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Dana Incorporated Announces First-Quarter 2017
Financial Results; Affirms Full-Year Guidance
|||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 Corporations Warren, Michigan, driveline facility|
|||Winner of Automotive News PACE Award, Danas 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 Danas 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 years 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.
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.
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