Dana(US:DAN)2025-10-31 20:26Financial Performance - Net sales for the three months ended September 30, 2025, were $1,917 million, a 1.1% increase from $1,897 million in the same period of 2024[8] - Net income attributable to the parent company for the three months ended September 30, 2025, was $83 million, compared to $4 million in the same period of 2024[8] - Total comprehensive income for the three months ended September 30, 2025, was $86 million, compared to $19 million in the same period of 2024[11] - Net income for the nine months ended September 30, 2025, was $148 million, a significant increase from $27 million in the same period of 2024[16] - The company reported a net income of $87 million for Q3 2025, significantly higher than $11 million in Q3 2024, and a net income of $148 million for the nine months ended September 30, 2025, compared to $27 million in the same period of 2024[11] Assets and Liabilities - Total assets increased to $8,108 million as of September 30, 2025, from $7,502 million as of December 31, 2024[13] - Current liabilities rose to $3,158 million as of September 30, 2025, compared to $2,560 million as of December 31, 2024[13] - Long-term debt increased to $2,565 million as of September 30, 2025, from $2,387 million as of December 31, 2024[13] - The company reported a net loss from continuing operations of $16 million for the nine months ended September 30, 2025, compared to a loss of $147 million in 2024[16] Cash Flow and Investments - Cash and cash equivalents decreased to $414 million as of September 30, 2025, from $494 million as of December 31, 2024[13] - The company reported net cash used in investing activities of $(130) million for the nine months ended September 30, 2025, compared to $(205) million in 2024[16] - Cash provided by operating activities from discontinued operations was $165 million for the nine months ended September 30, 2025, down from $192 million in 2024[16] Divestitures and Restructuring - The Off-Highway business is being sold to Allison Transmission Holdings, Inc. for $2,732 million, with the transaction expected to close in Q4 2025[29] - The company incurred $54 million in transaction-related costs for the Off-Highway business divestiture during the nine months ended September 30, 2025[32] - The company plans to reduce approximately 600 employees over the next year as part of its restructuring efforts[39] Stock and Dividends - The company declared a cash dividend of $0.10 per share for the first three quarters of 2025[42] - A stock repurchase program was approved for up to $1 billion, with $556 million remaining available for future repurchases as of September 30, 2025[43] - The company repurchased 14,286,505 shares for $251 million from the Icahn Group on June 17, 2025[43] Segment Performance - Light Vehicle Systems generated external sales of $1,353 million in Q3 2025, up from $1,285 million in Q3 2024, representing an increase of about 5.3%[103] - Commercial Vehicle Systems reported external sales of $564 million for Q3 2025, a decrease of approximately 7.8% from $612 million in Q3 2024[103] - Segment EBITDA for Light Vehicle Systems was $126 million for Q3 2025, compared to $82 million in Q3 2024, indicating a significant increase of 53.7%[103] Tax and Compliance - The effective tax rate for the nine months ended September 30, 2025, was (4)%, compared to (8)% for the same period in 2024[90] - The company recognized a tax benefit of $2 million for the third quarter of 2025, compared to a tax benefit of $18 million for the third quarter of 2024[90] Other Financial Metrics - The company recognized stock compensation expense of $8 million in the third quarter of 2025, compared to $7 million in the third quarter of 2024[55] - The balance of accumulated other comprehensive income (loss) as of September 30, 2025, was $(1,047) million[47] - The company reported a warranty liability balance of $80 million at the end of the third quarter of 2025, down from $84 million at the end of the third quarter of 2024[86]