Dana Inc (DAN) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Home SEC Filings Dana Inc (DAN) 10-Q Quarterly Report Wed Jul 25 2018

Exhibit 99.1

 

LOGO

IMMEDIATE    

Dana Incorporated Announces Second-quarter

2018 Financial Results with Significant Revenue Growth,

Affirms Full-year Guidance Ranges

Advances Global Electrification Strategy with

Acquisition of TM4

Highlights

 

  •   Sales of $2.1 billion, an increase of $214 million; growth of 12 percent

 

  •   Net income attributable to Dana of $124 million; diluted EPS of $0.85

 

  •   Adjusted EBITDA of $246 million, an increase of $29 million providing a margin of 12.0 percent

 

  •   Diluted adjusted EPS of $0.74, an improvement of 9 percent over second quarter of last year

 

  •   Operating cash flow of $141 million; free cash flow of $61 million

 

  •   Repurchased 1.1 million shares of stock returning $25 million to shareholders

 

  •   Strategic acquisition of TM4 solidifies Dana as the only full e-Propulsion systems supplier

MAUMEE, Ohio, July 25, 2018 – Dana Incorporated (NYSE: DAN) today announced strong financial results for the second quarter of 2018.

“Dana continued our sales growth trajectory with 12 percent higher revenue compared with last year as we continue to grow organically, benefiting from higher end-market demand and winning new business,” said James Kamsickas, Dana president and chief executive officer. “We also remain focused on inorganic growth opportunities highlighted by the recent strategic acquisition of TM4. This transaction is a game changer, as it positions Dana as the only full e-Propulsion design, engineering, and manufacturing systems supplier. TM4’s core technologies of electric motors, power inverters, and controls are applicable to all mobility markets that we serve and are a vital part of Dana’s broader enterprise strategy going forward.”

Second-quarter 2018 Financial Results

Sales for the second quarter of 2018 totaled $2.1 billion, compared with $1.84 billion in the same period of 2017, representing a 12 percent increase. The increase was mainly due to higher demand across all three end markets, conversion of sales backlog, and favorable foreign currency translation.

Dana reported net income of $124 million for the second quarter of 2018, compared with net income of $71 million in the same period of 2017. In addition to increased operating earnings associated with higher sales, this year’s second quarter included one-time tax benefits of $39 million, primarily relating to recognition of federal tax credits, valuation allowance release, and enacted state tax law changes. Partially offsetting these benefits was a $20 million non-cash charge to write-down intangible assets, driven largely by the repurposing of certain resources to electric-vehicle propulsion.

The following information was filed by Dana Inc (DAN) on Wednesday, July 25, 2018 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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Ticker: DAN
CIK: 26780
Form Type: 10-Q Quarterly Report
Accession Number: 0000026780-18-000012
Submitted to the SEC: Wed Jul 25 2018 12:36:33 PM EST
Accepted by the SEC: Wed Jul 25 2018
Period: Saturday, June 30, 2018
Industry: Motor Vehicle Parts And Accessories

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