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 2020 Financial Results, Including Strong New Business Backlog of $700 million; Issues Guidance for 2021
Newsroom
  • Press Releases
  • Events
  • Get News

Dana Incorporated Reports 2020 Financial Results, Including Strong New Business Backlog of $700 million; Issues Guidance for 2021

Feb. 18, 2021

MAUMEE, Ohio, Feb. 18, 2021 /PRNewswire/ --





Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)



Full-year Results


  • Sales of $7.1 billion, a decrease of $1.5 billion driven by effects of global pandemic
  • Net loss attributable to Dana of $31 million; diluted EPS a loss of $0.21
  • Adjusted EBITDA of $593 million, margin of 8.3 percent of sales
  • Diluted adjusted EPS of $0.39
  • Operating cash flow of $386 million
  • Adjusted free cash flow of $60 million
  • Repaid term loan A and terminated covenant relief from the April 2020 credit facility amendment

Key Highlights


  • Continued strong sales backlog of $700 million; 50 percent from electrified-vehicle programs
  • Reinstated quarterly dividend of $0.10 per share
  • Extended share repurchase authorization through 2023
  • Accelerated sustainability leadership efforts through wind electricity agreement

Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2020.


"Reflecting on 2020, it was truly a unique year and challenging environment.  As a result of the hard work and dedication of the Dana team, we proved we could adapt and excel when faced with the most severe of business environments, delivering strong sales and rebounding margins as we ended the year with positive free cash flow," said James Kamsickas, Dana chairman and CEO.  "We also further secured our leadership position in the e-Mobility space with 50 percent of our $700 million new business backlog coming from electric or hybrid programs, demonstrating our promise to lead in this fast-growing segment.  Our success in rapidly penetrating the electric-vehicle market is a direct result of our strategy and the investments we have made over the past several years.  As we move forward, we are well-positioned to capitalize on our momentum and realize the potential of our business."


Fourth-quarter 2020 Financial Results
Sales for the fourth quarter of 2020 totaled $2.11 billion, compared with $1.99 billion in the same period of 2019, representing a $121 million improvement driven by strong customer demand and the conversion of sales backlog, primarily in the Light Vehicle segment. 


Net income attributable to Dana was $40 million for the fourth quarter of 2020, compared with $85 million in the same period of 2019.  The difference was primarily due to higher interest expense, one-time costs, and taxes.  Partially offsetting these higher expenses was a $33 million gain on investments.  


Reported diluted earnings per share was $0.27, compared with diluted earnings per share of $0.58 in the fourth quarter of 2019.


Adjusted EBITDA for the fourth quarter of 2020 was $192 million, compared with $226 million for the same period in 2019.  This was a result of higher incremental costs associated with elevated demand and the nonrecurrence of a $17 million indirect tax expense recovery in Brazil in 2019, along with accelerated investments in electrification.


Diluted adjusted earnings per share were $0.24 in the fourth quarter of 2020, compared with $0.67 in the same period of the prior year.  The lower year-over-year comparison was primarily due to lower earnings.


Operating cash flow in the fourth quarter of 2020 was $191 million, compared with $349 million in the same period of 2019. 


Adjusted free cash flow was $46 million, compared with $218 million in the fourth quarter of 2019.  Lower cash generation was driven by lower earnings, higher cash income taxes and interest, and lower cash generated from working capital as sales continued to recover from the COVID-related shutdowns.


Full-year 2020 Financial Results
Sales for 2020 were $7.1 billion, compared with $8.6 billion in 2019.  The decrease is primarily attributable to weaker demand across all mobility markets due to customers idling operations through the middle of the year in response to the global COVID-19 pandemic. 


The net loss attributable to Dana was $31 million, compared with net income of $226 million in 2019.  The loss resulted mainly from the goodwill impairment charge recorded during the onset of the global pandemic.  Reported diluted earnings per share was a loss of $0.21, compared with $1.56 in 2019. 


Adjusted EBITDA for 2020 was $593 million, or 8.3 percent of sales.  Margin variance to the prior year was driven by the rapid reduction in sales due to pandemic-related shutdowns in the second quarter outpacing cost-reduction actions and higher incremental costs to meet elevated demand during the rapid restart of operations in the third quarter.


Diluted adjusted earnings per share for 2020 were $0.39, compared with $3.06 in 2019, primarily reflecting lower year-over-year earnings and higher depreciation and interest.


The company reported operating cash flow of $386 million in 2020.  Adjusted free cash flow was $60 million, or about 1 percent of sales, compared with $272 million, or 3 percent of sales in 2019.  The impact of lower profit in 2020 was partially offset by targeted cash conservation measures, lower cash taxes, and lower capital expenditures.


2021 Guidance Ranges
"Our cost-saving actions and strong financial position allowed us to manage through this challenging year," said Jonathan Collins, Dana executive vice president and chief financial officer.  "We are positioned for long-term sales, profit, and free cash flow growth while continuing to improve our strong balance sheet.


2021 Financial Targets1


  • Sales of $8.05 to $8.55 billion;
  • Adjusted EBITDA of $860 million to $960 million, an implied adjusted EBITDA margin of approximately 11 percent at the midpoint of the range;
  • Diluted adjusted EPS of $1.90 to $2.40;
  • Operating cash flow of approximately 7.5 percent of sales; and
  • Adjusted free cash flow of approximately 3 percent of sales.

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


Company Reinstates Quarterly Dividend and Extends Share Repurchase Authorization
Dana's board of directors elected to reinstate the company's quarterly dividend of $0.10 per share on its common stock.  This will be payable on March 26, 2021, to holders of Dana common stock as of March 5, 2021.  The board of directors also extended Dana's share repurchase authorization through the end of 2023.  There is $150 million remaining under the authorization.


Strategically Leveraging Renewable Energy Sources
In the fourth quarter, Dana announced a commitment to reduce its total annual greenhouse gas emissions by at least 50 percent before the end of 2035, representing a reduction of more than 300,000 metrics tons of carbon dioxide emissions annually.  This action aligns with the Paris Climate Agreement and further supports the company's vision of aiding its customers in achieving their sustainability objectives.


To help meet this goal, Dana has signed a long-term agreement to add 300,000 megawatt-hours annually in renewable electricity to the grid beginning in 2022.  In return, Dana will receive the equivalent quantity of renewable energy credits to address approximately 90 percent of the company's annual U.S. electricity consumption.


Dana to Host Conference Call at 9 a.m. Thursday, Feb. 18
Dana will discuss its fourth-quarter and full-year results in a conference call at 9 a.m. EST on Thursday, Feb. 18.  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. 9259583 ask for the "Dana Incorporated's Financial Webcast and Conference Call."  Phone registration will be available beginning at 8:30 a.m. EST.


An audio recording of the webcast will be available after 5 p.m. EST on Feb. 18 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 9259583.  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 leader in the design and manufacture of highly efficient propulsion and energy-management solutions for all mobility markets across the globe. The company's conventional and clean-energy solutions support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.


Based in Maumee, Ohio, USA, the company reported sales of $7.1 billion in 2020 with 38,000 associates in 33 countries across six continents.  Founded in 1904, Dana was named one of "America's Most Responsible Companies 2021" by Newsweek for its emphasis on sustainability and social responsibility. The company is driven by a high-performance culture that focuses on its people, which has earned it global recognition as a top employer, including "World's Best Employer" from Forbes magazine. Learn more at dana.com.


 


 DANA INCORPORATED 


 Consolidated Statement of Operations (Unaudited) 


 For the Three Months Ended December 31, 2020 and 2019 











Three Months Ended


 (In millions, except per share amounts) 



December 31,





2020



2019


 Net sales 




$      2,108



$      1,987


 Costs and expenses 






     Cost of sales 



1,897



1,764


     Selling, general and administrative expenses 



122



104


     Amortization of intangibles 



3



4


     Restructuring charges, net 



13



6


 Impairment of goodwill 





(6)


 Pension settlement charge 





1


 Other income, net 



27



6


 Earnings before interest and income taxes 



100



110


 Loss on extinguishment of debt 



(3)



(9)


 Interest income 



2



2


 Interest expense 



39



30


 Earnings before income taxes 



60



73


 Income tax expense (benefit) 



24



(5)


 Equity in earnings of affiliates 



3



8


 Net income 



39



86


     Less: Noncontrolling interests net income 



4



4


     Less: Redeemable noncontrolling interests net loss 



(5)



(3)


 Net income attributable to the parent company 



$            40



$            85








 Net income per share available to common stockholders 






    Basic 




$        0.28



$        0.59


    Diluted 




$        0.27



$        0.58








 Weighted-average shares outstanding - Basic 



144.6



144.0


 Weighted-average shares outstanding - Diluted 



145.7



145.3


 


 


 DANA INCORPORATED 







 Consolidated Statement of Operations 







 For the Year Ended December 31, 2020 and 2019 
















Year Ended


 (In millions, except per share amounts) 



December 31,





2020



2019


 Net sales 




$      7,106



$      8,620


 Costs and expenses 






     Cost of sales 



6,485



7,489


     Selling, general and administrative expenses 



421



508


     Amortization of intangibles 



13



12


     Restructuring charges, net 



34



29


 Impairment of goodwill 



(51)



(6)


 Pension settlement charges 





(259)


 Other income (expense), net 



22



(25)


 Earnings before interest and income taxes 



124



292


 Loss on extinguishment of debt 



(8)



(9)


 Interest income 



9



10


 Interest expense 



138



122


 Earnings (loss) before income taxes 



(13)



171


 Income tax expense (benefit) 



58



(32)


 Equity in earnings of affiliates 



20



30


 Net income (loss) 



(51)



233


     Less: Noncontrolling interests net income 



10



13


     Less: Redeemable noncontrolling interests net loss 



(30)



(6)


 Net income (loss) attributable to the parent company 



$          (31)



$         226








 Net income (loss) per share available to common stockholders 





    Basic 




$       (0.21)



$        1.57


    Diluted 




$       (0.21)



$        1.56








 Weighted-average shares outstanding - Basic 



144.5



144.0


 Weighted-average shares outstanding - Diluted 



144.5



145.1


 


 


 DANA INCORPORATED 







 Consolidated Statement of Comprehensive Income (Unaudited) 







 For the Three Months Ended December 31, 2020 and 2019 


















Three Months Ended


 (In millions) 



December 31,







2020



2019


 Net income 



$            39



$            86


 Other comprehensive income (loss), net of tax: 






     Currency translation adjustments



56



24


     Hedging gains and losses



(1)



9


     Defined benefit plans



(2)



(21)


     Other comprehensive income



53



12


Total comprehensive income



92



98


     Less: Comprehensive income attributable to noncontrolling interests



(20)



(13)


     Less: Comprehensive loss attributable to redeemable noncontrolling interests



11



7


Comprehensive income attributable to the parent company



$            83



$            92


 


 


 DANA INCORPORATED 







 Consolidated Statement of Comprehensive Income 







 For the Year Ended December 31, 2020 and 2019 




















Year Ended


 (In millions) 



December 31,







2020



2019


 Net income (loss) 



$          (51)



$         233


 Other comprehensive income (loss), net of tax: 






     Currency translation adjustments



(77)



8


     Hedging gains and losses



39



24


     Defined benefit plans



9



344


     Other comprehensive income (loss)



(29)



376


Total comprehensive income (loss)



(80)



609


     Less: Comprehensive income attributable to noncontrolling interests



(27)



(9)


     Less: Comprehensive loss attributable to redeemable noncontrolling interests



36



1


Comprehensive income (loss) attributable to the parent company



$          (71)



$         601


 


 


DANA INCORPORATED
Consolidated Balance Sheet
As of December 31, 2020 and December 31, 2019



 (In millions, except share and per share amounts) 



December 31,



December 31,






2020



2019


 Assets 







 Current assets 






 Cash and cash equivalents 



$                559



$                508


 Marketable securities 



21



19


 Accounts receivable 






      Trade, less allowance for doubtful accounts of $7 in 2020 and $9 in 2019 



1,201



1,103


      Other 



231



202


 Inventories 



1,149



1,193


 Other current assets 



127



137


           Total current assets 



3,288



3,162


 Goodwill 



479



493


 Intangibles 



236



240


 Deferred tax assets 



611



580


 Other noncurrent assets 



169



120


 Investments in affiliates 



152



182


 Operating lease assets 



190



178


 Property, plant and equipment, net 



2,251



2,265


           Total assets 



$             7,376



$             7,220









 Liabilities and equity 






 Current liabilities 






 Short-term debt 



$                  26



$                   14


 Current portion of long-term debt 



8



20


 Accounts payable 



1,331



1,255


 Accrued payroll and employee benefits 



190



206


 Taxes on income 



35



46


 Current portion of operating lease liabilities 



43



42


 Other accrued liabilities 



308



262


           Total current liabilities 



1,941



1,845


 Long-term debt, less debt issuance costs of $27 in 2020 and $28 in 2019 



2,420



2,336


 Noncurrent operating lease liabilities 



154



140


 Pension and postretirement obligations 



479



459


 Other noncurrent liabilities 



368



305


           Total liabilities 



5,362



5,085


 Commitments and contingencies 








 Redeemable noncontrolling interests 





180



167


 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, 






           144,515,658 and 143,942,539 shares outstanding 



2



2


      Additional paid-in capital 



2,408



2,386


      Retained earnings 



530



622


      Treasury stock, at cost (10,442,582 and 10,111,191 shares) 



(156)



(150)


      Accumulated other comprehensive loss 



(1,026)



(987)


           Total parent company stockholders' equity 



1,758



1,873


 Noncontrolling interests 



76



95


           Total equity 



1,834



1,968


           Total liabilities and equity 



$             7,376



$             7,220


 


 


 DANA INCORPORATED 







 Consolidated Statement of Cash Flows (Unaudited) 






 For the Three Months Ended December 31, 2020 and 2019 














Three Months Ended


 (In millions) 



December 31,





2020



2019


 Operating activities 






 Net income 



$            39



$            86


 Depreciation 



88



87


 Amortization 



5



5


 Amortization of deferred financing charges 



2



1


 Call premium on debt 





7


 Write-off of deferred financing costs 



3



2


 Earnings of affiliates, net of dividends received 



2



(6)


 Stock compensation expense 



9



4


 Deferred income taxes 



(7)



(17)


 Pension expense, net 





4


 Impairment of goodwill 





6


 Change in working capital 



97



180


 Change in other noncurrent assets and liabilities 



(22)



(5)


 Other, net 



(25)



(5)


 Net cash provided by operating activities 



191



349








 Investing activities 






 Purchases of property, plant and equipment 



(145)



(128)


 Acquisition of businesses, net of cash acquired 





(2)


 Purchases of marketable securities 



(8)



(9)


 Proceeds from maturities of marketable securities 



9



10


 Proceeds from sale of equity affiliate 



21




 Other, net 



(11)



1


 Net cash used in investing activities 



(134)



(128)








 Financing activities 






 Net change in short-term debt 



11



(95)


 Proceeds from long-term debt 



(4)



300


 Repayment of long-term debt 



(468)



(302)


 Call premium on debt 





(7)


 Deferred financing payments 





(4)


 Dividends paid to common stockholders 





(15)


 Distributions to noncontrolling interests 



(1)



(5)


 Sale of interest to noncontrolling shareholder 



2




 Contributions from noncontrolling interests 



1




 Payments to acquire noncontrolling interests 



(6)




 Deconsolidation of non-wholly owned subsidiary 



(14)




 Other, net 



1



2


 Net cash used in financing activities 



(478)



(126)








 Net increase (decrease) in cash, cash equivalents and restricted cash 



(421)



95


 Cash, cash equivalents and restricted cash − beginning of period 



966



412


 Effect of exchange rate changes on cash balances 



22



11


 Cash, cash equivalents and restricted cash − end of period 



$         567



$         518


 


 DANA INCORPORATED 







 Consolidated Statement of Cash Flows 






 For the Year Ended December 31, 2020 and 2019 















Year Ended


 (In millions) 



December 31,





2020



2019


 Operating activities 






 Net income (loss) 



$          (51)



$         233


 Depreciation 



345



322


 Amortization 



20



17


 Amortization of deferred financing charges 



8



6


 Call premium on debt 





7


 Write-off of deferred financing costs 



8



2


 Earnings of affiliates, net of dividends received 



7



(9)


 Stock compensation expense 



14



19


 Deferred income taxes 



(35)



(137)


 Pension expense, net 



3



211


 Impairment of goodwill 



51



6


 Change in working capital 



47



(17)


 Change in other noncurrent assets and liabilities 



(20)



(18)


 Other, net 



(11)



(5)


 Net cash provided by operating activities 



386



637








 Investing activities 






 Purchases of property, plant and equipment 



(326)



(426)


 Acquisition of businesses, net of cash acquired 



(6)



(668)


 Purchases of marketable securities 



(44)



(33)


 Proceeds from sales of marketable securities 



5



6


 Proceeds from maturities of marketable securities 



36



29


 Proceeds from sale of equity affiliate 



21




 Proceeds from sale of subsidiary, net of cash disposed 





1


 Settlements of undesignated derivatives 



(5)



(20)


 Other, net 



(8)



(12)


 Net cash used in investing activities 



(327)



(1,123)








 Financing activities 






 Net change in short-term debt 



9



(3)


 Proceeds from long-term debt 



508



975


 Repayment of long-term debt 



(480)



(423)


 Call premium on debt 





(7)


 Deferred financing payments 



(13)



(20)


 Dividends paid to common stockholders 



(15)



(58)


 Distributions to noncontrolling interests 



(11)



(19)


 Sale of interest to noncontrolling shareholder 



9



53


 Contributions from noncontrolling interests 



4



4


 Payments to acquire noncontrolling interests 



(7)




 Deconsolidation of non-wholly owned subsidiary 



(14)




 Repurchases of common stock 





(25)


 Other, net 



(2)



2


 Net cash provided by (used in) financing activities 



(12)



479








 Net increase (decrease) in cash, cash equivalents and restricted cash 



47



(7)


 Cash, cash equivalents and restricted cash − beginning of period 



518



520


 Effect of exchange rate changes on cash balances 



2



5


 Cash, cash equivalents and restricted cash − end of period 



$         567



$         518


 


 


 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,




2020



2019


 Net cash provided by operating activities 



$         191



$       349


 Purchase of property, plant and equipment 



(145)



(128)


 Free cash flow 



46



221


 Discretionary pension contributions 






(3)


 Adjusted free cash flow 



$           46



$       218










Year Ended


 (In millions) 



December 31,




2020



2019


 Net cash provided by operating activities 



$         386



$       637


 Purchase of property, plant and equipment 



(326)



(426)


 Free cash flow 



60



211


 Discretionary pension contributions 






61


 Adjusted free cash flow 



$           60



$       272


 


 DANA INCORPORATED 






 Segment Sales and Segment EBITDA (Unaudited) 




 For the Three Months Ended December 31, 2020 and 2019 













Three Months Ended


 (In millions) 



December 31,




2020



2019


 Sales 






Light Vehicle



$           980



$           846


Commercial Vehicle



334



345


Off-Highway



530



552


Power Technologies



264



244


 Total Sales 



$        2,108



$        1,987







 Segment EBITDA 






Light Vehicle



$             99



$           105


Commercial Vehicle



7



23


Off-Highway



59



66


Power Technologies



31



27


 Total Segment EBITDA 



196



221


 Corporate expense and other items, net 



(4)



5


 Adjusted EBITDA 



$           192



$           226


 


 DANA INCORPORATED 






 Segment Sales and Segment EBITDA 





 For the Year Ended December 31, 2020 and 2019 













Year Ended


 (In millions) 



December 31,




2020



2019


 Sales 






Light Vehicle



$        3,038



$        3,609


Commercial Vehicle



1,181



1,611


Off-Highway



1,970



2,360


Power Technologies



917



1,040


 Total Sales 



$        7,106



$        8,620







 Segment EBITDA 






Light Vehicle



$           239



$           438


Commercial Vehicle



36



138


Off-Highway



234



330


Power Technologies



94



117


 Total Segment EBITDA 



603



1,023


 Corporate expense and other items, net 



(10)



(4)


 Adjusted EBITDA 



$           593



$        1,019


 


 


 DANA INCORPORATED 






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




 For the Three Months Ended December 31, 2020 and 2019 













Three Months Ended


 (In millions) 



December 31,




2020



2019


 Segment EBITDA 



$           196



$           221


Corporate expense and other items, net



(4)



5


 Adjusted EBITDA 



192



226


Depreciation



(88)



(87)


Amortization



(5)



(5)


Non-service cost components of pension and OPEB costs



(2)



(4)


Restructuring charges, net



(13)



(6)


Stock compensation expense



(9)



(4)


Strategic transaction expenses



(5)



(9)


Impairment of goodwill





(6)


Amounts attributable to previously divested/closed operations



(1)



(5)


Gain on investment in Hyliion



33




Acquisition related inventory adjustments





(1)


Pension settlement charges





1


Gain on liquidation of foreign subsidiary





12


Other items



(2)



(2)


 Earnings before interest and income taxes 



100



110


Loss on extinguishment of debt



(3)



(9)


Interest income



2



2


Interest expense



39



30


 Earnings before income taxes 



60



73


 Income tax expense (benefit) 



24



(5)


 Equity in earnings of affiliates 



3



8


 Net income 



$             39



$             86


 


 DANA INCORPORATED 






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






 For the Year Ended December 31, 2020 and 2019 













Year Ended


 (In millions) 



December 31,




2020



2019


 Segment EBITDA 



$           603



$        1,023


Corporate expense and other items, net



(10)



(4)


 Adjusted EBITDA 



593



1,019


Depreciation



(345)



(322)


Amortization



(20)



(17)


Non-service cost components of pension and OPEB costs



(10)



(23)


Restructuring charges, net



(34)



(29)


Stock compensation expense



(14)



(19)


Strategic transaction expenses



(20)



(41)


Impairment of goodwill



(51)



(6)


Amounts attributable to previously divested/closed operations



(1)



(5)


Gain on investment in Hyliion



33




Acquisition related inventory adjustments





(13)


Non-income tax legal judgment





6


Pension settlement charges





(259)


Gain on liquidation of foreign subsidiary





12


Other items



(7)



(11)


 Earnings before interest and income taxes 



124



292


Loss on extinguishment of debt



(8)



(9)


Interest income



9



10


Interest expense



138



122


 Earnings (loss) before income taxes 



(13)



171


 Income tax expense (benefit) 



58



(32)


 Equity in earnings of affiliates 



20



30


 Net income (loss) 



$            (51)



$           233


 


 


 DANA INCORPORATED 






 Diluted Adjusted EPS (Unaudited) 






 For the Three Months Ended December 31, 2020 and 2019 











 (In millions, except per share amounts) 









Three Months Ended





December 31,





2020



2019


 Net income attributable to parent company 



$             40



$             85


 Items impacting income before income taxes: 







 Amortization 



4



5



 Restructuring charges, net 



12



6



 Strategic transaction expenses 



6



9



 Amounts attributable to previously divested/closed operations 



1



5



 Impairment of goodwill 





6



 Gain on investment in Hyliion 



(33)





 Acquisition related inventory adjustments 





1



 Pension settlement charges 





(1)



 Gain on liquidation of foreign subsidiary 





(12)



 Loss on extinguishment of debt 



3



9



 Other items 



(1)



(2)


 Items impacting income taxes: 







 Net income tax expense (benefit) on items above 



7



(3)



 Tax benefit attributable to various discrete tax matters 



(4)



(11)


 Adjusted net income 



$             35



$             97








 Diluted shares - as reported 



145.7



145.3


 Adjusted diluted shares 



145.7



145.3








 Diluted adjusted EPS 



$          0.24



$          0.67


 


 


 DANA INCORPORATED 






 Diluted Adjusted EPS (Unaudited) 






 For the Year Ended December 31, 2020 and 2019 












 (In millions, except per share amounts) 









Year Ended





December 31,





2020



2019


 Net income (loss) attributable to parent company 



$            (31)



$           226


 Items impacting income before income taxes: 







 Amortization 



17



17



 Restructuring charges, net 



33



29



 Strategic transaction expenses 



21



41



 Amounts attributable to previously divested/closed operations 



1



5



 Impairment of goodwill 



31



6



 Gain on investment in Hyliion 



(33)





 Acquisition related inventory adjustments 





13



 Non-income tax legal judgment 





(6)



 Pension settlement charges 





259



 Gain on liquidation of foreign subsidiary 





(12)



 Loss on extinguishment of debt 



8



9



 Loss on deal contingent forward 





13



 Other items 



(1)



(2)


 Items impacting income taxes: 







 Net income tax expense on items above 



(7)



(27)



 Tax expense (benefit) attributable to various discrete tax matters 



18



(127)


 Adjusted net income 



$             57



$           444








 Diluted shares - as reported 



144.5



145.1


 Adjusted diluted shares 



145.1



145.1








 Diluted adjusted EPS 



$          0.39



$          3.06


 




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