Lowers FY24 revenue view to $10.45B-$10.95B from $10.65B-$11.15B, consensus $10.83B. “While our outlook for sales is lower due to weakening demand for electric vehicles and in some of our traditional markets, Dana is maintaining guidance for Adjusted EBITDA, while raising profit margin and again increasing the free-cash-flow range,” said Timothy Kraus, Senior Vice President and Chief Financial Officer. “As we look to the second half of the year, we anticipate company-wide cost management and production efficiencies will continue to offset the impact of softer end-market demand, and lower capital requirements will drive higher free cash flow.”
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