Breaking News, Latest News, World News, India News, Cricket, Videos & Photos

Dana Incorporated Reports 2021 Third-quarter Financial Results


MAUMEE, Ohio, Oct. 26, 2021 /PRNewswire/ —

Key Highlights

  • Sales of $2.2 billion
  • Net income attributable to Dana of $48 million
  • Diluted EPS of $0.33
  • Adjusted EBITDA of $210 million
  • Diluted adjusted EPS of $0.41
  • Hosted Capital Markets Day focused on electrification technology
  • Announced over a dozen significant new EV program wins

Dana Incorporated (NYSE: DAN) today announced financial results for the third quarter of 2021.

“Rising commodity costs, supply-chain constraints, and labor shortages across the entire global mobility industry continue to impact our business,” said James Kamsickas, Dana chairman and CEO.  “While we expect these challenges to continue in the near-term, we remain diligent in working to offset and recover these higher costs through our established mechanisms.  Moving forward, we anticipate suppressed end-market inventory levels will continue to drive high consumer demand, and Dana is well-positioned to capitalize on the cyclical growth opportunity as the various challenges facing our industry begin to subside.”

2021 Third-quarter Financial Results

Sales for the third quarter of 2021 totaled $2.20 billion, compared with $1.99 billion in the same period of 2020, representing a $210 million improvement driven by strong customer demand in our heavy-vehicle markets.

Adjusted EBITDA for the third quarter of 2021 was $210 million, compared with $201 million for the same period in 2020.  Profit margin compression in the third quarter of 2021 was primarily driven by raw material cost inflation.

Net income attributable to Dana was $48 million for the third quarter of this year, $3 million higher than last year’s third quarter.  Diluted adjusted earnings per share were $0.41 in the third quarter of 2021, compared with $0.37 per share in the third quarter of 2020.

Operating cash flow in the third quarter of 2021 was a use of $75 million, compared with $321 million of operating cash flow in the same period of 2020. 

Free cash flow was a use of $170 million, compared with $261 million of free cash flow in the third quarter of 2020.  Cash flow use in this year’s third quarter was driven by higher working capital requirements resulting from customer schedule disruptions and supply-chain challenges.

“Challenging market dynamics have pressured our third-quarter results, and outlook for the remainder of this year,” said Jonathan Collins, executive vice president and chief financial officer of Dana.  “Our revised guidance is primarily driven by customer production levels that were lower and less consistent than we had previously expected, and by commodity inflation.  Though the near-term outlook remains constrained, we believe the current market dynamics not only position us for robust cyclical growth but also for Dana to achieve above-market secular growth driven by our transition to electrified mobility.”

Revised 2021 Financial Target Ranges1

  • Sales of $8.8 to $9 billion
  • Adjusted EBITDA of $815 million to $875 million, an implied adjusted EBITDA margin of approximately 9.5 percent
  • Diluted adjusted EPS of $1.65 to $2.05 
  • Operating cash flow of approximately 5 percent of sales
  • Adjusted free cash flow of approximately 1 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. Tuesday, Oct. 26

Dana will discuss its third-quarter results in a conference call at 9 a.m. EDT on Tuesday, Oct. 26.  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. 2874125 and ask for “Dana Incorporated’s Financial Webcast and Conference Call.”  Phone registration will be available beginning at 8:30 a.m. EDT.

An audio recording of the webcast will be available after 5 p.m. EDT on Oct. 26 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 2874125.  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 oper ations 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 September 30, 2021 and 2020 










Three Months Ended

 (In millions, except per share amounts) 


September 30,




2021


2020

 Net sales 



$ 2,204


$ 1,994

 Costs and expenses 





     Cost of sales 


1,998


1,780

     Selling, general and administrative expenses 


103


111

     Amortization of intangibles 


4


4

     Restructuring charges, net 


1


2

 Other income (expense), net 


(4)


(8)

 Earnings before interest and income taxes 


94


89

 Interest income 


2


3

 Interest expense 


31


38

 Earnings before income taxes 


65


54

 Income tax expense 


20


16

 Equity in earnings of affiliates 


5


7

 Net income 


50


45

     Less: Noncontrolling interests net income 


4


4

     Less: Redeemable noncontrolling interests net loss 


(2)


(4)

 Net income attributable to the parent company 


$       48


$       45







 Net income per share available to common stockholders 





    Basic 



$   0.33


$   0.31

    Diluted 



$   0.33


$   0.31







 Weighted-average shares outstanding – Basic 


144.8


144.5

 Weighted-average shares outstanding – Diluted 


146.2


145.2

 

 DANA INCORPORATED 

 Consolidated Statement of Operations (Unaudited) 

 For the Nine Months Ended September 30, 2021 and 2020 





Nine Months Ended

 (In millions, except per share amounts) 


September 30,




2021


2020

 Net sales 



$ 6,672


$ 4,998

 Costs and expenses 





     Cost of sales 


5,963


4,588

     Selling, general and administrative expenses 


348


299

     Amortization of intangibles 


11


10

     Restructuring charges, net 


2


21

 Impairment of goodwill 




(51)

 Other income (expense), net 


(33)


(5)

 Earnings before interest and income taxes 


315


24

 Loss on extinguishment of debt 


(24)


(5)

 Interest income 


6


7

 Interest expense 


99


99

 Earnings (loss) before income taxes 


198


(73)

 Income tax expense 


56


34

 Equity in earnings of affiliates 


29


17

 Net income (loss) 


171


(90)

     Less: Noncontrolling interests net income 


9


6

     Less: Redeemable noncontrolling interests net loss 


(10)


(25)

 Net income (loss) attributable to the parent company 


$    172


$     (71)







 Net income (loss) per share available to common stockholders 





    Basic 



$   1.19


$  (0.49)

    Diluted 



$   1.17


$  (0.49)







 Weighted-average shares outstanding – Basic 


145.0


144.4

 Weighted-average shares outstanding – Diluted 


146.4


144.4

 

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Three Months Ended September 30, 2021 and 2020 








Three Months Ended

 (In millions) 


September 30,



2021


2020

Net income 


$ 50


$ 45

Other comprehensive income (loss), net of tax: 





     Currency translation adjustments


(25)


14

     Hedging gains and losses


(9)


1

     Defined benefit plans


4


4

     Other comprehensive income (loss)


(30)


19

Total comprehensive income


20


64

     Less: Comprehensive income attributable to noncontrolling interests


(4)


(15)

     Less: Comprehensive loss attributable to redeemable noncontrolling interests


4


8

Comprehensive income attributable to the parent company


$ 20


$ 57

 

 DANA INCORPORATED 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Nine Months Ended September 30, 2021 and 2020 














Nine Months Ended

 (In millions) 


September 30,






2021


2020

Net income (loss) 


$ 171


$   (90)

Other comprehensive income (loss), net of tax: 





     Currency translation adjustments


(11)


(133)

     Hedging gains and losses


(10)


40

     Defined benefit plans


11


11

     Other comprehensive loss


(10)


(82)

Total comprehensive income (loss)


161


(172)

     Less: Comprehensive (income) loss attributable to noncontrolling interests


2


(7)

    Less: Comprehensive loss attributable to redeemable noncontrolling interests




25

Comprehensive income (loss) attributable to the parent company


$ 163


$ (154)

 

 DANA INCORPORATED 

 Consolidated Balance Sheet (Unaudited) 

 As of September 30, 2021 and December 31, 2020 


 (In millions, except share and per share amounts) 


September 30,


December 31,



2021


2020

 Assets 






 Current assets 





 Cash and cash equivalents 


$                220


$               559

 Marketable securities 


18


21

 Accounts receivable 





      Trade, less allowance for doubtful accounts of $7 in 2021 and $7 in 2020 


1,404


1,201

      Other 


239


231

 Inventories 


1,546


1,149

 Other current assets 


176


127

           Total current assets 


3,603


3,288

 Goodwill 


483


479

 Intangibles 


240


236

 Deferred tax assets 


591


611

 Other noncurrent assets 


127


169

 Investments in affiliates 


174


152

 Operating lease assets 


188


190

 Property, plant and equipment, net 


2,171


2,251

           Total assets 


$             7,577


$            7,376






 Liabilities and equity 





 Current liabilities 





 Short-term debt 


$                  70


$                 26

 Current portion of long-term debt 


8


8

 Accounts payable 


1,513


1,331

 Accrued payroll and employee benefits 


206


190

 Taxes on income 


43


35

 Current portion of operating lease liabilities 


40


43

 Other accrued liabilities 


293


308

           Total current liabilities 


2,173


1,941

 Long-term debt, less debt issuance costs of $28 in 2021 and $27 in 2020 


2,387


2,420

 Noncurrent operating lease liabilities 


154


154

 Pension and postretirement obligations 


454


479

 Other noncurrent liabilities 


302


368

           Total liabilities 


5,470


5,362

 Commitments and contingencies 







 Redeemable noncontrolling interests 




195


180

 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, 





           144,228,817 and 144,515,658 shares outstanding 


2


2

      Additional paid-in capital 


2,425


2,408

      Retained earnings 


648


530

      Treasury stock, at cost (11,659,073 and 10,442,582 shares) 


(184)


(156)

      Accumulated other comprehensive loss 


(1,035)


(1,026)

           Total parent company stockholders’ equity 


1,856


1,758

 Noncontrolling interests 


56


76

           Total equity 


1,912


1,834

           Total liabilities and equity 


$             7,577


$            7,376

 

 DANA INCORPORATED 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Three Months Ended September 30, 2021 and 2020 










Three Months Ended

 (In millions) 


September 30,




2021


2020

 Operating activities 





 Net income 


$   50


$   45

 Depreciation 


92


88

 Amortization 


6


6

 Amortization of deferred financing charges 


2


2

 Earnings of affiliates, net of dividends received 


(4)


(6)

 Stock compensation expense 


6


2

 Deferred income taxes 


36


(20)

 Pension expense, net 




1

 Change in working capital 


(262)


178

 Other, net 


(1)


25

 Net cash provided by (used in) operating activities 


(75)


321







 Investing activities 





 Purchases of property, plant and equipment 


(95)


(60)

 Investments in affiliates 


(23)


(4)

 Purchases of marketable securities 


(9)


(21)

 Proceeds from sales of marketable securities 


17


(8)

 Proceeds from maturities of marketable securities 


27


27

 Settlements of undesignated derivatives 


2



 Other, net 


1


14

 Net cash used in investing activities 


(80)


(52)







 Financing activities 





 Net change in short-term debt 


49


6

 Proceeds from long-term debt 


2


2

 Repayment of long-term debt 


(2)


(9)

 Deferred financing payments 




(2)

 Dividends paid to common stockholders 


(15)



 Distributions to noncontrolling interests 


(8)


(7)

 Contributions from noncontrolling interests 


3


1

 Deconsolidation of non-wholly owned subsidiary 


(6)



 Repurchases of common stock 


(23)



 Other, net 




(1)

 Net cash used in financing activities 




(10)







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


(155)


259

 Cash, cash equivalents and restricted cash − beginning of period 


403


702

 Effect of exchange rate changes on cash balances 


(9)


5

 Cash, cash equivalents and restricted cash − end of period 


$ 239


$ 966

 

 DANA INCORPORATED 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Nine Months Ended September 30, 2021 and 2020 










Nine Months Ended

 (In millions) 


September 30,




2021


2020

 Operating activities 





 Net income (loss) 


$ 171


$  (90)

 Depreciation 


272


257

 Amortization 


18


15

 Amortization of deferred financing charges 


5


6

 Redemption premium on debt 


21



 Write-off of deferred financing costs 


3


5

 Earnings of affiliates, net of dividends received 


(11)


5

 Stock compensation expense 


15


5

 Deferred income taxes 


8


(28)

 Pension expense, net 




3

 Impairment of goodwill 




51

 Change in working capital 


(501)


(50)

 Other, net 


18


16

 Net cash provided by operating activities 


19


195







 Investing activities 





 Purchases of property, plant and equipment 


(228)


(181)

 Acquisition of businesses, net of cash acquired 


(18)


(6)

 Investments in affiliates 


(23)


(4)

 Proceeds from sale of subsidiary, net of cash disposed 


(4)



 Purchases of marketable securities 


(25)


(36)

 Proceeds from sales of marketable securities 


30


5

 Proceeds from maturities of marketable securities 


27


27

 Settlement of terminated fixed-to-fixed cross currency swap 


(22)



 Settlements of undesignated derivatives 


(2)


(5)

 Other, net 


5


7

 Net cash used in investing activities 


(260)


(193)







 Financing activities 





 Net change in short-term debt 


43


(2)

 Proceeds from long-term debt 


802


512

 Repayment of long-term debt 


(805)


(12)

 Redemption premium on debt 


(21)



 Deferred financing payments 


(13)


(13)

 Dividends paid to common stockholders 


(44)


(15)

 Distributions to noncontrolling interests 


(10)


(10)

 Sale of interest to noncontrolling shareholder 




7

 Contributions from noncontrolling interests 


6


3

 Deconsolidation of non-wholly owned subsidiary 


(6)



 Payments to acquire noncontrolling interests 




(1)

 Repurchases of common stock 


(23)



 Other, net 




(3)

 Net cash provided by (used in) financing activities 


(71)


466







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


(312)


468

 Cash, cash equivalents and restricted cash − beginning of period 


567


518

 Effect of exchange rate changes on cash balances 


(16)


(20)

 Cash, cash equivalents and restricted cash − end of period 


$ 239


$ 966

 

 DANA INCORPORATED 

 Reconciliation of Net Cash Provided By (Used In) Operating Activities to 

   Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 









Three Months Ended

 (In millions) 


September 30,



2021


2020

 Net cash provided by (used in) operating activities 


$         (75)


$ 321

 Purchase of property, plant and equipment 


(95)


(60)

 Free cash flow 


(170)


261

 Discretionary pension contributions 






 Adjusted free cash flow 


$       (170)


$ 261









Nine Months Ended

 (In millions) 


September 30,



2021


2020

 Net cash provided by operating activities 


$           19


$ 195

 Purchase of property, plant and equipment 


(228)


(181)

 Free cash flow 


(209)


14

 Discretionary pension contributions 






 Adjusted free cash flow 


$       (209)


$   14

 

 DANA INCORPORATED 

 Segment Sales and Segment EBITDA (Unaudited) 

 For the Three Months Ended September 30, 2021 and 2020 








Three Months Ended

 (In millions) 


September 30,



2021


2020

 Sales 





   Light Vehicle


$    918


$            913

   Commercial Vehicle


396


317

   Off-Highway


627


504

   Power Technologies


263


260

 Total Sales 


$ 2,204


$        1,994






 Segment EBITDA 





   Light Vehicle


$       54


$              89

   Commercial Vehicle


20


17

   Off-Highway


100


64

   Power Technologies


38


34

 Total Segment EBITDA 


212


204

 Corporate expense and other items, net 


(2)


(3)

 Adjusted EBITDA 


$    210


$            201

 

 DANA INCORPORATED 

 Segment Sales and Segment EBITDA (Unaudited) 

 For the Nine Months Ended September 30, 2021 and 2020 








Nine Months Ended

 (In millions) 


September 30,



2021


2020

 Sales 





   Light Vehicle


$ 2,799


$ 2,058

   Commercial Vehicle


1,132


852

   Off-Highway


1,931


1,435

   Power Technologies


810


653

 Total Sales 


$ 6,672


$ 4,998






 Segment EBITDA 





   Light Vehicle


$    241


$    140

   Commercial Vehicle


53


32

   Off-Highway


276


172

   Power Technologies


111


63

 Total Segment EBITDA 


681


407

 Corporate expense and other items, net 


(4)


(6)

 Adjusted EBITDA 


$    677


$    401

 

 DANA INCORPORATED 

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

 For the Three Months Ended September 30, 2021 and 2020 








Three Months Ended

 (In millions) 


September 30,



2021


2020

 Segment EBITDA 


$ 212


$ 204

   Corporate expense and other items, net


(2)


(3)

 Adjusted EBITDA 


210


201

   Depreciation


(92)


(88)

   Amortization


(6)


(6)

   Non-service cost components of pension and OPEB costs


(2)


(3)

   Restructuring charges, net


(1)


(2)

   Stock compensation expense


(6)


(2)

   Strategic transaction expenses


(3)


(4)

   Amounts attributable to previously divested/closed operations


(1)



   Gain on investment in Hyliion


(6)



   Other items


1


(7)

 Earnings before interest and income taxes 


94


89

   Interest income


2


3

   Interest expense


31


38

 Earnings before income taxes 


65


54

 Income tax expense 


20


16

 Equity in earnings of affiliates 


5


7

 Net income 


$   50


$   45

 

 DANA INCORPORATED 

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

 For the Nine Months Ended September 30, 2021 and 2020 








Nine Months Ended

 (In millions) 


September 30,



2021


2020

 Segment EBITDA 


$ 681


$ 407

   Corporate expense and other items, net


(4)


(6)

 Adjusted EBITDA 


677


401

   Depreciation


(272)


(257)

   Amortization


(18)


(15)

   Non-service cost components of pension and OPEB costs


(7)


(8)

   Restructuring charges, net


(2)


(21)

   Stock compensation expense


(15)


(5)

   Strategic transaction expenses


(11)


(15)

   Amounts attributable to previously divested/closed operations


(1)



   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




(51)

   Other items




(5)

 Earnings before interest and income taxes 


315


24

   Loss on extinguishment of debt


(24)


(5)

   Interest income


6


7

   Interest expense


99


99

 Earnings (loss) before income taxes 


198


(73)

 Income tax expense 


56


34

 Equity in earnings of affiliates 


29


17

 Net income (loss) 


$ 171


$  (90)

 

 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, 2021 and 2020 







 (In millions, except per share amounts) 








Three Months Ended




September 30,




2021


2020

 Net income attributable to parent company 


$    48


$    45

 Items impacting income before income taxes: 






 Amortization 


5


5


 Restructuring charges, net 


1


3


 Strategic transaction expenses 




4


 Gain on investment in Hyliion 


6




 Other  items 


3



 Items impacting income taxes: 






 Net income tax expense on items above 


(4)


(3)


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


1


(1)

 Adjusted net income attributable to the parent 


$    60


$    53







 Diluted shares – as reported 


146.2


145.2

 Adjusted diluted shares 


146.2


145.2







 Diluted adjusted EPS 


$ 0.41


$ 0.37

 

 DANA INCORPORATED 

 Reconciliation of Net Income (Loss) 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, 2021 and 2020 







 (In millions, except per share amounts) 








Nine Months Ended




September 30,




2021


2020

 Net income (loss) attributable to parent company 


$  172


$   (71)

 Items impacting income before income taxes: 






 Amortization 


15


13


 Restructuring charges, net 


2


21


 Strategic transaction expenses 


8


15


 Loss on investment in Hyliion 


20




 Loss on disposal group held for sale 


7




 Loss on extinguishment of debt 


24


5


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


9




 Other items 


5




 Impairment of goodwill 




31

 Items impacting income taxes: 






 Net income tax expense on items above 


(14)


(14)


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


(5)


22

 Adjusted net income attributable to the parent 


$  243


$    22







 Diluted shares – as reported 


146.4


144.9

 Adjusted diluted shares 


146.4


144.9







 Diluted adjusted EPS 


$ 1.66


$ 0.15

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/dana-incorporated-reports-2021-third-quarter-financial-results-301408384.html

SOURCE Dana Incorporated



Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

Privacy & Cookies Policy