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].

MAUMEE, Ohio, Feb. 14, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that its board of directors has declared a dividend on its common stock.   The board declared a quarterly dividend of $0.10 per share, payable March 22, 2024, to holders of Dana common stock as of March 1. About Dana IncorporatedDana 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 comp ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Dana (DAN) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 20. On th ...

MAUMEE, Ohio, Feb. 8, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) will release its 2023 fourth-quarter and full-year financial results on Tuesday, Feb. 20, 2024.  A press release will be issued at approximately 7 a.m. EST, followed by a conference call and webcast at 10 a.m. EST.  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 locat ...

Salt Lake City, UT, Jan. 24, 2024 (GLOBE NEWSWIRE) -- WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ:IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles proudly announces a groundbreaking achievement in the commercial EV industry. The company has successfully integrated its high-power wireless charging technology into Kenworth's Class 6 electric trucks, specifically the K270E and K370E models, marking the first OEM-approved ...

MAUMEE, Ohio, Jan. 23, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that the company was recognized as a "Top Employer 2024" in 16 countries in which it operates. The company was also selected as a Top Employer across Europe and North America due to overall cross-country performance in those regions.  According to the Top Employer Institute, the respected award recognizes companies for drivers of high performance, including employee development, well-being and work environment, talent ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Dana (DAN) , which belongs to the Zacks Automotive - Original Equipment industry, could be a great candidate to consider.This automotive equipment supplier has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 165.63%.For the last reported quarter, D ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companie ...

MAUMEE, Ohio, Jan. 16, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has been named one of "America's Greatest Workplaces for Diversity" by Newsweek magazine for the second consecutive year.  The award recognizes the company's impact and commitment to building a culture that embraces and supports diversity. "We at Dana take pride in attracting terrific people from diverse backgrounds who work together to create a better world through acceptance and understanding," said Maureen P ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2023 was $242 million, an increase of $50 million or 150 basis points compared to the same period last year, driven by strong operational execution and improved efficiency [6][42] - Sales reached $2.67 billion, a $134 million increase year-over-year, primarily due to strong customer demand and cost recovery efforts [9][16] - Net income attributable to Dana was $19 million, compared to a loss of $88 million in the previous year, which was impacted by a non-cash goodwill impairment charge [17] - Free cash flow was a use of $5 million, reflecting higher seasonal working capital requirements [10][43] Business Line Data and Key Metrics Changes - Traditional organic sales growth was $20 million, driven by higher demand and improved pricing, partially offset by the UAW strike's impact on light vehicle business [18] - EV organic sales increased by $81 million compared to last year, with adjusted EBITDA for EV up by $12 million, improving overall margins by 20 basis points [19] - Free cash flow usage was primarily due to increased working capital requirements, which were $115 million higher than last year, driven by higher inventory needs [20] Market Data and Key Metrics Changes - North America light vehicle production was significantly impacted by the UAW strike, resulting in $65 million lower sales in Q3 and an expected $185 million lower sales in October [31][33] - Demand in Europe showed slight improvement due to strong order backlogs, while Asia's production is expected to remain flat [34] - The North America Class 8 medium-duty truck market is expected to finish the year with a production increase of around 7% compared to 2022 [35] Company Strategy and Development Direction - The company is focused on leveraging its core operations, driving standardization and transformational change across the organization to improve operational efficiency and customer satisfaction [11] - Dana plans to maintain an aggressive launch cadence for 2023, with over 120 programs across traditional and EV markets, anticipating a more normalized cadence in 2024 [14] - The company is prepared to flex its operations in response to market demands and is committed to supporting its supply base during the ongoing UAW strike [30][101] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment is improving, with moderating steel prices and expectations for commodities to be a profit tailwind for the remainder of the year [63][128] - The company anticipates that once the UAW strike concludes, operational improvements and commodity cost benefits will positively impact financial performance [32][46] - Management expressed confidence in the resilience of the business to weather external disruptions, maintaining guidance for sales and profit ranges despite the strike [48][46] Other Important Information - The company has successfully completed or is nearing completion of four major programs, which account for over $2 billion in annual sales [40] - Adjusted EBITDA guidance for 2023 is expected to be about $850 million, with profit margins projected between 7.5% to 8% [47] Q&A Session Summary Question: Can you quantify the impact of the UAW strike on cash flow? - Management compared the situation to the COVID shutdown, indicating that the company has a playbook to manage the supply chain and ensure raw material availability [26][27] Question: How is the company managing EV investments amid mixed messages in the industry? - Management stated that the company is designed to be energy-source agnostic and can flexibly adjust spending based on market conditions [59][96] Question: What is the expected impact of the UAW strike on future sales and margins? - Management indicated that the low-end sales guidance assumes the strike continues, with significant impacts expected from Ford's production [72][73] Question: How does the company plan to achieve its break-even target for EV by 2025? - Management expressed confidence in achieving the target, noting that operational efficiencies and market demand will play crucial roles [85][108] Question: What are the expectations for the off-highway market in Q4? - Management indicated that there is no expected uptick in the off-highway market for Q4, but they have successfully managed recoveries from customers [115]