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July 31, 2017updated 09 Apr 2021 12:37pm

Dana posts healthy Q2 results

Dana sales for second quarter 2017 reached US$1.84bn, compared with $1.55bn a year ago, an increase of 19%. The supplier said the increase was due to recent acquisitions that contributed $150, new customer deals, higher demand in global light truck markets and improved demand in off highway markets.

Dana sales for second quarter 2017 reached US$1.84bn, compared with $1.55bn a year ago, an increase of 19%. The supplier said the increase was dye to recent acquisitions that contributed $150, new customer deals, higher demand in global light truck markets and improved demand in off highway markets.

Currency movements affected sales by $10m.

Net income was $71m, compared with $53m thanks to an increased in adjusted EBITDA.

Adjusted EBITDA of $217m provided an 11.8% margin, a 30 point improvement. The increase of $39m was driven by stronger demand and conversion of a new business backlog. The contribution from acquisitions was $17m while changes in foreign currency rates reduced earnings by $4m. 

Dana has raised key financial guidance across all business units.

"We continue to execute our strategy by expanding our markets and winning new business while converting our sales backlog into profitable growth. This quarter's strong sales, profit, and cash flow are driven by improved market conditions, our recent acquisitions, and a focus on operational execution," said president and chief executive officer James Kamsickas.

"We have raised our financial guidance this year consistent with our continued strong operating performance and improved customer demand. The solid foundation that we have established will serve as an enabler to continue to deliver on our commitments beyond 2017."

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