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January 18, 2018

Dana sales surge 24% to US$7.2bn in 2017

Dana has unveiled preliminary 2017 sales up 24% to US$7.2bn, with adjusted EBITDA of US$835m, an increase of US$175m.

Dana has unveiled preliminary 2017 sales up 24% to US$7.2bn, with adjusted EBITDA of US$835m, an increase of US$175m.

"Over the course of this past year, we made great strides in positioning Dana for long-term success," said Dana president and CEO, James Kamsickas.

"By delivering profitable organic and inorganic growth in 2017, we have established the foundation for our future as we continue to execute our enterprise strategy."

The supplier's 2018-2020 sales backlog as of 31 December 2017, improved to US$800m, a 7% increase compared to the prior three-year backlog. The increase in the backlog is driven by new business wins as currency and market expectations have remained stable.

Guidance for 2018 is for sales of US$7.5 to US$7.7bn and adjusted EBITDA of US$910 to US$960m.

Strong end-market demand and new-business backlog are driving an expected 6% sales growth in 2018. Continued strong demand for key light-truck programmes is expected into 2018, as is higher end-market demand for off-highway equipment and commercial vehicles.

Increased sales from the new-business backlog are expected to add around US$300m and improved end-market demand is expected to accrete US$100m.

"The combination of our strong financial performance in 2017 and outlook for the future provides increased confidence in our cash flows, allowing us to increase our quarterly dividends by 67%," said Dana EVP and CFO, Jonathan Collins.

"Our new share repurchase authorisation, which extends through the end of next year, will allow us to mitigate the ambient level of dilution."

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