Dana has confirmed full year 2016 sales of US$5.8bn, net income of $640m and EPS of $4.36. Adjusted EBITDA was $660m for a margin of 11.3% with all four business units improving year-over-year margin performance.
"Dana had an excellent 2016 as the team executed our plan very effectively. We successfully launched multiple customer vehicle programmes and improved our profitability through cost performance, despite having to overcome significant weakness in certain key end markets," said James Kamsickas, president and chief executive officer.
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Sales for the fourth quarter totaled $1.45bn, compared with $1.38bn in 2015, a 5% increase.
Net income was $485m, compared with a loss of $82m in Q4 2015. EPS were $3.34.
Adjusted EBITDA for the fourth quarter of 2016 was $166m, a $37m increase over the same period last year. This was an 11.5% margin.
Sales for 2016 were $234m lower compared with 2015, primarily due to unfavourable currency.
"We look forward to 2017, which will be another year of important transformation as we launch new programmes across the company and convert our new business backlog into production," Kamsickas said. "Separately, we are off to a great start by completing the Brevini acquisition in less than three months, after reaching a definitive agreement."
Dana also confirmed key financial guidance: Sales of $6.2 to $6.4bn and adjusted EBITDA of $695 to $725m.
