Full-year Results
— Sales of $10.3 billion, a decrease of $271 million compared to last year
— Net loss of $57 million, compared with a net income of $38 million in 2023
— Adjusted net income of $136 million compared with adjusted net income of $122 million last year
— Adjusted EBITDA of $885 million, an increase of $40 million over last year
— Adjusted EBITDA margin of 8.6 percent, a 60-basis-point improvement compared with 2023
— Free cash flow of $70 million, an increase of $95 million over 2023
— Three-year new business sales backlog of $650 million
— 2025 guidance reflects 10 percent increase in adjusted EBITDA, $155 million increase in free cash flow
Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2024.
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“Our 2024 results reflect the initial improvements we've implemented to streamline our cost structure, and we anticipate even greater progress in 2025,” said R. Bruce McDonald, Dana chairman and chief executive officer. “Dana continues to execute on our strategy and position the company for profitable growth and value creation. Our cost-savings actions are proceeding on schedule with over $100 million run-rate savings in place, and we are well on our way to our 2026 target of $300 million. Our 2025 outlook reflects accelerating savings and lower capital expenditures. We are confident that improving free cash flow generation will continue to create significant value for shareholders.”
Fourth-quarter 2024 Financial Results Sales for the fourth quarter of 2024 totaled $2.3 billion, compared with $2.5 billion in the same period of 2023. Lower sales in 2024 were driven by lower market demand for electric vehicles, off-highway equipment, and lower vehicle production driven by higher inventory of certain light truck programs.
Adjusted EBITDA for the fourth quarter of 2024 was $186 million, compared with $156 million for the same period in 2023.Efficiency improvements, cost-savings actions, and recoveries from customers offset the margin impact of lower sales and inflation.
The net loss attributable to Dana was $80 million, or $0.55per share, compared with a net loss of $39 million, or $0.27 per share, in the fourth quarter of 2023 due primarily to $31 million in higher restructuring charges to achieve cost-savings projects.
The adjusted net income attributable to Dana was $36million, or $0.25per share, for the fourth quarter of 2024, compared with an adjusted net loss of $11 million or $0.08 earnings per share in 2023.
Operating cash flow in the fourth quarter of 2024 was $302million, compared with $278million in the same period of 2023. Free cash flow was $149 million, compared with $136 million in the fourth quarter of 2023.
Full-year 2024 Financial Results Sales for 2024 were$10.3 billion,compared with $10.6billion in 2023. The decrease of $271 million was due to lower demand for vehicles in all end markets.
Adjusted EBITDA for 2024 was $885million, compared with $845 million in 2023 driven by efficiency improvements and cost-savings actions; recoveries from customers offset the margin impact of lower sales and inflation.
The net loss attributable to Dana for 2024 was $57 million or $0.39per share, compared with net income of $38 million or $0.26 per share in 2023. The 2024 loss was primarily due to $51 million in higher restructuring charges to achieve cost-savings projects and the $26 million loss on disposal of a business previously held for sale.
Adjusted net income attributable to Dana was $136 million and diluted adjusted earnings per share were $0.94 in 2024, compared with an adjusted net income of $122million and $0.84 per share in 2023.
The company reported operating cash flow of $450 million in 2024 and free cash flow of $70 million, compared operating cash flow of $476 million and free cash flow use of $25 million in 2023. Improved free cash flow in 2024 was driven by increased profit, better working capital efficiency, and lower capital spending.
“Today we are affirming our previously announced guidance for 2025 financial targets,” said Timothy Kraus, senior vice president and chief financial officer. “Sales are expected to be lower for the year, mainly driven by lower demand for off-highway equipment and translation of foreign currency. The impact of our cost-savings actions, totaling $175 million in 2025, along with efficiency improvements will drive higher margins. Improved working capital efficiency and reduced capital expenditures will increase free cash flow.”
2025 Financial Targets
— Sales of $9.525 to $10.025 billion;
— Adjusted EBITDA of $925 to $1,025 million, an implied adjusted EBITDA margin of approximately 10.0 percent at the midpoint of the range;
— Operating cash flow of approximately $500 to $600 million;
— Free cash flow of $175 to $275 million; and
— Diluted Adjusted EPS of $1.40 to $1.90.
Dana to Host Conference Call at 9 a.m. Thursday, Feb. 20 Dana will discuss its fourth-quarter and full-year results in a conference call at 9 a.m. EST on Thursday, Feb. 20. The conference call can be accessed by telephone from both domestic and international locations using the information provided below:
Conference ID: 9943139 Participant Toll-Free Dial-In Number: 1 (888) 440-5873 Participant Toll Dial-In Number: 1 (646) 960-0319
Audio streaming and slides will be available online via a link provided on the Dana investor website: www.dana.com/investors. Phone registration will be available beginning at 8:30 a.m. EST. A webcast replay can be accessed via Dana's investor website following the call.
Non-GAAP Financial Information Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements, divestitures, impairment, etc.). Adjusted EBITDA is a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. We use adjusted EBITDA in assessing the effectiveness of our business strategies, evaluating and pricing potential acquisitions and as a factor in making incentive compensation decisions. In addition to its use by management, we also believe adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate financial performance of our company relative to other Tier 1 automotive suppliers. Adjusted EBITDA should not be considered a substitute for earnings (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Adjusted net income (loss) attributable to the parent company is a non-GAAP financial measure which we have defined as net income (loss) attributable to the parent company, excluding any discrete income tax items, restructuring charges, amortization expense and other adjustments not related to our core operations (as used in adjusted EBITDA), net of any associated income tax effects. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to net income attributable to the parent company reported by other companies. Adjusted net income (loss) attributable to the parent company is neither intended to represent nor be an alternative measure to net income (loss) attributable to the parent company reported in accordance with GAAP.
Diluted adjusted EPS is a non-GAAP financial measure which we have defined as adjusted net income (loss) attributable to the parent company divided by adjusted diluted shares. We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income (loss) attributable to the parent company. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported in accordance with GAAP.
Free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. We believe free cash flow is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is not intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported in accordance with GAAP. Free cash flow may not be comparable to similarly titled measures reported by other companies.
The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA and diluted adjusted EPS outlook to the most comparable GAAP measures of net income (loss) and diluted EPS. Providing net income (loss) and diluted EPS guidance is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items that are included in net income (loss) and diluted EPS, including restructuring actions, asset impairments and certain income tax adjustments. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance.
Forward-Looking Statements Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.
About Dana Incorporated Dana 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 company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.
Based in Maumee, Ohio, USA, the company reported sales of $10.3 billion in 2024 with 39,000 people in 30 countries across six continents. With a history dating to 1904, Dana was named among the “World's Most Ethical Companies” for 2024 by Ethisphere and as one of “America's Most Responsible Companies 2025” by Newsweek. The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer. Learn more at dana.com.
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DANA INCORPORATEDConsolidated Statement of Operations (Unaudited)For the Three Months Ended December 31, 2024 and 2023 Three Months Ended(In millions, except per share amounts) December 31, 2024 2023Net sales $ 2,335 $ 2,494Costs and expensesCost of sales 2,203 2,330Selling, general and administrative expenses 123 139Amortization of intangibles 3 3Restructuring charges, net 35 4Other income (expense), net (7) (7)Earnings (loss) before interest and income taxes (36) 11Interest income 5 3Interest expense 43 40Loss before income taxes (74) (26)Income tax expense 5 3Equity in earnings (loss) of affiliates 3 (15)Net loss (76) (44)Less: Noncontrolling interests net income 4 5Less: Redeemable noncontrolling interests net loss – (10)Net loss attributable to the parent company $ (80) $ (39)Net loss per share available to common stockholdersBasic $ (0.55) $ (0.27)Diluted $ (0.55) $ (0.27)Weighted-average shares outstanding – Basic 145.3 144.5Weighted-average shares outstanding – Diluted 145.3 144.5
DANA INCORPORATEDConsolidated Statement of OperationsFor the Year Ended December 31, 2024 and 2023 Year Ended(In millions, except per share amounts) December 31, 2024 2023Net sales $ 10,284 $ 10,555Costs and expensesCost of sales 9,408 9,655Selling, general and administrative expenses 524 549Amortization of intangibles 13 13Restructuring charges, net 76 25Loss on disposal group previously held for sale (26)Other income (expense), net (11) 3Earnings before interest and income taxes 226 316Loss on extinguishment of debt (1)Interest income 15 17Interest expense 161 154Earnings before income taxes 80 178Income tax expense 139 121Equity in earnings (loss) of affiliates 10 (9)Net income (loss) (49) 48Less: Noncontrolling interests net income 21 22Less: Redeemable noncontrolling interests net loss (13) (12)Net income (loss) attributable to the parent company $ (57) $ 38Net income (loss) per share available to common stockholdersBasic $ (0.39) $ 0.26Diluted $ (0.39) $ 0.26Weighted-average shares outstanding – Basic 145.2 144.4Weighted-average shares outstanding – Diluted 145.2 144.6
DANA INCORPORATEDConsolidated Statement of Comprehensive Income (Unaudited)For the Three Months Ended December 31, 2024 and 2023 Three Months Ended(In millions) December 31, 2024 2023Net loss $ (76) $ (44)Other comprehensive income (loss), net of tax: Currency translation adjustments (65) 36 Hedging gains and losses (14) 2 Defined benefit plans 2 (16) Other comprehensive income (loss) (77) 22Total comprehensive loss (153) (22) Less: Comprehensive income attributable to noncontrolling interests (2) (6) Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests (1) 6Comprehensive loss attributable to the parent company $ (156) $ (22)
DANA INCORPORATEDConsolidated Statement of Comprehensive IncomeFor the Year Ended December 31, 2024 and 2023 Year Ended(In millions) December 31, 2024 2023Net income (loss) $ (49) $ 48Other comprehensive income (loss), net of tax: Currency translation adjustments (117) 30 Hedging gains and losses (49) (1) Defined benefit plans 8 (16) Other comprehensive income (loss) (158) 13Total comprehensive income (loss) (207) 61 Less: Comprehensive income attributable to noncontrolling interests (18) (22) Less: Comprehensive loss attributable to redeemable noncontrolling interests 16 10Comprehensive income (loss) attributable to the parent company $ (209) $ 49
DANA INCORPORATEDConsolidated Balance SheetAs of December 31, 2024 and December 31, 2023(In millions, except share and per share amounts) December 31, December 31, 2024 2023AssetsCurrent assetsCash and cash equivalents $ 494 $ 529Accounts receivable Trade, less allowance for doubtful accounts of $15 in 2024 and $16 in 2023 1,195 1,371 Other 261 280Inventories 1,547 1,676Other current assets 206 247 Total current assets 3,703 4,103Goodwill 250 263Intangibles 150 182Deferred tax assets 560 516Other noncurrent assets 189 140Investments in affiliates 126 123Operating lease assets 293 327Property, plant and equipment, net 2,214 2,311 Total assets $ 7,485 $ 7,965Liabilities, redeemable noncontrolling interests and equityCurrent liabilitiesShort-term debt $ 8 $ 22Current portion of long-term debt 214 35Accounts payable 1,522 1,756Accrued payroll and employee benefits 236 288Taxes on income 69 86Current portion of operating lease liabilities 44 42Other accrued liabilities 468 373 Total current liabilities 2,561 2,602Long-term debt, less debt issuance costs of $19 in 2024 and $24 in 2023 2,389 2,598Noncurrent operating lease liabilities 258 284Pension and postretirement obligations 295 334Other noncurrent liabilities 397 319 Total liabilities 5,900 6,137CommitmentsandcontingenciesRedeemable noncontrolling interests 189 191Parent company stockholders' equity Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares outstanding – – Common stock, 450,000,000 shares authorized, $0.01 par value, 144,993,614 and 144,386,484 shares outstanding 2 2 Additional paid-in capital 2,282 2,255 Retained earnings 204 317 Treasury stock, at cost (837,803 and 474,981 shares) (13) (9) Accumulated other comprehensive loss (1,142) (990) Total parent company stockholders' equity 1,333 1,575Noncontrolling interests 63 62 Total equity 1,396 1,637 Total liabilities, redeemable noncontrolling interests and equity $ 7,485 $ 7,965
DANA INCORPORATEDConsolidated Statement of Cash Flows (Unaudited)For the Three Months Ended December 31, 2024 and 2023 Three Months Ended(In millions) December 31, 2024 2023Operating activitiesNet loss $ (76) $ (44)Depreciation 97 106Amortization 5 6Amortization of deferred financing charges 2 1Earnings of affiliates, net of dividends received (3) 15Stock compensation expense 9 7Deferred income taxes (47) (58)Pension expense, net (1)Change in working capital 288 239Change in other noncurrent assets and liabilities 40 (2)Other, net (13) 9Net cash provided by operating activities 302 278Investing activitiesPurchases of property, plant and equipment (153) (142)Proceeds from sale of property, plant and equipment 4 2Settlements of undesignated derivatives (3)Other, net 2 (2)Net cash used in investing activities (147) (145)Financing activitiesNet change in short-term debt (14) (15)Repayment of long-term debt (2) (2)Dividends paid to common stockholders (15) (15)Distributions to noncontrolling interests (3)Contributions from redeemable noncontrolling interests 4Other, net (1)Net cash used in financing activities (34) (29)Net increase in cash, cash equivalents and restricted cash 121 104Cash, cash equivalents and restricted cash — beginning of period 435 440Effect of exchange rate changes on cash balances (44) 19Cash, cash equivalents and restricted cash — end of period $ 512 $ 563
DANA INCORPORATEDConsolidated Statement of Cash FlowsFor the Year Ended December 31, 2024 and 2023 Year Ended(In millions) December 31, 2024 2023Operating activitiesNet income (loss) $ (49) $ 48Depreciation 401 393Amortization 21 23Amortization of deferred financing charges 6 5Write-off of deferred financing costs 1Earnings of affiliates, net of dividends received (7) 11Stock compensation expense 30 26Deferred income taxes (29) (104)Pension expense, net 1 3Change in working capital 27 70Change in other noncurrent assets and liabilities 25 11Loss on disposal group previously held for sale 26Other, net (2) (11)Net cash provided by operating activities 450 476Investing activitiesPurchases of property, plant and equipment (380) (501)Proceeds from sale of property, plant and equipment 11 2Settlements of undesignated derivatives (5) (13)Other, net 22 (16)Net cash used in investing activities (352) (528)Financing activitiesNet change in short-term debt (14) (30)Proceeds from long-term debt 1 458Repayment of long-term debt (37) (209)Deferred financing payments (9)Dividends paid to common stockholders (58) (58)Distributions to noncontrolling interests (20) (10)Collection of note receivable from redeemable noncontrolling interest 11Contributions from redeemable noncontrolling interests 18 22Other, net 9 (4)Net cash provided by (used in) financing activities (90) 160Net increase in cash, cash equivalents and restricted cash 8 108Cash, cash equivalents and restricted cash — beginning of period 563 442Effect of exchange rate changes on cash balances (59) 13Cash, cash equivalents and restricted cash — end of period $ 512 $ 563
DANA INCORPORATEDReconciliation of Net Cash Provided By Operating Activities toFree Cash Flow (Unaudited) Three Months Ended(In millions) December 31, 2024 2023Net cash provided by operating activities $ 302 $ 278Purchases of property, plant and equipment (153) (142)Free cash flow $ 149 $ 136 Year Ended(In millions) December 31, 2024 2023Net cash provided by operating activities $ 450 $ 476Purchases of property, plant and equipment (380) (501)Free cash flow $ 70 $ (25)
DANA INCORPORATEDSegment Sales and Segment EBITDA (Unaudited)For the Three Months Ended December 31, 2024 and 2023 Three Months Ended(In millions) December 31, 2024 2023SalesLight Vehicle $ 961 $ 923Commercial Vehicle 460 509Off-Highway 613 762Power Technologies 301 300Total Sales $ 2,335 $ 2,494Segment EBITDALight Vehicle $ 85 $ 22Commercial Vehicle 1 13Off-Highway 85 106Power Technologies 17 19Total Segment EBITDA 188 160Corporate expense and other items, net (2) (4)Adjusted EBITDA $ 186 $ 156
DANA INCORPORATEDSegment Sales and Segment EBITDAFor the Year Ended December 31, 2024 and 2023 Year Ended(In millions) December 31, 2024 2023SalesLight Vehicle $ 4,224 $ 4,035Commercial Vehicle 2,005 2,092Off-Highway 2,767 3,185Power Technologies 1,288 1,243Total Sales $ 10,284 $ 10,555Segment EBITDALight Vehicle $ 314 $ 212Commercial Vehicle 67 87Off-Highway 419 465Power Technologies 92 89Total Segment EBITDA 892 853Corporate expense and other items, net (7) (8)Adjusted EBITDA $ 885 $ 845
DANA INCORPORATEDReconciliation of Segment and Adjusted EBITDA to Earnings (Loss)Before Income Taxes (Unaudited)For the Three Months Ended December 31, 2024 and 2023 Three Months Ended(In millions) December 31, 2024 2023Segment EBITDA $ 188 $ 160Corporate expense and other items, net (2) (4)Adjusted EBITDA 186 156Depreciation (97) (106)Amortization (5) (6)Non-service cost components of pension and OPEB costs (4) (3)Restructuring charges, net (35) (4)Stock compensation expense (9) (7)Strategic transaction expenses (4) (1)Loss on sale of property, plant and equipment (1)Distressed supplier costs (18)Supplier capacity commitment charge (46)Amount attributable to previously divested/closed operations (9)Other items (12)Earnings (loss) before interest and income taxes (36) 11Interest income 5 3Interest expense 43 40Loss before income taxes $ (74) $ (26)
DANA INCORPORATEDReconciliation of Segment and Adjusted EBITDA to EarningsBefore Income TaxesFor the Year Ended December 31, 2024 and 2023 Year Ended(In millions) December 31, 2024 2023Segment EBITDA $ 892 $ 853Corporate expense and other items, net (7) (8)Adjusted EBITDA 885 845Depreciation (401) (393)Amortization (21) (23)Non-service cost components of pension and OPEB costs (18) (13)Restructuring charges, net (76) (25)Stock compensation expense (30) (26)Strategic transaction expenses (9) (5)Loss on sale of property, plant and equipment (6) (1)Distressed supplier costs (44)Supplier capacity commitment charge (46)Loss on disposal group previously held for sale (26)Amount attributable to previously divested/closed operations (9)Other items (17) 1Earnings before interest and income taxes 226 316Loss on extinguishment of debt (1)Interest income 15 17Interest expense 161 154Earnings before income taxes $ 80 $ 178
DANA INCORPORATEDReconciliation of Net Loss Attributable to the Parent Company toAdjusted Net Income (Loss) Attributable to the Parent Company andDiluted Adjusted EPS (Unaudited)For the Three Months Ended December 31, 2024 and 2023(In millions, except per share amounts) Three Months Ended December 31, 2024 2023Net loss attributable to the parent company $ (80) $ (39)Items impacting income before income taxes: Amortization 5 5 Restructuring charges, net 35 3 Strategic transaction expenses 4 1 Distressed supplier costs 18 Supplier capacity commitment charge 46 Amount attributable to previously divested/closed operations 9 Other items 9 (1)Items impacting income taxes: Net income tax (expense) benefit on items above (3) 6 Income tax expense (benefit) attributable to various discrete tax matters 11 (4)Adjusted net income (loss) attributable to the parent company $ 36 $ (11)Diluted shares – as reported 145.3 144.5Adjusted diluted shares 145.9 144.5Diluted adjusted EPS $ 0.25 $ (0.08)
DANA INCORPORATEDReconciliation of Net Income (Loss) Attributable to the Parent Company toAdjusted Net Income Attributable to the Parent Company andDiluted Adjusted EPS (Unaudited)For the Year Ended December 31, 2024 and 2023(In millions, except per share amounts) Year Ended December 31, 2024 2023Net income (loss) attributable to the parent company $ (57) $ 38Items impacting income before income taxes: Amortization 20 20 Restructuring charges, net 76 24 Strategic transaction expenses 9 5 Distressed supplier costs 44 Supplier capacity commitment charge 46 Amount attributable to previously divested/closed operations 9 Loss on disposal group previously held for sale 26 Other items 9 1Items impacting income taxes: Net income tax expense on items above (37) (20) Income tax expense attributable to various discrete tax matters 35 10Adjusted net income attributable to the parent company $ 136 $ 122Diluted shares – as reported 145.2 144.6Adjusted diluted shares 145.4 144.6Diluted adjusted EPS $ 0.94 $ 0.84
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