Exhibit 99.1

 

LOGO

IMMEDIATE    

Dana Incorporated Announces First-Quarter 2017

Financial Results; Affirms Full-Year Guidance

Highlights

 

    Sales of $1.7 billion

 

    Net income attributable to Dana of $75 million and diluted EPS of $0.51

 

    Adjusted EBITDA of $205 million, providing a margin of 12.1 percent

 

    Diluted adjusted EPS of $0.63

 

    Completed acquisition of U.S. Manufacturing Corporation’s Warren, Michigan, driveline facility

 

    Winner of Automotive News PACE Award, Dana’s fifth win overall

 

    Earned 12 customer and industry recognition awards

MAUMEE, Ohio, May 2, 2017 – Dana Incorporated (NYSE: DAN) today announced financial results for the first quarter of 2017.

“Dana is off to a good start this year as we successfully launch new programs across end markets and continue to convert our sales backlog. The results this quarter are further evidence of our ability to successfully operate and leverage our cost base during rapid volume and revenue expansion,” said James Kamsickas, Dana president and chief executive officer. “In addition, the targeted and timely acquisitions of Brevini and the U.S. Manufacturing Corporation facility directly align with Dana’s enterprise strategy as they both strengthen our technology portfolio and expand our market reach.”

First-Quarter Financial Results

Sales for the first quarter of 2017 totaled $1.70 billion, compared with $1.45 billion in the same period of 2016, representing a 17 percent increase. The increase was largely due to new business gains, higher end-market demand in global light-truck markets, and improved demand in global off-highway end markets. Currency was a slight headwind of $6 million due to the relative strength of the U.S. dollar against the euro, British pound, and Mexican peso, partially offset by a stronger Brazilian real. The impact of acquisitions added $80 million in sales compared with the prior year.

Net income attributable to Dana for the first quarter was $75 million, compared with $45 million in the same period last year. Net income benefited from increased adjusted EBITDA of $57 million, which was partially offset by higher transaction costs attributable to acquisitions completed in this year’s first quarter, depreciation and amortization expense, and income taxes. Reported diluted earnings per share were $0.51 in the first quarter, compared with $0.30 in 2016.

Adjusted EBITDA of $205 million provided a 12.1 percent margin, which was a 190-basis-point improvement over the first quarter of 2016. Profit this quarter benefited from higher sales volume, and each of the business units delivered improved cost performance. Foreign currency rate changes reduced earnings by $10 million from combined translation and transaction losses. Incremental profit of $60 million in the first quarter of this year was due to strong cost performance, higher end-market demand, and new customer programs in the Light Vehicle Driveline, Power Technologies, and Off-Highway Drive and Motion businesses. This was somewhat offset by weaker volumes in commercial-vehicle markets. The Brevini and U.S. Manufacturing Corporation (USM) acquisitions added $7 million to the comparison.

Diluted adjusted earnings per share in the first quarter of 2017 were $0.63, compared with $0.34 in the same period last year, primarily driven by the year-over-year earnings improvement.

 

1


The following information was filed by Dana Inc (DAN) on Tuesday, May 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Dana Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Dana Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account