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Dana Incorporated Announces Second-Quarter 2017 Financial Results,
Raises Full-Year Guidance
|||Sales of $1.8 billion; 11 percent organic growth|
|||Net income attributable to Dana of $71 million and diluted EPS of $0.47|
|||Adjusted EBITDA of $217 million, providing a margin of 11.8 percent|
|||Diluted adjusted EPS of $0.68; 28 percent growth|
|||Operating cash flow of $169 million; free cash flow of $96 million|
|||Full-year guidance raised:|
|||Sales guidance increased by 8 percent|
|||Adjusted EBITDA guidance increased by 11 percent|
|||Margin guidance increased by 30 basis points|
|||Diluted adjusted EPS guidance increased by 31 percent|
|||Free cash flow guidance increased by 67 percent|
MAUMEE, Ohio, July 31, 2017 Dana Incorporated (NYSE: DAN) today announced financial results for the second quarter of 2017.
We continue to execute our strategy by expanding our markets and winning new business while converting our sales backlog into profitable growth. This quarters strong sales, profit, and cash flow are driven by improved market conditions, our recent acquisitions, and a focus on operational execution, said James Kamsickas, Dana president and chief executive officer We have raised our financial guidance this year consistent with our continued strong operating performance and improved customer demand. The solid foundation that we have established will serve as an enabler for Dana to continue to deliver on our commitments beyond 2017.
Second-Quarter Financial Results
Sales for the second quarter of 2017 totaled $1.84 billion, compared with $1.55 billion in the same period of 2016, an overall increase of 19 percent. The increase was driven by recent acquisitions that contributed $150 million, new customer programs, higher end-market demand in global light-truck markets, and improved demand in global off-highway end markets. Currency remained a slight headwind to sales of $10 million. Excluding acquisitions and currency effects, stronger market demand and new business generated 11 percent organic sales growth.
Net income attributable to Dana for the second quarter of 2017 was $71 million, compared with $53 million in the same period last year. Net income benefited from increased adjusted EBITDA of $39 million, partially offset by higher depreciation and amortization, acquisition-related costs, restructuring expenses, and income taxes. Costs associated with debt refinancing reduced net income by $6 million in this years second quarter and by $17 million in 2016. Reported diluted earnings per share were $0.47 in the second quarter of 2017, compared with $0.36 in the same period last year.
Adjusted EBITDA of $217 million provided an 11.8 percent margin, a 30 basis-point improvement over the second quarter of 2016. The year-over-year increase of $39 million was driven by stronger end-market demand and conversion of new business backlog, with higher organic sales volume benefiting adjusted EBITDA by $26 million. The adjusted EBITDA contribution from acquisitions was $17 million, while changes in foreign currency rates reduced earnings by $4 million from combined translation and transaction losses.
The following information was filed by Dana Inc (DAN) on Monday, July 31, 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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