Dana reports Q4 adjusted EPS (8c) vs. (10c) last year

Yesterday, Dana reported Q4 sales of $2.5B, compared with $2.6B in the same period of 2022. Lower sales in 2023 were driven by the impact of the UAW strike on our Light Vehicle Driveline segment, which was partially offset by cost-recovery actions and conversion of the sales backlog. Dana reported Q4 adjusted EPS of (8c), compared with an adjusted net loss of (10c) in the same quarter of 2022. Free cash flow was $136M, compared with $202M in the fourth quarter of 2022. “With record sales reaching $10.6 billion for 2023, Dana continues its strong trajectory built on our balanced approach of supplying both conventional and clean-energy solutions to nearly every vehicle manufacturer around the globe. The Dana team successfully launched a company-record number of programs across all markets we serve, while delivering substantial profit conversion on our growth. We are building on this strong momentum, as we expect to further expand sales and profit margin into 2024. Our record three-year new business backlog has grown to $950 million, marking the seventh consecutive year we have recorded an increase. This reflects our team’s relentless commitment to being a leading supplier to the world’s top vehicle manufacturers for internal combustion, hybrid, and electric vehicles,” said chairman and CEO James Kamsickas.