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  • Dana Incorporated Reports Strong 2023 Second-quarter Financial Results, Company Raises Full-year Guidance
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Dana Incorporated Reports Strong 2023 Second-quarter Financial Results, Company Raises Full-year Guidance

Jul. 28, 2023

Key Highlights


  • Sales of $2.75 billion, an increase of $162 million or 6 percent over last year
  • Net income attributable to Dana of $30 million, an increase of $22 million over last year
  • Diluted EPS of $0.21; diluted adjusted EPS of $0.37, an increase of $0.29 per share
  • Adjusted EBITDA of $243 million, an increase of $81 million or 50 percent over last year
  • Adjusted EBITDA margin improved by 250 basis points compared with last year
  • Free cash flow of $134 million

MAUMEE, Ohio, July 28, 2023 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced financial results for the second quarter of 2023.





Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)



"Dana had another strong quarter, with sales of $2.75 billion and a 250-basis-point margin improvement," said James Kamsickas, Dana chairman and chief executive officer.  "I am extremely proud of how the Dana team is executing across our operations, including a substantial number of launches for both electrified and traditional programs, as well as our ongoing transformation toward zero emissions.  The challenging production environment has persisted, but we have positioned ourselves well to take advantage as supply chains and customer order patterns continue to stabilize.  As a result, we expect our momentum to carry through the back half of the year as demand remains strong across each of our end markets."


Second-quarter 2023 Financial Results
Sales for the second quarter of 2023 totaled $2.75 billion, compared with $2.59 billion in the same period of 2022, representing a $162 million increase driven by higher market demand, cost-recovery actions, and conversion of our sales backlog, partially offset by the translation of foreign currencies.


Adjusted EBITDA for the second quarter of 2023 was $243 million, compared with $162 million for the same period in 2022.  The 250 basis points of margin improvement in the second quarter of 2023 was primarily driven by higher sales volume, net customer pricing and recovery actions, and lower net commodity costs.  These improvements were partially offset by production inefficiencies driven by volatile customer demand schedules and negative exchange-rate impacts.


Net income attributable to Dana was $30 million, or $0.21 per share, compared with net income of $8 million, or $0.06 per share, in the second quarter of 2022.  


Adjusted net income attributable to Dana was $54 million, and diluted adjusted earnings per share were $0.37 for the second quarter of 2023, compared with adjusted net income of $12 million and $0.08 per share in 2022.


Cash flow from operations in the second quarter of 2023 were $256 million, compared with $257 million in the same period of 2022.  Free cash flow was $134 million, compared with $167 million in the second quarter of 2022.  The difference was due to higher capital spending for new business backlog.


"Strong demand, great execution, and improved market dynamics have allowed us to increase our full-year guidance for 2023," said Timothy Kraus, Dana senior vice president and chief financial officer.  "Throughout the second half of the year, we remain focused on delivering our program launch commitments, offsetting external cost increases, and continuing to win new business."


Revised 2023 Financial Targets1, 2


  • Sales of $10.45 to $10.95 billion;
  • Adjusted EBITDA of $800 to $900 million, an implied adjusted EBITDA margin of approximately 7.9 percent at the midpoint of the range;
  • Diluted adjusted EPS of $0.65 to $1.05; 
  • Operating cash flow of approximately, $560 to $610 million; and
  • Free cash flow of $50 million to $100 million

1Net income and diluted EPS guidance are not provided, as discussed below in Non-GAAP Financial Information.
2Assumes no customer labor disruption in 2023


Company Recognized for Sustainability, Employee Engagement
In the past two months, Dana earned recognition from USA Today as one of "America's Climate Leaders 2023" for its focus on sustainability and from Newsweek magazine as one of "America's Greatest Workplaces 2023" for its commitment to its people.


Dana to Host Conference Call at 9 a.m. Friday, July 28
Dana will discuss its second-quarter results in a conference call at 9 a.m. EDT on Friday, July 28.  The conference call can be accessed by telephone from both domestic and international locations using the information provided below:


Conference ID: 9943139
Participant Toll-Free Dial-In Number: 1 (888) 440-5873
Participant Toll Dial-In Number: 1 (646) 960-0319


Audio streaming and slides will be available online via a link provided on the Dana investor website: www.dana.com/investors.  Phone registration will be available beginning at 8:30 a.m. EDT. 


A webcast replay can be accessed via Dana's investor website following the call.


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


Adjusted net income (loss) attributable to the parent company is a non-GAAP financial measure which we have defined as net income (loss) attributable to the parent company, excluding any discrete 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. 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 net income attributable to the parent company reported by other companies. Adjusted net income (loss) attributable to the parent company is neither intended to represent nor be an alternative measure to net income (loss) attributable to the parent company reported in accordance with GAAP.


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


The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA and diluted adjusted EPS outlook to the most comparable GAAP measures of net income (loss) and diluted EPS. Providing net income (loss) 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 (loss) and diluted EPS, including restructuring actions, asset impairments and certain income tax adjustments. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance.


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 that power vehicles and machines in all mobility markets across the globe.  The company is shaping sustainable progress through its conventional and clean-energy solutions that 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 $10.2 billion in 2022 with 42,000 people in 31 countries across six continents.  With a history dating to 1904, Dana was named among the "World's Most Ethical Companies" for 2023 by Ethisphere and as one of "America's Most Responsible Companies 2023" by Newsweek.  The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer.  Learn more at dana.com.


 


DANA INCORPORATED







 Consolidated Statement of Operations (Unaudited)







 For the Three Months Ended June 30, 2023 and 2022
















Three Months Ended


 (In millions, except per share amounts)



June 30,





2023



2022


 Net sales




$       2,748



$       2,586


 Costs and expenses






     Cost of sales



2,477



2,403


     Selling, general and administrative expenses



144



130


     Amortization of intangibles



4



3


     Restructuring charges, net



3



1


 Other income (expense), net



4



10


 Earnings before interest and income taxes



124



59


 Loss on extinguishment of debt



(1)




 Interest income



5



2


 Interest expense



39



32


 Earnings before income taxes



89



29


 Income tax expense



55



18


 Equity in earnings (loss) of affiliates



2



(1)


 Net income



36



10


     Less: Noncontrolling interests net income



5



3


     Less: Redeemable noncontrolling interests net income (loss)



1



(1)


 Net income attributable to the parent company



$            30



$              8








 Net income per share available to common stockholders






    Basic




$         0.21



$         0.06


    Diluted




$         0.21



$         0.06








 Weighted-average shares outstanding - Basic



144.3



143.4


 Weighted-average shares outstanding - Diluted



144.4



143.7


 


DANA INCORPORATED







 Consolidated Statement of Operations (Unaudited)







 For the Six Months Ended June 30, 2023 and 2022
















Six Months Ended


 (In millions, except per share amounts)



June 30,





2023



2022


 Net sales




$       5,392



$       5,066


 Costs and expenses






     Cost of sales



4,892



4,686


     Selling, general and administrative expenses



284



260


     Amortization of intangibles



7



7


     Restructuring charges, net



4




 Other income (expense), net



9



12


 Earnings before interest and income taxes



214



125


 Loss on extinguishment of debt



(1)




 Interest income



9



4


 Interest expense



73



63


 Earnings before income taxes



149



66


 Income tax expense



85



36


 Equity in earnings of affiliates



3




 Net income



67



30


     Less: Noncontrolling interests net income



9



7


     Less: Redeemable noncontrolling interests net loss





(2)


 Net income attributable to the parent company



$            58



$            25








 Net income per share available to common stockholders






    Basic




$         0.40



$         0.17


    Diluted




$         0.40



$         0.17








 Weighted-average shares outstanding - Basic



144.1



143.8


 Weighted-average shares outstanding - Diluted



144.3



144.6


 


DANA INCORPORATED
Consolidated Statement of Comprehensive Income (Unaudited)
For the Three Months Ended June 30, 2023 and 2022















Three Months Ended


 (In millions)



June 30,







2023



2022


 Net income



$            36



$            10


 Other comprehensive income (loss), net of tax:







Currency translation adjustments



(7)



(91)



Hedging gains and losses



3



1



Defined benefit plans





3



Other comprehensive loss



(4)



(87)


Total comprehensive income (loss)



32



(77)



Less: Comprehensive income attributable to noncontrolling interests



(5)



(1)



Less: Comprehensive loss attributable to redeemable noncontrolling interests



-



7


Comprehensive income (loss) attributable to the parent company



$            27



$           (71)


 



DANA INCORPORATED
Consolidated Statement of Comprehensive Income (Unaudited)
For the Six Months Ended June 30, 2023 and 2022









Six Months Ended


 (In millions)



June 30,







2023



2022


 Net income



$            67



$            30


 Other comprehensive income (loss), net of tax:







Currency translation adjustments



18



(52)



Hedging gains and losses



18



(3)



Defined benefit plans



1



4



Other comprehensive income (loss)



37



(51)


Total comprehensive income (loss)



104



(21)



Less: Comprehensive income attributable to noncontrolling interests



(9)



(5)



Less: Comprehensive loss attributable to redeemable noncontrolling interests





8


Comprehensive income (loss) attributable to the parent company



$            95



$           (18)


 


DANA INCORPORATED
Consolidated Balance Sheet (Unaudited)
As of June 30, 2023 and December 31, 2022







(In millions, except share and per share amounts)



June 30,
2023



December 31,
2022


Assets







 Current assets






 Cash and cash equivalents



$                 484



$                 425


 Accounts receivable






      Trade, less allowance for doubtful accounts of $12 in 2023 and $11 in 2022 



1,581



1,374


     Other 



288



202


 Inventories



1,731



1,609


 Other current assets



247



219


          Total current assets 



4,331



3,829


 Goodwill



262



259


 Intangibles



192



201


 Deferred tax assets



425



397


 Other noncurrent assets



106



123


 Investments in affiliates



135



136


 Operating lease assets



326



311


 Property, plant and equipment, net



2,269



2,193


          Total assets 



$              8,046



$              7,449









 Liabilities, redeemable noncontrolling interests and equity






 Current liabilities






 Short-term debt



$                   35



$                   52


 Current portion of long-term debt



32



8


 Accounts payable



1,966



1,838


 Accrued payroll and employee benefits



256



214


 Taxes on income



95



54


 Current portion of operating lease liabilities



35



36


 Other accrued liabilities



301



277


          Total current liabilities 



2,720



2,479


 Long-term debt, less debt issuance costs of $26 in 2023 and $22 in 2022



2,587



2,348


 Noncurrent operating lease liabilities



287



277


 Pension and postretirement obligations



306



298


 Other noncurrent liabilities



252



249


          Total liabilities 


6,152



5,651


 Commitments and contingencies








 Redeemable noncontrolling interests





213



195


 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, 






          144,334,974 and 143,366,482 shares outstanding 



2



2


     Additional paid-in capital 



2,244



2,229


     Retained earnings 



349



321


     Treasury stock, at cost (449,505 and zero shares) 



(8)



-


     Accumulated other comprehensive loss 



(964)



(1,001)


          Total parent company stockholders' equity 



1,623



1,551


 Noncontrolling interests



58



52


          Total equity 



1,681



1,603


          Total liabilities, redeemable noncontrolling interests and equity 



$              8,046



$              7,449


 


DANA INCORPORATED







 Consolidated Statement of Cash Flows (Unaudited)






 For the Three Months Ended June 30, 2023 and 2022















Three Months Ended


 (In millions)



June 30,





2023



2022


 Operating activities






 Net income



$            36



$            10


 Depreciation



94



91


 Amortization



6



5


 Amortization of deferred financing charges



2



2


 Write-off of deferred financing costs



1




 Earnings of affiliates, net of dividends received



(2)



30


 Stock compensation expense



8



4


 Deferred income taxes



(22)



(17)


 Pension expense, net



2



1


 Change in working capital



132



127


 Other, net



(1)



4


 Net cash provided by operating activities



256



257








 Investing activities






 Purchases of property, plant and equipment



(122)



(90)


 Proceeds from sale of property, plant and equipment





(2)


 Acquisition of business, net of cash acquired





(1)


 Purchases of marketable securities





(8)


 Proceeds from sales of marketable securities





10


 Settlements of undesignated derivatives



(4)



(7)


 Other, net



(1)




 Net cash used in investing activities



(127)



(98)








 Financing activities






 Net change in short-term debt



(286)



(64)


 Proceeds from long-term debt



458




 Repayment of long-term debt



(202)



(2)


 Deferred financing payments



(7)




 Dividends paid to common stockholders



(14)



(15)


 Distributions to noncontrolling interests



(2)



(1)


 Contributions from redeemable noncontrolling interests



7



5


 Payments to acquire noncontrolling interests





(1)


 Other, net





1


 Net cash used in financing activities



(46)



(77)








 Net increase in cash, cash equivalents and restricted cash



83



82


 Cash, cash equivalents and restricted cash − beginning of period



419



280


 Effect of exchange rate changes on cash balances



1



(22)


 Cash, cash equivalents and restricted cash − end of period



$          503



$          340


 


DANA INCORPORATED







 Consolidated Statement of Cash Flows (Unaudited)






 For the Six Months Ended June 30, 2023 and 2022















Six Months Ended


 (In millions)



June 30,





2023



2022


 Operating activities






 Net income



$            67



$            30


 Depreciation



186



182


 Amortization



11



11


 Amortization of deferred financing charges



3



3


 Write-off of deferred financing costs



1




 Earnings of affiliates, net of dividends received



(3)



29


 Stock compensation expense



14



8


 Deferred income taxes



(30)



(42)


 Pension expense, net



2




 Change in working capital



(172)



(84)


 Other, net



7



(1)


 Net cash provided by operating activities



86



136








 Investing activities






 Purchases of property, plant and equipment



(242)



(206)


 Proceeds from sale of property, plant and equipment



2




 Acquisition of business, net of cash acquired





(1)


 Purchases of marketable securities





(13)


 Proceeds from sales of marketable securities





10


 Settlements of undesignated derivatives



(4)



(7)


 Other, net



(1)



2


 Net cash used in investing activities



(245)



(215)








 Financing activities






 Net change in short-term debt



(17)



214


 Proceeds from long-term debt



458



2


 Repayment of long-term debt



(204)



(5)


 Deferred financing payments



(9)




 Dividends paid to common stockholders



(29)



(29)


 Repurchases of common stock





(25)


 Distributions to noncontrolling interests



(3)



(2)


 Contributions from redeemable noncontrolling interests



17



7


 Payments to acquire noncontrolling interests





(4)


 Other, net



(4)



(6)


 Net cash provided by financing activities



209



152








 Net increase in cash, cash equivalents and restricted cash



50



73


 Cash, cash equivalents and restricted cash − beginning of period



442



287


 Effect of exchange rate changes on cash balances



11



(20)


 Cash, cash equivalents and restricted cash − end of period



$          503



$          340


 


DANA INCORPORATED







 Reconciliation of Net Cash Provided By Operating Activities to


   Free Cash Flow (Unaudited)















Three Months Ended


 (In millions)



June 30,




2023



2022


 Net cash provided by operating activities



$         256



$        257


 Purchases of property, plant and equipment



(122)



(90)


 Free cash flow



$         134



$        167










Six Months Ended


 (In millions)



June 30,




2023



2022


 Net cash provided by operating activities



$           86



$        136


 Purchases of property, plant and equipment



(242)



(206)


 Free cash flow



$        (156)



$        (70)


 


DANA INCORPORATED






 Segment Sales and Segment EBITDA (Unaudited)




 For the Three Months Ended June 30, 2023 and 2022













Three Months Ended


 (In millions)



June 30,




2023



2022


 Sales






Light Vehicle



$         1,066



$         1,028


Commercial Vehicle



526



507


Off-Highway



842



768


Power Technologies



314



283


 Total Sales



$         2,748



$         2,586







 Segment EBITDA






Light Vehicle



$              66



$              33


Commercial Vehicle



28



10


Off-Highway



131



100


Power Technologies



19



21


 Total Segment EBITDA



244



164


 Corporate expense and other items, net



(1)



(2)


 Adjusted EBITDA



$            243



$            162


 


DANA INCORPORATED






 Segment Sales and Segment EBITDA (Unaudited)




 For the Six Months Ended June 30, 2023 and 2022













Six Months Ended


 (In millions)



June 30,




2023



2022


 Sales






Light Vehicle



$         2,028



$         2,013


Commercial Vehicle



1,048



970


Off-Highway



1,684



1,512


Power Technologies



632



571


 Total Sales



$         5,392



$         5,066







 Segment EBITDA






Light Vehicle



$            115



$              64


Commercial Vehicle



45



20


Off-Highway



249



200


Power Technologies



42



50


 Total Segment EBITDA



451



334


 Corporate expense and other items, net



(4)



(2)


 Adjusted EBITDA



$            447



$            332


 


DANA INCORPORATED






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




 For the Three Months Ended June 30, 2023 and 2022













Three Months Ended


 (In millions)



June 30,




2023



2022


 Segment EBITDA



$            244



$            164


Corporate expense and other items, net



(1)



(2)


 Adjusted EBITDA



243



162


Depreciation



(94)



(91)


Amortization



(6)



(5)


Non-service cost components of pension and OPEB costs



(3)



(3)


Restructuring charges, net



(3)



(1)


Stock compensation expense



(8)



(4)


Strategic transaction expenses



(1)



(1)


Distressed supplier costs



(4)




Other items





2


 Earnings before interest and income taxes



124



59


Loss on extinguishment of debt



(1)




Interest income



5



2


Interest expense



39



32


 Earnings before income taxes



89



29


 Income tax expense



55



18


 Equity in earnings (loss) of affiliates



2



(1)


 Net income



$              36



$              10


 


DANA INCORPORATED






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




 For the Six Months Ended June 30, 2023 and 2022













Six Months Ended


 (In millions)



June 30,




2023



2022


 Segment EBITDA



$            451



$            334


Corporate expense and other items, net



(4)



(2)


 Adjusted EBITDA



447



332


Depreciation



(186)



(182)


Amortization



(11)



(11)


Non-service cost components of pension and OPEB costs



(6)



(3)


Restructuring charges, net



(4)




Stock compensation expense



(14)



(8)


Strategic transaction expenses



(2)



(5)


Distressed supplier costs



(12)




Other items



2



2


 Earnings before interest and income taxes



214



125


Loss on extinguishment of debt



(1)




Interest income



9



4


Interest expense



73



63


 Earnings before income taxes



149



66


 Income tax expense



85



36


 Equity in earnings of affiliates



3




 Net income



$              67



$              30


 


DANA INCORPORATED






 Reconciliation of Net Income Attributable to the Parent Company to




   Adjusted Net Income Attributable to the Parent Company and





   Diluted Adjusted EPS (Unaudited)






 For the Three Months Ended June 30, 2023 and 2022












 (In millions, except per share amounts)









Three Months Ended





June 30,





2023



2022


 Net income attributable to the parent company



$              30



$                8


 Items impacting income before income taxes:







 Amortization



5



5



 Restructuring charges, net



3



1



 Strategic transaction expenses



1



3



 Distressed supplier costs



4





 Other  items



1



(2)


 Items impacting income taxes:







 Net income tax expense on items above



(4)



(3)



 Income tax expense attributable to various discrete tax matters



14




 Adjusted net income attributable to the parent company



$              54



$              12








 Diluted shares - as reported



144.4



143.7


 Adjusted diluted shares



144.4



143.7








 Diluted adjusted EPS



$           0.37



$           0.08


 


DANA INCORPORATED






 Reconciliation of Net Income Attributable to the Parent Company to




   Adjusted Net Income Attributable to the Parent Company and





   Diluted Adjusted EPS (Unaudited)






 For the Six Months Ended June 30, 2023 and 2022












 (In millions, except per share amounts)









Six Months Ended





June 30,





2023



2022


 Net income attributable to the parent company



$              58



$              25


 Items impacting income before income taxes:







 Amortization



10



10



 Restructuring charges, net



4





 Strategic transaction expenses



2



5



 Distressed supplier costs



12





 Other  items






 Items impacting income taxes:







 Net income tax expense on items above



(10)



(5)



 Income tax expense attributable to various discrete tax matters



14




 Adjusted net income attributable to the parent company



$              90



$              35








 Diluted shares - as reported



144.3



144.6


 Adjusted diluted shares



144.3



144.6








 Diluted adjusted EPS



$           0.62



$           0.24


 




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
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