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.
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"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.
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By GlobalDataIncreased 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."
