for Dana Spicer™ Off-Highway drivetrain components that extends equipment life cycles, supports sustainability initiatives, and improves return on investment. Currently available at Dana facilities across Europe, the Dana Certified Reman™ program will extend to an additional 50 locations in North America, Europe, the Middle East, Africa, and China by the end of 2025. "Th ...

Dana (DAN) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. The power of a changing earnings ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Valu ...

Group 1: Event Overview - UFC will incorporate Proto Hologram technology at UFC 306 AT RIYADH SEASON NOCHE UFC, marking the first use of Proto holograms in MMA [1] - The event will feature life-size, volumetric 4K holograms of top UFC fighters and CEO Dana White for fan interaction [1][2] - NOCHE UFC will celebrate Mexican culture and fighting spirit in honor of Mexican Independence Day, comprising over six hours of live MMA action and an immersive film [2] Group 2: Venue and Technology - Sphere, the revolutionary entertainment venue, will utilize state-of-the-art audio and video capabilities, including the world's highest resolution LED display and advanced audio system [3] - Sphere's immersive environment aims to deliver an unprecedented live sports experience [3] Group 3: Company Background - Proto Inc. is a pioneer in hologram technology and spatial computing, with applications across sports and entertainment, including major arenas and events like the Super Bowl [4] - Proto's technology has been featured with various entertainers and sports figures, and the company has notable investors from diverse fields [4] - Proto operates globally with showrooms in major cities and provides a range of hologram products and AI services [6] Group 4: UFC Background - UFC is the premier MMA organization with over 700 million fans and approximately 283 million social media followers, producing more than 40 live events annually [5] - The organization broadcasts to over 975 million households in more than 170 countries and features athletes from over 80 countries [5]

Wachira Wacharapathom My prior call on Dana (NYSE:DAN) worked out alright for about six to nine months in 2023, but then the outlook for the very profitable off-highway business started to erode, as did the outlook for the EV business. Trends have only gotten more challenging since then, and while there are some bright spots in the outlook for 2025, the shares are nevertheless down about a third since my last update – more or less matching the performance of American Axle (AXL) and outperforming Dowlais (OT ...

MAUMEE, Ohio, Aug. 26, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced the appointment of Craig Price as Senior Vice President and President of Dana's Off-Highway (OH) Drive and Motion Systems, effective September 1. Mr. Price succeeds Jeroen Decleer, who unfortunately passed away earlier this month following a brief illness. A 20-year veteran of the company, Jeroen was a people-first leader with tremendous business acumen and understanding of the industry. He represented the very best of ...

MAUMEE, Ohio, Aug. 22, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) recently announced its 2023 Supplier Awards recipients. Eight companies representing five countries were recognized for displaying excellence in supporting Dana's strategy. A special ceremony was held on August 14 at the company's world headquarters in Maumee to honor the winners. This year's award winners include: Leveraging the Core Award: Hanil Forging Ind. Co, Ltd. Drive Customer Centricity Award: Shandong Haoxin Co., Ltd Deliver ...

MAUMEE, Ohio, Aug. 1, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today it will participate in the J.P. Morgan Auto Conference on Aug. 7, 2024. Beginning at 1:35 p.m., EDT, Dana's Senior Vice President and Chief Financial Officer, Timothy Kraus, will provide a brief overview of the company and answer questions for approximately 35 minutes. Information on accessing the webcast will be posted to Dana's Investor website, www.dana.com/investors, before the events. About Dana Incorporated Dana i ...

Dana Incorporated (NYSE:DAN) Q2 2024 Earnings Conference Call July 31, 2024 9:00 AM ET Company Participants Craig Barber - Senior Director, IR and Corporate Communications James Kamsickas - Chairman and CEO Timothy Kraus - SVP and CFO Conference Call Participants Colin Langan - Wells Fargo Tom Narayan - RBC Dan Levy - Barclays Joseph Spak - UBS Jake Scholl - BNP Paribas Operator Good morning and welcome. Dana Incorporated's Second Quarter 2024 Financial Webcast and Conference Call. My name is Regina and I w ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q2 and H1 2024 financial statements show decreased net income, reduced assets, and a loss from the European hydraulics business sale [Consolidated Statement of Operations](index=3&type=section&id=Consolidated%20Statement%20of%20Operations) The consolidated statement of operations details the company's revenue, expenses, and net income for Q2 and H1 2024 versus 2023 Q2 & H1 2024 vs 2023 Performance Summary | Metric | Q2 2024 | Q2 2023 | YoY Change | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $2,738M | $2,748M | -0.4% | $5,473M | $5,392M | +1.5% | | **Earnings Before Interest and Taxes (EBIT)** | $104M | $124M | -16.1% | $174M | $214M | -18.7% | | **Net Income** | $16M | $36M | -55.6% | $16M | $67M | -76.1% | | **Net Income Attributable to Parent** | $16M | $30M | -46.7% | $19M | $58M | -67.2% | | **Diluted EPS** | $0.11 | $0.21 | -47.6% | $0.13 | $0.40 | -67.5% | [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) The balance sheet details the company's assets, liabilities, and equity as of June 30, 2024, and December 31, 2023 Balance Sheet Summary | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $419M | $529M | | Total current assets | $4,076M | $4,103M | | Total assets | $7,808M | $7,965M | | Total current liabilities | $2,758M | $2,602M | | Long-term debt | $2,386M | $2,598M | | Total liabilities | $6,059M | $6,137M | | Total parent company stockholders' equity | $1,475M | $1,575M | [Consolidated Statement of Cash Flows](index=6&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The consolidated statement of cash flows summarizes cash movements from operating, investing, and financing activities for the six months ended June 30 Six Months Ended June 30 Cash Flow Summary | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $113M | $86M | | Net cash used in investing activities | ($177M) | ($245M) | | Net cash (used in) provided by financing activities | ($30M) | $209M | | **Net (decrease) increase in cash** | **($94M)** | **$50M** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed explanations for significant financial events, including business divestitures, restructuring charges, and segment performance - In February 2024, Dana agreed to sell its European hydraulics business for approximately **$38 million**, resulting in a **$30 million loss** to adjust the carrying value of net assets to fair value less costs to sell[28](index=28&type=chunk) - Restructuring charges of **$12 million** in Q2 2024 and **$17 million** in H1 2024 were primarily for separation costs related to global administrative rationalization and manufacturing footprint realignment, affecting approximately **500 employees**[30](index=30&type=chunk)[31](index=31&type=chunk) Revenue by Segment (Six Months Ended June 30) | Segment | 2024 Revenue | 2023 Revenue | | :--- | :--- | :--- | | Light Vehicle | $2,230M | $2,028M | | Commercial Vehicle | $1,051M | $1,048M | | Off-Highway | $1,527M | $1,684M | | Power Technologies | $665M | $632M | | **Total** | **$5,473M** | **$5,392M** | Segment EBITDA (Six Months Ended June 30) | Segment | 2024 EBITDA | 2023 EBITDA | | :--- | :--- | :--- | | Light Vehicle | $151M | $115M | | Commercial Vehicle | $40M | $45M | | Off-Highway | $231M | $249M | | Power Technologies | $49M | $42M | | **Total** | **$471M** | **$451M** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A analyzes Q2 2024 sales, gross margin, revised full-year outlook, and strategic focus on core operations and electrification [Operational and Strategic Initiatives](index=32&type=section&id=Operational%20and%20Strategic%20Initiatives) Dana's strategy focuses on leveraging core operations, customer centricity, global expansion, and leading electric propulsion solutions - Dana's enterprise strategy is focused on four key pillars[107](index=107&type=chunk) - **Leveraging Core Operations:** Driving synergies across engineering, purchasing, and manufacturing to improve profitability and competitive advantage[108](index=108&type=chunk) - **Driving Customer Centricity:** Focusing on customer relationships and engineering solutions to win new business[109](index=109&type=chunk) - **Expanding Global Markets:** Prioritizing growth in Asia, particularly China and India, through partnerships, acquisitions, and organic investment[110](index=110&type=chunk) - **Delivering Innovative Solutions & Leading Electric Propulsion:** Investing in e-Propulsion systems to capitalize on vehicle electrification trends[111](index=111&type=chunk) [Trends in Our Markets](index=36&type=section&id=Trends%20in%20Our%20Markets) Market trends show stable light-truck production, weakening North American commercial vehicle demand, and mixed off-highway growth - **Light Vehicle:** 2024 outlook reflects relatively stable global light-truck production compared to 2023[122](index=122&type=chunk) - **Commercial Vehicle:** 2024 outlook indicates weakening demand in North America, with moderately lower production, while South America and Asia Pacific expect modest increases[123](index=123&type=chunk) - **Off-Highway:** 2024 outlook projects modest growth in the Americas and Asia Pacific, offset by moderately lower production in Europe, with softening global agriculture equipment demand[124](index=124&type=chunk) [Sales, Earnings and Cash Flow Outlook](index=37&type=section&id=Sales%2C%20Earnings%20and%20Cash%20Flow%20Outlook) The 2024 sales outlook was lowered due to reduced EV demand, while Adjusted EBITDA guidance was maintained and free cash flow increased - The 2024 sales outlook was lowered by **$200 million** to a range of **$10,450 - $10,950 million**, reflecting a reduction in electric-vehicle demand[130](index=130&type=chunk) 2024 Financial Outlook | Metric | 2024 Outlook | 2023 Actual | | :--- | :--- | :--- | | Sales | $10,450 - $10,950M | $10,555M | | Adjusted EBITDA | $875 - $975M | $845M | | Net cash provided by operating activities | $500 - $550M | $476M | | Free cash flow | $75 - $125M | ($25M) | - Adjusted EBITDA guidance remains unchanged, with the margin expected to improve by **60 basis points** over 2023 at the midpoint, and free cash flow guidance was increased by **$25 million** due to reduced capital spending[130](index=130&type=chunk) [Consolidated Results of Operations](index=38&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated results show a slight Q2 sales decrease and H1 organic sales growth, despite gross margin compression from inflation and mix - Q2 2024 sales decreased by **$10 million** YoY to **$2,738 million**, with weaker international currencies having a negative impact of **$22 million**, partially offset by **$14 million** in organic sales growth[131](index=131&type=chunk)[132](index=132&type=chunk) - Q2 2024 gross margin decreased by **$16 million** to **$255 million** (**9.3% of sales**), down **60 basis points** from 2023, driven by lower sales volumes, unfavorable product mix, and **$51 million** in non-material inflationary costs[134](index=134&type=chunk)[135](index=135&type=chunk) - H1 2024 sales increased by **$81 million** YoY to **$5,473 million**, with **$102 million** in organic sales growth partially offset by a **$19 million** negative currency impact[145](index=145&type=chunk)[146](index=146&type=chunk) [Segment Results of Operations](index=44&type=section&id=Segment%20Results%20of%20Operations) Segment results highlight organic growth in Light Vehicle and Power Technologies, with challenges in Commercial Vehicle and Off-Highway sales declines - **Light Vehicle:** Q2 sales grew **7% organically**, driving segment EBITDA up by **$18 million** to **$84 million**, with margin improving to **7.4%** from **6.2%** YoY[159](index=159&type=chunk)[160](index=160&type=chunk) - **Commercial Vehicle:** Q2 sales were up **1% organically**, but unfavorable product mix caused segment EBITDA to fall by **$5 million** to **$23 million**, with margin contracting to **4.4%** from **5.3%** YoY[161](index=161&type=chunk)[162](index=162&type=chunk) - **Off-Highway:** Q2 sales declined **10% organically** due to softening global markets, particularly in Europe, leading to a **$15 million** decrease in segment EBITDA to **$116 million**, with a stable margin of **15.5%**[163](index=163&type=chunk)[164](index=164&type=chunk) - **Power Technologies:** Q2 sales grew **7% organically**, with segment EBITDA increasing by **$3 million** to **$22 million**, and margin expanding to **6.6%** from **6.1%** YoY, despite unfavorable product mix[165](index=165&type=chunk)[166](index=166&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity, with **$1.56 billion** available as of June 30, 2024, and remains compliant with all debt covenants Total Liquidity as of June 30, 2024 | Component | Amount | | :--- | :--- | | Cash and cash equivalents | $419M | | Additional cash availability from Revolving Facility | $1,141M | | **Total liquidity** | **$1,560M** | - As of June 30, 2024, the company was in compliance with all debt covenants, with principal liquidity sources expected from cash from operations, cash on hand, and borrowings from the Revolving Facility[176](index=176&type=chunk)[178](index=178&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures, including currency, interest rates, or commodity costs, have occurred since the 2023 Form 10-K - There have been no material changes to market risk exposures concerning currency exchange rates, interest rates, or commodity costs since the 2023 Form 10-K[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[190](index=190&type=chunk) - No changes occurred during the fiscal quarter ended June 30, 2024, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[191](index=191&type=chunk) [PART II – OTHER INFORMATION](index=52&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with no expected material adverse effect on its financial condition or operations - The company does not believe that liabilities from pending legal proceedings are reasonably likely to have a material adverse effect on its financial condition or results of operations[194](index=194&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since those disclosed in the 2023 Form 10-K - There have been no material changes in the company's risk factors from those disclosed in the 2023 Form 10-K[195](index=195&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including incentive plan amendments and required CEO/CFO certifications - Exhibits filed with the report include the First Amendment to the Dana Incorporated 2021 Omnibus Incentive Plan, CEO and CFO certifications under Rule 13a-14(a)/15d-14(a), and Section 1350 certifications[198](index=198&type=chunk)