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].

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 ...