Dana Q2 2020 Earnings Report
Key Takeaways
Dana Incorporated reported a challenging second quarter in 2020, with sales significantly impacted by the COVID-19 pandemic. The company experienced a net loss, but implemented cost management and cash conservation measures to mitigate the financial impact. They maintain a strong liquidity position and are focused on growth across multiple end-markets.
Sales decreased to $1.08 billion due to weaker demand across all mobility markets.
Net loss was $174 million, impacted by higher income tax expense.
Adjusted EBITDA was a loss of $5 million, compared to a profit of $286 million in the same period last year.
Diluted adjusted EPS was a loss of $0.69, compared to earnings of $0.87 in the same period last year.
Dana
Dana
Forward Guidance
Due to the unprecedented disruption in our end markets as a result of the COVID-19 pandemic, and associated economic uncertainty, the company believes it is prudent to refrain from issuing full-year financial guidance until there is further stabilization in end-market demand.