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  • Dana Incorporated Reports Strong Third-quarter 2022 Financial Results with Higher Sales and Free Cash Flow, Reaffirms Full-year Financial Targets
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Dana Incorporated Reports Strong Third-quarter 2022 Financial Results with Higher Sales and Free Cash Flow, Reaffirms Full-year Financial Targets

Oct. 27, 2022

Key Highlights


  • Sales of $2.54 billion, an increase of $331 million
  • Net loss attributable to Dana of $88 million; includes a non-cash goodwill impairment charge
  • Diluted EPS of $(0.61); diluted adjusted EPS of $0.24
  • Adjusted EBITDA of $192 million
  • Free cash flow of $77 million, a year-over-year increase of $247 million
  • Wins 8th PACE Award for electric-vehicle systems integration

MAUMEE, Ohio, Oct. 27, 2022 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced strong financial results for the third quarter of 2022.





Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)



"Dana generated solid earnings and free cash flow again this quarter as end-market demand remained strong despite ongoing supply and production disruptions impacting the global mobility industry," said James Kamsickas, Dana chairman and chief executive officer. 


"While record inflationary costs continue to be a challenge, I am very proud of the perseverance and dedication our team has displayed while executing our enterprise-wide transformation that has led to significant new business growth in both traditional and electric-vehicle solutions.  Dana is well positioned to finish the year strong and capitalize on new opportunities across our markets once this environment begins to stabilize."


Third-quarter 2022 Financial Results


Sales for the third quarter of 2022 totaled $2.54 billion, compared with $2.20 billion in the same period of 2021, a $331 million improvement driven by strong customer demand across all our end markets and the recovery of commodity costs, partially offset by foreign currency translation.


Adjusted EBITDA for the third quarter of 2022 was $192 million, compared with $210 million for the same period in 2021.  Profit conversion on higher sales in the third quarter of 2022 continued to be more than offset by non-material inflation as well as production inefficiencies driven by volatile customer demand schedules.


The net loss attributable to Dana was $88 million or $0.61 per share, compared with net income of $48 million or $0.33 per share in the third quarter of 2021. The loss was driven by a non-cash goodwill impairment charge in the commercial-vehicle segment resulting from increased interest rates as well as the negative impact of cost inflation and customer-driven production inefficiencies.


Adjusted net income attributable to Dana was $34 million and diluted adjusted earnings per share were $0.24 for the third quarter of 2022, compared with an adjusted net income of $60 million and $0.41 per share in 2021.


Operating cash flow in the third quarter of 2022 was $171 million, compared with $75 million in the same period of 2021. 


Free cash flow was $77 million, compared with a use of $170 million in the third quarter of 2021. The improvement was driven by improved working capital management.


The company reaffirmed its full-year 2022 financial targets.


2022 Financial Targets1


  • Sales of $10 to $10.2 billion;
  • Adjusted EBITDA of $700 to $740 million, an implied adjusted EBITDA margin of approximately 7.1 percent at the midpoint of the range;
  • Diluted adjusted EPS of $0.60 to $0.90;
  • Operating cash flow of approximately 6.2 to 6.5 percent of sales; and
  • Free cash flow of approximately 1.8 to 2.2 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 9 a.m. Thursday, Oct. 27


Dana will discuss its third-quarter results in a conference call at 9 a.m. EDT on Thursday, Oct. 27.  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 1-888-330-2502 and international locations should call 1-240-789-2713.  Please enter conference I.D. 2476721 and provide your name and company affiliation. Phone registration will be available beginning at 8:30 a.m. EDT.


A webcast replay will also be available after 5 p.m. EDT and may be accessed via Dana's investor website.


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.  Adjusted free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities excluding discretionary 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 in accordance with 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 our adjusted EBITDA and diluted adjusted EPS outlook 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 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 $8.9 billion in 2021 with 40,000 people in 31 countries across six continents. Founded in 1904, Dana was named one of "America's Most Responsible Companies 2022" by Newsweek for its emphasis on sustainability and social responsibility. 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 September 30, 2022 and 2021 












Three Months Ended


 (In millions, except per share amounts) 



September 30,





2022



2021


 Net sales 




$      2,535



$      2,204


 Costs and expenses 






     Cost of sales 



2,332



1,998


     Selling, general and administrative expenses 



114



103


     Amortization of intangibles 



3



4


     Restructuring charges, net 



(1)



1


 Impairment of goodwill 



(191)




 Other income (expense), net 



3



(4)


 Earnings (loss) before interest and income taxes 



(101)



94


 Interest income 



2



2


 Interest expense 



32



31


 Earnings (loss) before income taxes 



(131)



65


 Income tax expense 



31



20


 Equity in earnings (loss) of affiliates 



(1)



5


 Net income (loss) 



(163)



50


     Less: Noncontrolling interests net income 



4



4


     Less: Redeemable noncontrolling interests net loss 



(79)



(2)


 Net income (loss) attributable to the parent company 



$          (88)



$            48








 Net income (loss) per share available to common stockholders 






    Basic 




$       (0.61)



$        0.33


    Diluted 




$       (0.61)



$        0.33








 Weighted-average shares outstanding - Basic 



143.4



144.8


 Weighted-average shares outstanding - Diluted 



143.4



146.2




















 DANA INCORPORATED 







 Consolidated Statement of Operations (Unaudited) 







 For the Nine Months Ended September 30, 2022 and 2021 
















Nine Months Ended


 (In millions, except per share amounts) 



September 30,





2022



2021


 Net sales 




$      7,601



$      6,672


 Costs and expenses 






     Cost of sales 



7,018



5,963


     Selling, general and administrative expenses 



374



348


     Amortization of intangibles 



10



11


     Restructuring charges, net 



(1)



2


 Impairment of goodwill 



(191)




 Other income (expense), net 



15



(33)


 Earnings before interest and income taxes 



24



315


 Loss on extinguishment of debt 





(24)


 Interest income 



6



6


 Interest expense 



95



99


 Earnings (loss) before income taxes 



(65)



198


 Income tax expense 



67



56


 Equity in earnings (loss) of affiliates 



(1)



29


 Net income (loss) 



(133)



171


     Less: Noncontrolling interests net income 



11



9


     Less: Redeemable noncontrolling interests net loss 



(81)



(10)


 Net income (loss) attributable to the parent company 



$          (63)



$         172








 Net income (loss) per share available to common stockholders 






    Basic 




$       (0.44)



$        1.19


    Diluted 




$       (0.44)



$        1.17








 Weighted-average shares outstanding - Basic 



143.6



145.0


 Weighted-average shares outstanding - Diluted 



143.6



146.4




















 DANA INCORPORATED 







 Consolidated Statement of Comprehensive Income (Unaudited) 



 For the Three Months Ended September 30, 2022 and 2021 
















Three Months Ended


 (In millions) 



September 30,







2022



2021


 Net income (loss) 



$        (163)



$            50


 Other comprehensive income (loss), net of tax: 






     Currency translation adjustments



(82)



(25)


     Hedging gains and losses



1



(9)


     Defined benefit plans



1



4


     Other comprehensive loss



(80)



(30)


Total comprehensive income (loss)



(243)



20


     Less: Comprehensive income attributable to noncontrolling interests



(1)



(4)


     Less: Comprehensive loss attributable to redeemable noncontrolling interests



89



4


Comprehensive income (loss) attributable to the parent company



$        (155)



$            20




















 DANA INCORPORATED 







 Consolidated Statement of Comprehensive Income (Unaudited) 



 For the Nine Months Ended September 30, 2022 and 2021 
















Nine Months Ended


 (In millions) 



September 30,







2022



2021


 Net income (loss) 



$        (133)



$         171


 Other comprehensive income (loss), net of tax: 






     Currency translation adjustments



(134)



(11)


     Hedging gains and losses



(2)



(10)


     Defined benefit plans



5



11


     Other comprehensive loss



(131)



(10)


Total comprehensive income (loss)



(264)



161


     Less: Comprehensive (income) loss attributable to noncontrolling interests



(6)



2


     Less: Comprehensive loss attributable to redeemable noncontrolling interests



97




Comprehensive income (loss) attributable to the parent company



$        (173)



$         163








 DANA INCORPORATED 


 Consolidated Balance Sheet (Unaudited) 


 As of September 30, 2022 and December 31, 2021 



 (In millions, except share and per share amounts) 



September 30,



December 31,




2022



2021


Assets 






 Current assets 






 Cash and cash equivalents 



$                371



$                268


 Marketable securities 



13



17


 Accounts receivable 






    Trade, less allowance for doubtful accounts of $11 in 2022 and $7 in 2021 



1,507



1,321


    Other 



252



220


 Inventories 



1,603



1,564


 Other current assets 



208



196


         Total current assets 



3,954



3,586


 Goodwill 



246



482


 Intangibles 



200



233


 Deferred tax assets 



613



580


 Other noncurrent assets 



181



131


 Investments in affiliates 



128



174


 Operating lease assets 



262



247


 Property, plant and equipment, net 



2,078



2,199


         Total assets 



$             7,662



$             7,632









Liabilities and equity 






 Current liabilities 






 Short-term debt 



$                230



$                   23


 Current portion of long-term debt 



7



8


 Accounts payable 



1,839



1,571


 Accrued payroll and employee benefits 



209



184


 Taxes on income 



67



41


 Current portion of operating lease liabilities 



37



43


 Other accrued liabilities 



269



304


         Total current liabilities 



2,658



2,174


 Long-term debt, less debt issuance costs of $22 in 2022 and $26 in 2021 



2,314



2,386


 Noncurrent operating lease liabilities 



229



209


 Pension and postretirement obligations 



350



398


 Other noncurrent liabilities 



244



292


         Total liabilities 



5,795



5,459


 Commitments and contingencies 








 Redeemable noncontrolling interests 





196



198


 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, 






         143,353,224 and 144,238,660 shares outstanding 



2



2


     Additional paid-in capital 



2,440



2,427


     Retained earnings 



491



662


     Treasury stock, at cost (13,469,842 and 11,661,591 shares) 



(216)



(184)


     Accumulated other comprehensive loss 



(1,095)



(985)


     Total parent company stockholders' equity 



1,622



1,922


 Noncontrolling interests 



49



53


         Total equity 



1,671



1,975


         Total liabilities, redeemable noncontrolling interests and equity 



$             7,662



$             7,632




















 DANA INCORPORATED 







 Consolidated Statement of Cash Flows (Unaudited) 






 For the Three Months Ended September 30, 2022 and 2021 














Three Months Ended


 (In millions) 



September 30,





2022



2021


 Operating activities 






 Net income (loss) 



$        (163)



$            50


 Depreciation 



88



92


 Amortization 



6



6


 Amortization of deferred financing charges 



1



2


 Earnings of affiliates, net of dividends received 





(4)


 Stock compensation expense 



5



6


 Deferred income taxes 



(14)



36


 Impairment of goodwill 



191




 Change in working capital 



63



(262)


 Other, net 



(6)



(1)


 Net cash provided by (used in) operating activities 



171



(75)








 Investing activities 






 Purchases of property, plant and equipment 



(94)



(95)


 Investments in affiliates 





(23)


 Purchases of marketable securities 



(2)



(9)


 Proceeds from sales of marketable securities 





30


 Proceeds from maturities of marketable securities 



8



14


 Settlements of undesignated derivatives 



1



2


 Other, net 



5



1


 Net cash used in investing activities 



(82)



(80)








 Financing activities 






 Net change in short-term debt 



(2)



49


 Proceeds from long-term debt 





2


 Repayment of long-term debt 



(14)



(2)


 Dividends paid to common stockholders 



(14)



(15)


 Repurchases of common stock 





(23)


 Distributions to noncontrolling interests 



(6)



(8)


 Contributions from redeemable noncontrolling interests 



23



3


 Deconsolidation of non-wholly owned subsidiary 





(6)


 Other, net 



(1)




 Net cash used in financing activities 



(14)










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



75



(155)


 Cash, cash equivalents and restricted cash − beginning of period 



340



403


 Effect of exchange rate changes on cash balances 



(25)



(9)


 Cash, cash equivalents and restricted cash − end of period 



$         390



$         239




















 DANA INCORPORATED 







 Consolidated Statement of Cash Flows (Unaudited) 






 For the Nine Months Ended September 30, 2022 and 2021 














Nine Months Ended


 (In millions) 



September 30,





2022



2021


 Operating activities 






 Net income (loss) 



$        (133)



$         171


 Depreciation 



270



272


 Amortization 



17



18


 Amortization of deferred financing charges 



4



5


 Redemption premium on debt 





21


 Write-off of deferred financing costs 





3


 Earnings of affiliates, net of dividends received 



29



(11)


 Stock compensation expense 



13



15


 Deferred income taxes 



(56)



8


 Impairment of goodwill 



191




 Change in working capital 



(21)



(501)


 Other, net 



(7)



18


 Net cash provided by operating activities 



307



19








 Investing activities 






 Purchases of property, plant and equipment 



(300)



(228)


 Acquisition of businesses, net of cash acquired 



(1)



(18)


 Investments in affiliates 





(23)


 Proceeds from sale of subsidiary, net of cash disposed 





(4)


 Purchases of marketable securities 



(15)



(25)


 Proceeds from sales of marketable securities 





30


 Proceeds from maturities of marketable securities 



18



27


 Settlement of terminated fixed-to-fixed cross currency swap 





(22)


 Settlements of undesignated derivatives 



(6)



(2)


 Other, net 



7



5


 Net cash used in investing activities 



(297)



(260)








 Financing activities 






 Net change in short-term debt 



212



43


 Proceeds from long-term debt 



2



802


 Repayment of long-term debt 



(19)



(805)


 Redemption premium on debt 





(21)


 Deferred financing payments 





(13)


 Dividends paid to common stockholders 



(43)



(44)


 Repurchases of common stock 



(25)



(23)


 Distributions to noncontrolling interests 



(8)



(10)


 Contributions from redeemable noncontrolling interests 



30



6


 Deconsolidation of non-wholly owned subsidiary 





(6)


 Payments to acquire noncontrolling interests 



(4)




 Other, net 



(7)




 Net cash provided by (used in) financing activities 



138



(71)








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



148



(312)


 Cash, cash equivalents and restricted cash − beginning of period 



287



567


 Effect of exchange rate changes on cash balances 



(45)



(16)


 Cash, cash equivalents and restricted cash − end of period 



$         390



$         239




















 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) 



September 30,




2022



2021


 Net cash provided by (used in) operating activities 



$         171



$        (75)


 Purchase of property, plant and equipment 



(94)



(95)


 Free cash flow 



77



(170)


 Discretionary pension contributions 







 Adjusted free cash flow 



$           77



$     (170)










Nine Months Ended


 (In millions) 



September 30,




2022



2021


 Net cash provided by operating activities 



$         307



$         19


 Purchase of property, plant and equipment 



(300)



(228)


 Free cash flow 



7



(209)


 Discretionary pension contributions 







 Adjusted free cash flow 



$             7



$     (209)

















 DANA INCORPORATED 






 Segment Sales and Segment EBITDA (Unaudited) 




 For the Three Months Ended September 30, 2022 and 2021 













Three Months Ended


 (In millions) 



September 30,




2022



2021


 Sales 






Light Vehicle



$        1,047



$           918


Commercial Vehicle



505



396


Off-Highway



694



627


Power Technologies



289



263


 Total Sales 



$        2,535



$        2,204







 Segment EBITDA 






Light Vehicle



$             60



$             54


Commercial Vehicle



18



20


Off-Highway



91



100


Power Technologies



21



38


 Total Segment EBITDA 



190



212


 Corporate expense and other items, net 



2



(2)


 Adjusted EBITDA 



$           192



$           210

















 DANA INCORPORATED 






 Segment Sales and Segment EBITDA (Unaudited) 




 For the Nine Months Ended September 30, 2022 and 2021 













Nine Months Ended


 (In millions) 



September 30,




2022



2021


 Sales 






Light Vehicle



$        3,060



$        2,799


Commercial Vehicle



1,475



1,132


Off-Highway



2,206



1,931


Power Technologies



860



810


 Total Sales 



$        7,601



$        6,672







 Segment EBITDA 






Light Vehicle



$           124



$           241


Commercial Vehicle



38



53


Off-Highway



291



276


Power Technologies



71



111


 Total Segment EBITDA 



524



681


 Corporate expense and other items, net 





(4)


Adjusted EBITDA 



$           524



$           677

















 DANA INCORPORATED 






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




 For the Three Months Ended September 30, 2022 and 2021 













Three Months Ended


 (In millions) 



September 30,




2022



2021


 Segment EBITDA 



$           190



$           212


Corporate expense and other items, net



2



(2)


 Adjusted EBITDA 



192



210


Depreciation



(88)



(92)


Amortization



(6)



(6)


Non-service cost components of pension and OPEB costs





(2)


Restructuring charges, net



1



(1)


Stock compensation expense



(5)



(6)


Strategic transaction expenses



(1)



(3)


Loss on investment in Hyliion





(6)


Impairment of goodwill



(191)




Other items



(3)




 Earnings (loss) before interest and income taxes 



(101)



94


Interest income



2



2


Interest expense



32



31


 Earnings (loss) before income taxes 



(131)



65


 Income tax expense 



31



20


 Equity in earnings (loss) of affiliates 



(1)



5


 Net income (loss) 



$         (163)



$             50

















 DANA INCORPORATED 






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




 For the Nine Months Ended September 30, 2022 and 2021 













Nine Months Ended


 (In millions) 



September 30,




2022



2021


 Segment EBITDA 



$           524



$           681


Corporate expense and other items, net





(4)


 Adjusted EBITDA 



524



677


Depreciation



(270)



(272)


Amortization



(17)



(18)


Non-service cost components of pension and OPEB costs



(3)



(7)


Restructuring charges, net



1



(2)


Stock compensation expense



(13)



(15)


Strategic transaction expenses



(6)



(11)


Loss on investment in Hyliion





(20)


Loss on disposal group held for sale





(7)


Loss on de-designation of fixed-to-fixed cross currency swaps





(9)


Impairment of goodwill



(191)




Other items



(1)



(1)


 Earnings before interest and income taxes 



24



315


Loss on extinguishment of debt





(24)


Interest income



6



6


Interest expense



95



99


 Earnings (loss) before income taxes 



(65)



198


 Income tax expense 



67



56


 Equity in earnings (loss) of affiliates 



(1)



29


 Net income (loss) 



$         (133)



$           171

















 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 September 30, 2022 and 2021 












 (In millions, except per share amounts) 









Three Months Ended





September 30,





2022



2021


 Net income (loss) attributable to parent company 



$            (88)



$             48


 Items impacting income (loss) before income taxes: 







 Amortization 



5



5



 Restructuring charges, net 



(1)



1



 Strategic transaction expenses 



3





 Gain on investment in Hyliion 





6



 Impairment of goodwill 



118





 Other  items 





3


 Items impacting income taxes: 







 Net income tax expense on items above 



(5)



(4)



 Income tax expense attributable to various discrete tax matters 



2



1


 Adjusted net income attributable to the parent 



$             34



$             60








 Diluted shares - as reported 



143.8



146.2


 Adjusted diluted shares 



143.8



146.2








 Diluted adjusted EPS 



$          0.24



$          0.41

















 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 Nine Months Ended September 30, 2022 and 2021 












 (In millions, except per share amounts) 









Nine Months Ended





September 30,





2022



2021


 Net income (loss) attributable to parent company 



$            (63)



$           172


 Items impacting income (loss) before income taxes: 







 Amortization 



15



15



 Restructuring charges, net 



(1)



2



 Strategic transaction expenses 



8



8



 Loss on investment in Hyliion 





20



 Loss on disposal group held for sale 





7



 Loss on extinguishment of debt 





24



 Loss on de-designation of fixed-to-fixed cross currency swaps 





9



 Impairment of goodwill 



118





 Other items 





5


 Items impacting income taxes: 







 Net income tax expense on items above 



(10)



(14)



 Income tax expense (benefit) attributable to various discrete tax matters 



2



(5)


 Adjusted net income attributable to the parent 



$             69



$           243








 Diluted shares - as reported 



144.4



146.4


 Adjusted diluted shares 



144.4



146.4








 Diluted adjusted EPS 



$          0.48



$          1.66


 




SOURCE Dana Incorporated


Media, Jeff Cole, +1-419-887-3535, jeff.cole@dana.com; Investor, Craig Barber, +1-419-887-5166, craig.barber@dana.com
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