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Sep 30, 2023
Dana Q3 2023 Earnings Report
Dana reported robust sales and profit growth in Q3 2023.
Key Takeaways
Dana Incorporated reported strong sales of $2.67 billion for the third quarter of 2023, a $134 million increase compared to the same period last year. Net income attributable to Dana was $19 million, or $0.13 per share, compared to a net loss of $88 million, or $0.61 per share, in the third quarter of 2022. Adjusted EBITDA for the third quarter of 2023 was $242 million, compared with $192 million for the same period in 2022.
Sales of $2.7 billion, an increase of $134 million or 5 percent over last year
Net income attributable to Dana of $19 million, an increase of $107 million over last year
Diluted EPS of $0.13; diluted adjusted EPS of $0.30, an increase of $0.06 per share over last year
Adjusted EBITDA of $242 million, an increase of $50 million or 26 percent over last year
Dana
Dana
Dana Revenue by Segment
Revenue by Segment
Light Vehicle Revenue
CapyFin.comCommercial Vehicle Revenue
CapyFin.comOff-Highway Revenue
CapyFin.com Forward Guidance
Dana provided an update on its outlook, with sales of $10.7 billion assuming UAW strike through Oct. 31; $10.2 billion with strike through Dec. 31; Adjusted EBITDA of $850 million with strike through Oct. 31; $760 million with strike through Dec. 31.
Positive Outlook
- Sales remain strong due to our broad global customer base and multiple-market presence
- High end of guidance assumption is that UAW strike is resolved for all Detroit 3 customers as of October 31
- Lower profit due to strike
- Cost savings actions
- Expect positive FCF in Q4
Challenges Ahead
- Lower sales due to strike
- Lower free cash flow forecast primarily driven by higher working capital requirements, including higher strike-related inventory
- Higher inventory
- Lower sales driving lower collections
- 20% decremental margin due to strike-lowered sales
Revenue & Expenses
Visualization of income flow from segment revenue to net income