Skip to main content Skip to main navigation Skip to footer
  • Company
    • Overview
    • Sustainability and Social Responsibility
    • Vision, Mission, and Values
    • History
    • Innovation and Technology
    • Leadership
    • Brands
  • Products
    • Light Vehicle
    • Commercial Vehicle
    • Off-Highway
  • Markets
    • Overview
    • Light Vehicle
    • Commercial Vehicle
    • Off-Highway
    • Aftermarket
  • e-Mobility
    • Overview
    • Why Electrify with Dana
    • Software and Controls
  • Contact
    • Overview
    • Locations
  • Careers
  • Investors
  • Newsroom
  • Suppliers Suppliers
  • Resources Resources
Dana%20%7C%20Home
  • Company
    • Overview
    • Sustainability and Social Responsibility
    • Vision, Mission, and Values
    • History
    • Innovation and Technology
    • Leadership
    • Brands
  • Products
    Light Vehicle
    • Passenger Car
    • Light Truck
    • SUV/CUV
    • High-Performance Vehicle
    • Van
    • Specialty Electric Vehicle
    Commercial Vehicle
    • Linehaul
    • Heavy-Haul
    • Medium-Duty
    • Vocational
    Off-Highway
    • Construction
    • Agriculture
    • Material Handling
    • Mining
    • Forestry
    • Industrial
    • Specialty Electric
    View Aftermarket Products   Sales Terms and Conditions
  • Markets
    • Overview
    • Light Vehicle
    • Commercial Vehicle
    • Off-Highway
    • Aftermarket
  • e-Mobility
    • Overview
    • Why Electrify with Dana
    • Software and Controls
  • Contact
    • Overview
    • Locations
  • Careers
  • Investors
  • Newsroom
  • Suppliers
 Search

Press Releases

  • Home
  • Newsroom
  • Press Releases
  • Dana Incorporated Reports 2019 Financial Results
Newsroom
  • Press Releases
  • Events
  • Get News

Dana Incorporated Reports 2019 Financial Results

Company achieves full-year record sales, profit, and adjusted earnings per share;

Adjusted free cash flow increased by 12%;

Company wins electric medium-duty truck program with fully integrated Dana e-Powertrain as part of $700 million total sales backlog through 2022

Feb. 13, 2020

MAUMEE, Ohio, Feb. 13, 2020 /PRNewswire/ --



Full-Year Highlights


  • Record sales of $8.6 billion, an increase of $477 million, or growth of 6 percent, compared with 2018
  • Net income attributable to Dana of $226 million; diluted EPS of $1.56
  • Record adjusted EBITDA of $1.02 billion, an increase of $62 million, margin of 11.8 percent of sales
  • Record diluted adjusted EPS of $3.06, an improvement of $0.04 over 2018
  • Operating cash flow of $637 million
  • Adjusted free cash flow of $272 million, a 12 percent improvement over 2018
  • Cash dividends of $0.40 per share declared in 2019
  • Strong sales backlog of $700 million through 2022
  • Acquisition cost synergies of $25 million
  • Completed five electrodynamics acquisitions rounding-out complete in-house capability

Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2019.


"In 2019, for the third consecutive year, Dana delivered year-over-year growth in revenue, adjusted EBITDA, and adjusted free cash flow," said James Kamsickas, Dana chairman and CEO. "Over the past year, the Dana team achieved more than $1 billion of adjusted EBITDA for the first time in the history of the company, while successfully integrating the Graziano and Fairfield business, Dana's largest acquisition in over two decades."


Fourth-quarter 2019 Financial Results
Sales for the fourth quarter of 2019 totaled $1.99 billion, compared with $1.97 billion in the same period of 2018, representing a $14 million improvement.  The increase was attributable to the benefit of recent acquisitions and backlog conversion, partially offset by lower end-market demand for heavy vehicles and unfavorable currency translation and lower commodity recoveries. 


Dana reported net income of $85 million for the fourth quarter of 2019, compared with net income of $100 million in the same period of 2018. The difference was primarily due to higher interest expense and one-time costs related to refinancing of senior notes and acquisitions. 


Reported diluted earnings per share were $0.58, compared with diluted earnings per share of $0.69 in the fourth quarter of 2018.


Adjusted EBITDA for the fourth quarter of 2019 was $226 million, compared with $223 million for the same period last year.  Profit in the fourth quarter of 2019 benefited from backlog conversion and inorganic growth, partially offset by an unfavorable mix, driven by lower end-market demand for heavy vehicles.


Diluted adjusted earnings per share were $0.67 in the fourth quarter of 2019, compared with $0.76 in the same period last year.  The lower year-over-year comparison was primarily due to higher depreciation and interest expense offsetting higher operating earnings.


Operating cash flow in the fourth quarter of 2019 was $349 million, compared with $331 million in the same period of 2018. 


Adjusted free cash flow was $218 million, compared with $241 million in the fourth quarter of 2018.  Lower cash generation was driven by higher capital expenditures to support new programs partially offset by favorable working capital.


Full-year 2019 Financial Results
Sales for 2019 were $8.6 billion, compared with $8.1 billion, an increase of 6 percent, primarily due to conversion of sales backlog and acquisitions partially offset by lower end-market demand for heavy vehicles, as well as currency headwinds.


Net income in 2019 was $226 million, compared with net income of $427 million in 2018.  Reported diluted earnings per share were $1.56, compared with $2.91 in 2018.  2019 results included one-time charges of $259 million for discretionary pension transfers.


Adjusted EBITDA for 2019 was $1.02 billion, or 11.8 percent of sales.  Margin was comparable to the prior year despite unfavorable mix due to lower end-market demand for heavy vehicles.


Diluted adjusted earnings per share for 2019 were $3.06, compared with $3.02 in 2018, an increase of $0.04, primarily reflecting higher year-over-year earnings improvement partially offset by higher depreciation and interest.


The company reported operating cash flow of $637 million in 2019, an improvement of $69 million compared with 2018.  Adjusted free cash flow was $272 million, or 3.2 percent of sales, compared with $243 million, or 3 percent of sales in 2018.  The improvement was driven by higher earnings, lower cash taxes, and lower working capital requirements, partially offset by higher capital expenditures to support new programs, higher interest expense, and one-time costs related to acquisitions.


2020 Guidance Ranges
"Despite expected softer demand in our heavy-vehicle markets, we continue to successfully manage through this cycle and execute our strategic plan," said Jonathan Collins, Dana executive vice president and chief financial officer. "We have positioned the company for significant adjusted free cash flow growth this year, and our strong sales backlog and multi-market focus will buffer end-market demand."


2020 Financial Targets1


  • Sales of $8.25 to $8.75 billion;
  • Adjusted EBITDA of $950 million to $1.05 billion, an implied adjusted EBITDA margin of approximately 11.8 percent at the midpoint of the range;
  • Diluted adjusted EPS of $2.65 to $3.15;
  • Operating cash flow of approximately 8.5 to 9.0 percent; and
  • Adjusted free cash flow of approximately 4 to 4.5 percent of sales.

1Net income and diluted EPS guidance are not provided, as discussed below in Non-GAAP Financial Information.


Dana to Host Conference Call at 10:30 a.m. Thursday, Feb. 13
Dana will discuss its fourth-quarter and full-year results in a conference call at 10:30 a.m. EST on Thursday, Feb. 13.  Participants may listen to the audio portion of the conference call either through audio streaming online or by telephone.  Slide viewing is available online via a link provided on the Dana investor website: www.dana.com/investors.  U.S. and Canadian locations should dial 1-888-311-4590 and international locations should call 1-706-758-0054.  Please enter conference I.D. 4099809 and ask for the "Dana Incorporated's Financial Webcast and Conference Call."  Phone registration will be available starting at 10 a.m. EST. 


An audio recording of the webcast will be available after 5 p.m. EST on Feb. 13 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 4099809.  A webcast replay will also be available after 5 p.m. EST and may be accessed via Dana's investor website.


Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure which we have defined as net income 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 income before income taxes, net income or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.


Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring 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.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  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 under 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.  Adjusted free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities excluding voluntary pension contributions less purchases of property, plant, and equipment.  We believe these measures are useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Free cash flow and adjusted free cash flow are not intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP.  Free cash flow and adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.


We have not provided reconciliations of preliminary and projected adjusted EBITDA and diluted adjusted EPS to the most comparable GAAP measures of net income and diluted EPS. Providing net income 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 and diluted EPS, including restructuring actions, asset impairments, and income tax valuation adjustments. Reconciliations of these non-GAAP measures with the most comparable GAAP measures for historical periods are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the "Non-GAAP Financial Information" accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, were used, to the comparable GAAP measures.


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 world leader in providing power-conveyance and energy-management solutions that are engineered to improve the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment.  Enabling the propulsion of conventional, hybrid, and electric-powered vehicles, Dana equips its customers with critical drive and motion systems; electrodynamic technologies; and thermal, sealing, and digital solutions.


Founded in 1904, Dana employs more than 36,000 people who are committed to delivering long-term value to their customers, which include nearly every vehicle manufacturer in the world.  Based in Maumee, Ohio, USA, and with locations in 34 countries across six continents, the company reported sales of $8.6 billion in 2019.  Having established a high-performance culture that focuses on its people, the company has earned recognition around the world as a top employer.  Learn more at dana.com. 


 DANA INCORPORATED 








 Consolidated Statement of Operations (Unaudited) 








 For the Three Months Ended December 31, 2019 and 2018 



















Three Months Ended


 (In millions, except per share amounts) 




December 31,






2019



2018


 Net sales 





$      1,987



$      1,973


 Costs and expenses 







     Cost of sales 




1,764



1,717


     Selling, general and administrative expenses 




104



116


     Amortization of intangibles 




4



2


     Restructuring charges, net 




6



8


 Impairment of goodwill 




(6)




 Pension settlement charges 




1




 Other income (expense), net 




6



(10)


 Earnings before interest and income taxes 




110



120


 Loss on extinguishment of debt 




(9)




 Interest income 




2



3


 Interest expense 




30



25


 Earnings before income taxes 




73



98


 Income tax expense (benefit) 




(5)



3


 Equity in earnings of affiliates 




8



11


 Net income 




86



106


     Less: Noncontrolling interests net income 




4



7


     Less: Redeemable noncontrolling interests net loss 



(3)



(1)


 Net income attributable to the parent company 




$            85



$         100









 Net income per share available to common stockholders 






    Basic 





$        0.59



$        0.69


    Diluted 





$        0.58



$        0.69









 Weighted-average shares outstanding - Basic 




144.0



144.8


 Weighted-average shares outstanding - Diluted 




145.3



145.8


 


 DANA INCORPORATED 








 Consolidated Statement of Operations 








 For the Year Ended December 31, 2019 and 2018 



















Year Ended


 (In millions, except per share amounts) 




December 31,






2019



2018


 Net sales 





$      8,620



$      8,143


 Costs and expenses 







     Cost of sales 




7,489



6,986


     Selling, general and administrative expenses 




508



499


     Amortization of intangibles 




12



8


     Restructuring charges, net 




29



25


 Impairment of goodwill and indefinite-lived intangible asset 



(6)



(20)


 Gain on disposal group held for sale 






3


 Pension settlement charges 




(259)




 Other expense, net 




(25)



(29)


 Earnings before interest and income taxes 




292



579


 Loss on extinguishment of debt 




(9)




 Interest income 




10



11


 Interest expense 




122



96


 Earnings before income taxes 




171



494


 Income tax expense (benefit) 




(32)



78


 Equity in earnings of affiliates 




30



24


 Net income 




233



440


     Less: Noncontrolling interests net income 




13



13


     Less: Redeemable noncontrolling interests net loss 



(6)




 Net income attributable to the parent company 




$         226



$         427









 Net income per share available to common stockholders 






    Basic 





$        1.57



$        2.94


    Diluted 





$        1.56



$        2.91









 Weighted-average shares outstanding - Basic 




144.0



145.0


 Weighted-average shares outstanding - Diluted 




145.1



146.5


 


 


DANA INCORPORATED






Consolidated Statement of Comprehensive Income (Unaudited)






For the Three Months Ended December 31, 2019 and 2018













Three Months Ended


(In millions)



December 31,




2019



2018


Net income



$            86



$         106


Other comprehensive income (loss), net of tax:






Currency translation adjustments



24



2


Hedging gains and losses



9



21


Defined benefit plans



(21)



(11)


Other comprehensive income



12



12


Total comprehensive income



98



118


Less: Comprehensive income attributable to noncontrolling interests



(13)



(7)


Less: Comprehensive loss attributable to redeemable noncontrolling interests



7



6


Comprehensive income attributable to the parent company



$            92



$         117


 


 


 DANA INCORPORATED 






 Consolidated Statement of Comprehensive Income 






 For the Year Ended December 31, 2019 and 2018 













Year Ended


 (In millions) 



December 31,




2019



2018


Net income 



$         233



$         440


Other comprehensive income (loss), net of tax: 






Currency translation adjustments



8



(63)


Hedging gains and losses



24



10


Defined benefit plans



344



23


Other comprehensive income (loss)



376



(30)


Total comprehensive income



609



410


Less: Comprehensive income attributable to noncontrolling interests



(9)



(7)


Less: Comprehensive loss attributable to redeemable noncontrolling interests



1



6


Comprehensive income attributable to the parent company



$         601



$         409


 


 DANA INCORPORATED 






 Consolidated Balance Sheet 






 As of December 31, 2019 and December 31, 2018 











 (In millions, except share and per share amounts) 



December 31,



December 31,




2019



2018


 Assets 






 Current assets 






 Cash and cash equivalents 



$                508



$                510


 Marketable securities 



19



21


 Accounts receivable 






 Trade, less allowance for doubtful accounts of $9 in 2019 and 2018 



1,103



1,065


 Other 



202



178


 Inventories 



1,193



1,031


 Other current assets 



137



102


 Total current assets 



3,162



2,907


 Goodwill 



493



264


 Intangibles 



240



164


 Deferred tax assets 



580



445


 Other noncurrent assets 



120



80


 Investments in affiliates 



182



208


 Operating lease assets 



178




 Property, plant and equipment, net 



2,265



1,850


 Total assets 



$             7,220



$             5,918







 Liabilities and equity 






 Current liabilities 






 Short-term debt 



$                   14



$                     8


 Current portion of long-term debt 



20



20


 Accounts payable 



1,255



1,217


 Accrued payroll and employee benefits 



206



186


 Taxes on income 



46



47


 Current portion of operating lease liabilities 



42




 Other accrued liabilities 



262



269


 Total current liabilities 



1,845



1,747


 Long-term debt, less debt issuance costs of $28 in 2019 and $18 in 2018 



2,336



1,755


 Noncurrent operating lease liabilities 



140




 Pension and postretirement obligations 



459



561


 Other noncurrent liabilities 



305



313


 Total liabilities 



5,085



4,376


 Commitments and contingencies 






 Redeemable noncontrolling interests 



167



100


 Parent 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, 






 143,942,539 and 144,663,403 shares outstanding 



2



2


 Additional paid-in capital 



2,386



2,368


 Retained earnings 



622



456


 Treasury stock, at cost (10,111,191 and 8,342,185 shares) 



(150)



(119)


 Accumulated other comprehensive loss 



(987)



(1,362)


 Total parent company stockholders' equity 



1,873



1,345


 Noncontrolling interests 



95



97


 Total equity 



1,968



1,442


 Total liabilities and equity 



$             7,220



$             5,918


 


 


DANA INCORPORATED 






Consolidated Statement of Cash Flows (Unaudited) 






For the Three Months Ended December 31, 2019 and 2018 













Three Months Ended


(In millions) 



December 31,




2019



2018


Operating activities 






Net income 



$            86



$         106


Depreciation 



87



73


Amortization 



5



2


Amortization of deferred financing charges 



1



1


Call premium on debt 



7




Write-off of deferred financing costs 



2




Earnings of affiliates, net of dividends received 



(6)



(9)


Stock compensation expense 



4



3


Deferred income taxes 



(17)



(17)


Pension expense, net 



4



1


Impairment of goodwill and indefinite-lived intangible asset 



6




Change in working capital 



180



156


Change in other noncurrent assets and liabilities 



(18)



(12)


Other, net 



8



27


Net cash provided by operating activities 



349



331







Investing activities 






Purchases of property, plant and equipment 



(128)



(90)


Acquisition of businesses, net of cash acquired 



(2)



(2)


Purchases of marketable securities 



(9)



(1)


Proceeds from sales of marketable securities 





9


Proceeds from maturities of marketable securities 



10



7


Other, net 



1




Net cash used in investing activities 



(128)



(77)







Financing activities 






Net change in short-term debt 



(95)



(8)


Proceeds from long-term debt 



300




Repayment of long-term debt 



(302)



(5)


Call premium on debt 



(7)




Deferred financing payments 



(4)



(1)


Dividends paid to common stockholders 



(15)



(15)


Distributions to noncontrolling interests 



(5)



(35)


Contributions from noncontrolling interests 





3


Other, net 



2



3


Net cash used in financing activities 



(126)



(58)







Net increase in cash, cash equivalents and restricted cash 



95



196


Cash, cash equivalents and restricted cash − beginning of period 



412



327


Effect of exchange rate changes on cash balances 



11



(3)


Cash, cash equivalents and restricted cash − end of period 



$         518



$         520


 


 


 DANA INCORPORATED 






 Consolidated Statement of Cash Flows 






 For the Year Ended December 31, 2019 and 2018 













Year Ended


 (In millions) 



December 31,




2019



2018


 Operating activities 






 Net income 



$         233



$         440


 Depreciation 



322



260


 Amortization 



17



10


 Amortization of deferred financing charges 



6



4


 Call premium on debt 



7




 Write-off of deferred financing costs 



2




 Earnings of affiliates, net of dividends received 



(9)



(4)


 Stock compensation expense 



19



16


 Deferred income taxes 



(137)



(64)


 Pension expense, net 



211



3


 Impairment of goodwill and indefinite-lived intangible asset 



6



20


 Gain on disposal group held for sale 





(2)


 Change in working capital 



(17)



(113)


 Change in other noncurrent assets and liabilities 



(18)



(12)


 Other, net 



(5)



10


 Net cash provided by operating activities 



637



568







 Investing activities 






 Purchases of property, plant and equipment 



(426)



(325)


 Acquisition of businesses, net of cash acquired 



(668)



(153)


 Proceeds from previous acquisition 





9


 Purchases of marketable securities 



(33)



(37)


 Proceeds from sales of marketable securities 



6



15


 Proceeds from maturities of marketable securities 



29



37


 Proceeds from sale of subsidiaries, net of cash disposed 



1



(6)


 Settlements of undesignated derivatives 



(20)




 Other, net 



(12)



(2)


 Net cash used in investing activities 



(1,123)



(462)







 Financing activities 






 Net change in short-term debt 



(3)



(21)


 Proceeds from long-term debt 



975




 Repayment of long-term debt 



(423)



(13)


 Call premium on debt 



(7)




 Deferred financing payments 



(20)



(1)


 Dividends paid to common stockholders 



(58)



(58)


 Distributions to noncontrolling interests 



(19)



(42)


 Sale of interest to noncontrolling shareholder 



53




 Contributions from noncontrolling interests 



4



25


 Payments to acquire redeemable noncontrolling interests 





(43)


 Repurchases of common stock 



(25)



(25)


 Other, net 



2



(2)


 Net cash provided by (used in) financing activities 



479



(180)







 Net decrease in cash, cash equivalents and restricted cash 



(7)



(74)


 Cash, cash equivalents and restricted cash − beginning of period 



520



610


 Effect of exchange rate changes on cash balances 



5



(16)


 Cash, cash equivalents and restricted cash − end of period 



$         518



$         520


 


 


 DANA INCORPORATED 








 Reconciliation of Net Cash Provided by Operating Activities to 


   Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 

















Three Months Ended



 (In millions) 



December 31,





2019



2018



 Net cash provided by operating activities 



$         349



$       331



 Purchases of property, plant and equipment 



(128)



(90)



 Free cash flow 



221



241



 Discretionary pension contributions 



(3)





 Adjusted free cash flow 



$         218



$       241












Year Ended



 (In millions) 



December 31,





2019



2018



 Net cash provided by operating activities 



$         637



$       568



 Purchases of property, plant and equipment 



(426)



(325)



 Free cash flow 



211



243



 Discretionary pension contributions 



61



-



 Adjusted free cash flow 



$         272



$       243










 (In millions) 



2020







Guidance





 Net cash provided by operating activities 



 ~ 


$  760





 Purchases of property, plant and equipment 



 ~ 


(385)





 Free cash flow 




375





 Discretionary pension contributions 



 ~ 


-





 Adjusted free cash flow 



 ~ 


$  375





 


 


 DANA INCORPORATED 






 Segment Sales and Segment EBITDA (Unaudited) 




 For the Three Months Ended December 31, 2019 and 2018 













Three Months Ended


 (In millions) 



December 31,




2019



2018


Sales 






Light Vehicle



$           846



$           873


Commercial Vehicle



345



395


Off-Highway



552



442


Power Technologies



244



263


Total Sales 



$        1,987



$        1,973







Segment EBITDA 






Light Vehicle



$           105



$           101


Commercial Vehicle



23



32


Off-Highway



66



65


Power Technologies



27



32


Total Segment EBITDA 



221



230


Corporate expense and other items, net 



5



(7)


Adjusted EBITDA 



$           226



$           223


 


 


 DANA INCORPORATED 






 Segment Sales and Segment EBITDA 





 For the Year Ended December 31, 2019 and 2018 













Year Ended


 (In millions) 



December 31,




2019



2018


Sales 






Light Vehicle



$        3,609



$        3,575


Commercial Vehicle



1,611



1,612


Off-Highway



2,360



1,844


Power Technologies



1,040



1,112


 Total Sales 



$        8,620



$        8,143







Segment EBITDA 






Light Vehicle



$           438



$           398


Commercial Vehicle



138



146


Off-Highway



330



285


Power Technologies



117



149


Total Segment EBITDA 



1,023



978


Corporate expense and other items, net 



(4)



(21)


Adjusted EBITDA 



$        1,019



$           957


 


 


DANA INCORPORATED 






Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited) 


For the Three Months Ended December 31, 2019 and 2018 













Three Months Ended


(In millions) 



December 31,




2019



2018


Segment EBITDA 



$           221



$           230


Corporate expense and other items, net



5



(7)


Adjusted EBITDA 



226



223


Depreciation



(87)



(73)


Amortization



(5)



(2)


Non-service cost components of pension and OPEB costs



(4)



(5)


Restructuring charges, net



(6)



(8)


Stock compensation expense



(4)



(3)


Strategic transaction expenses, net of transaction fee breakup income



(9)



(5)


Acquisition related inventory adjustments



(1)




Other items



(2)



(7)


Gain on liquidation of foreign entity



12




Impairment goodwill of indefinite-lived intangible asset



(6)




Amounts attributable to previously divested/closed operations



(5)




Pension settlement charges



1




 Earnings before interest and income taxes 



110



120


Loss on extinguishment of debt



(9)




Interest expense



30



25


Interest income



2



3


Earnings before income taxes 



73



98


Income tax expense (benefit) 



(5)



3


Equity in earnings of affiliates 



8



11


Net income 



$             86



$           106


 


 


DANA INCORPORATED 






Reconciliation of Segment and Adjusted EBITDA to Net Income 




For the Year Ended December 31, 2019 and 2018 













Year Ended


(In millions) 



December 31,




2019



2018


Segment EBITDA 



$        1,023



$           978


Corporate expense and other items, net



(4)



(21)


Adjusted EBITDA 



1,019



957


Depreciation



(322)



(260)


Amortization



(17)



(10)


Non-service cost components of pension and OPEB costs



(23)



(15)


Restructuring charges, net



(29)



(25)


Stock compensation expense



(19)



(16)


Strategic transaction expenses, net of transaction fee breakup income



(41)



(18)


Acquisition related inventory adjustments



(13)




Non-income tax legal judgment



6




Other items



(11)



(17)


Gain on disposal group held for sale





3


Gain on liquidation of foreign entity



12




Impairment goodwill of indefinite-lived intangible asset



(6)



(20)


Amounts attributable to previously divested/closed operations



(5)




Pension settlement charges



(259)




Earnings before interest and income taxes 



292



579


Loss on extinguishment of debt



(9)




Interest expense



122



96


Interest income



10



11


Earnings before income taxes 



171



494


Income tax expense (benefit) 



(32)



78


Equity in earnings of affiliates 



30



24


Net income 



$           233



$           440


 


 


DANA INCORPORATED 






Diluted Adjusted EPS (Unaudited) 






For the Three Months Ended December 31, 2019 and 2018 











(In millions, except per share amounts) 








Three Months Ended




December 31,




2019



2018


Net income attributable to parent company 



$             85



$           100


Items impacting income before income taxes: 






Restructuring charges 



6



8


Amortization 



5



2


Strategic transaction expenses, net of transaction breakup fee income 



9



5


Acquisition related inventory adjustments 



1




Gain on liquidation of foreign subsidiary 



(12)




 Impairment of goodwill 



6




Amounts attributable to previously divested/closed operations 



5




Pension settlement charges 



(1)




Loss on extinguishment of debt 



9




Loss on deal contingent forward 





8


Other items 



(2)



3


 Items impacting income taxes: 






Net income tax expense on items above 



(3)



(3)


Tax benefit attributable to utilization of federal tax credits, state tax 






law changes and valuation allowance adjustments 



(11)



(12)


Adjusted net income 



$             97



$           111







Diluted shares - as reported 



145.3



145.8


Adjusted diluted shares 



145.3



145.8







Diluted adjusted EPS 



$          0.67



$          0.76


As originally reported





$          0.71


Impact of adjustment for deal contingent forward 





$         0.05


 


 


 DANA INCORPORATED 






 Diluted Adjusted EPS (Unaudited) 






 For the Year Ended December 31, 2019 and 2018 












 (In millions, except per share amounts) 









Year Ended





December 31,





2019



2018


 Net income attributable to parent company 



$           226



$           427


 Items impacting income before income taxes: 







 Restructuring charges 



29



25



 Amortization 



17



10



 Strategic transaction expenses, net of transaction breakup fee income 



41



18



 Acquisition related inventory adjustments 



13





 Non-income tax legal judgment 



(6)





 Gain on liquidation of foreign subsidiary 



(12)





 Impairment of goodwill and indefinitie-lived intangible asset 



6



20



 Amounts attributable to previously divested/closed operations 



5





 Pension settlement charges 



259





 Loss on extinguishment of debt 



9





 Loss on deal contingent forward 



13



8



 Other items 



(2)



6


 Items impacting income taxes: 







 Net income tax expense on items above 



(27)



(18)



 Tax benefit attributable to utilization of federal tax credits, state tax 







     law changes and valuation allowance adjustments 



(127)



(53)


 Adjusted net income 



$           444



$           443








 Diluted shares - as reported 



145.1



146.5


 Adjusted diluted shares 



145.1



146.5








 Diluted adjusted EPS 



$          3.06



$          3.02



As originally reported





$          2.97



 Impact of adjustment for deal contingent forward 





$         0.05


 




SOURCE Dana Incorporated


Media Contact: Jeff Cole, +1-419-887-3535, jeff.cole@dana.com, Investor Contact: Craig Barber, +1-419-887-5166, craig.barber@dana.com
  • Careers
  • Investors
  • Newsroom
  • Suppliers Suppliers
  • Resources Resources
2024 10-K Filing
Learn More about our Annual Report
Company
  • Sustainability and Social Responsibility
  • Vision, Mission, and Values
  • History
  • Innovation and Technology
  • Leadership
  • Brands
Products
  • Light Vehicle
  • Commercial Vehicle
  • Off-Highway
Markets
  • Light Vehicle
  • Commercial Vehicle
  • Off-Highway
  • Aftermarket
e-Mobility
  • Why Electrify with Dana
  • Software and Controls
Contact
  • Locations
  • Careers
  • Investors
  • Newsroom
  • Suppliers Suppliers
  • Resources Resources
  • Terms of Use
  • Privacy Notice
  • Sitemap Sitemap
  • Linked-in
  • Twitter
  • youtube
  • Facebook
Copyright © 2025 Dana Limited. All Rights Reserved