Stock Quote

Dana Incorporated Reports 2020 Financial Results, Including Strong New Business Backlog of $700 million; Issues Guidance for 2021

MAUMEE, Ohio, Feb. 18, 2021 /PRNewswire/ --

Dana Incorporated logo. (PRNewsFoto/Dana Incorporated)

Full-year Results

  • Sales of $7.1 billion, a decrease of $1.5 billion driven by effects of global pandemic
  • Net loss attributable to Dana of $31 million; diluted EPS a loss of $0.21
  • Adjusted EBITDA of $593 million, margin of 8.3 percent of sales
  • Diluted adjusted EPS of $0.39
  • Operating cash flow of $386 million
  • Adjusted free cash flow of $60 million
  • Repaid term loan A and terminated covenant relief from the April 2020 credit facility amendment

Key Highlights

  • Continued strong sales backlog of $700 million; 50 percent from electrified-vehicle programs
  • Reinstated quarterly dividend of $0.10 per share
  • Extended share repurchase authorization through 2023
  • Accelerated sustainability leadership efforts through wind electricity agreement

Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2020.

"Reflecting on 2020, it was truly a unique year and challenging environment.  As a result of the hard work and dedication of the Dana team, we proved we could adapt and excel when faced with the most severe of business environments, delivering strong sales and rebounding margins as we ended the year with positive free cash flow," said James Kamsickas, Dana chairman and CEO.  "We also further secured our leadership position in the e-Mobility space with 50 percent of our $700 million new business backlog coming from electric or hybrid programs, demonstrating our promise to lead in this fast-growing segment.  Our success in rapidly penetrating the electric-vehicle market is a direct result of our strategy and the investments we have made over the past several years.  As we move forward, we are well-positioned to capitalize on our momentum and realize the potential of our business."

Fourth-quarter 2020 Financial Results
Sales for the fourth quarter of 2020 totaled $2.11 billion, compared with $1.99 billion in the same period of 2019, representing a $121 million improvement driven by strong customer demand and the conversion of sales backlog, primarily in the Light Vehicle segment. 

Net income attributable to Dana was $40 million for the fourth quarter of 2020, compared with $85 million in the same period of 2019.  The difference was primarily due to higher interest expense, one-time costs, and taxes.  Partially offsetting these higher expenses was a $33 million gain on investments.  

Reported diluted earnings per share was $0.27, compared with diluted earnings per share of $0.58 in the fourth quarter of 2019.

Adjusted EBITDA for the fourth quarter of 2020 was $192 million, compared with $226 million for the same period in 2019.  This was a result of higher incremental costs associated with elevated demand and the nonrecurrence of a $17 million indirect tax expense recovery in Brazil in 2019, along with accelerated investments in electrification.

Diluted adjusted earnings per share were $0.24 in the fourth quarter of 2020, compared with $0.67 in the same period of the prior year.  The lower year-over-year comparison was primarily due to lower earnings.

Operating cash flow in the fourth quarter of 2020 was $191 million, compared with $349 million in the same period of 2019. 

Adjusted free cash flow was $46 million, compared with $218 million in the fourth quarter of 2019.  Lower cash generation was driven by lower earnings, higher cash income taxes and interest, and lower cash generated from working capital as sales continued to recover from the COVID-related shutdowns.

Full-year 2020 Financial Results
Sales for 2020 were $7.1 billion, compared with $8.6 billion in 2019.  The decrease is primarily attributable to weaker demand across all mobility markets due to customers idling operations through the middle of the year in response to the global COVID-19 pandemic. 

The net loss attributable to Dana was $31 million, compared with net income of $226 million in 2019.  The loss resulted mainly from the goodwill impairment charge recorded during the onset of the global pandemic.  Reported diluted earnings per share was a loss of $0.21, compared with $1.56 in 2019. 

Adjusted EBITDA for 2020 was $593 million, or 8.3 percent of sales.  Margin variance to the prior year was driven by the rapid reduction in sales due to pandemic-related shutdowns in the second quarter outpacing cost-reduction actions and higher incremental costs to meet elevated demand during the rapid restart of operations in the third quarter.

Diluted adjusted earnings per share for 2020 were $0.39, compared with $3.06 in 2019, primarily reflecting lower year-over-year earnings and higher depreciation and interest.

The company reported operating cash flow of $386 million in 2020.  Adjusted free cash flow was $60 million, or about 1 percent of sales, compared with $272 million, or 3 percent of sales in 2019.  The impact of lower profit in 2020 was partially offset by targeted cash conservation measures, lower cash taxes, and lower capital expenditures.

2021 Guidance Ranges
"Our cost-saving actions and strong financial position allowed us to manage through this challenging year," said Jonathan Collins, Dana executive vice president and chief financial officer.  "We are positioned for long-term sales, profit, and free cash flow growth while continuing to improve our strong balance sheet.

2021 Financial Targets1

  • Sales of $8.05 to $8.55 billion;
  • Adjusted EBITDA of $860 million to $960 million, an implied adjusted EBITDA margin of approximately 11 percent at the midpoint of the range;
  • Diluted adjusted EPS of $1.90 to $2.40;
  • Operating cash flow of approximately 7.5 percent of sales; and
  • Adjusted free cash flow of approximately 3 percent of sales.

1Net income and diluted EPS guidance are not provided, as discussed below in Non-GAAP Financial Information.

Company Reinstates Quarterly Dividend and Extends Share Repurchase Authorization
Dana's board of directors elected to reinstate the company's quarterly dividend of $0.10 per share on its common stock.  This will be payable on March 26, 2021, to holders of Dana common stock as of March 5, 2021.  The board of directors also extended Dana's share repurchase authorization through the end of 2023.  There is $150 million remaining under the authorization.

Strategically Leveraging Renewable Energy Sources
In the fourth quarter, Dana announced a commitment to reduce its total annual greenhouse gas emissions by at least 50 percent before the end of 2035, representing a reduction of more than 300,000 metrics tons of carbon dioxide emissions annually.  This action aligns with the Paris Climate Agreement and further supports the company's vision of aiding its customers in achieving their sustainability objectives.

To help meet this goal, Dana has signed a long-term agreement to add 300,000 megawatt-hours annually in renewable electricity to the grid beginning in 2022.  In return, Dana will receive the equivalent quantity of renewable energy credits to address approximately 90 percent of the company's annual U.S. electricity consumption.

Dana to Host Conference Call at 9 a.m. Thursday, Feb. 18
Dana will discuss its fourth-quarter and full-year results in a conference call at 9 a.m. EST on Thursday, Feb. 18.  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. 9259583 ask for the "Dana Incorporated's Financial Webcast and Conference Call."  Phone registration will be available beginning at 8:30 a.m. EST.

An audio recording of the webcast will be available after 5 p.m. EST on Feb. 18 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 9259583.  A webcast replay will also be available after 5 p.m. EST and may be accessed via Dana's investor website.

Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure which we have defined as net income 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 income before income taxes, net income or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring 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.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  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 under 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 voluntary 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 under 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 preliminary and projected adjusted EBITDA and diluted adjusted EPS 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 operations 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 December 31, 2020 and 2019 










Three Months Ended

 (In millions, except per share amounts) 


December 31,




2020


2019

 Net sales 



$      2,108


$      1,987

 Costs and expenses 





     Cost of sales 


1,897


1,764

     Selling, general and administrative expenses 


122


104

     Amortization of intangibles 


3


4

     Restructuring charges, net 


13


6

 Impairment of goodwill 




(6)

 Pension settlement charge 




1

 Other income, net 


27


6

 Earnings before interest and income taxes 


100


110

 Loss on extinguishment of debt 


(3)


(9)

 Interest income 


2


2

 Interest expense 


39


30

 Earnings before income taxes 


60


73

 Income tax expense (benefit) 


24


(5)

 Equity in earnings of affiliates 


3


8

 Net income 


39


86

     Less: Noncontrolling interests net income 


4


4

     Less: Redeemable noncontrolling interests net loss 


(5)


(3)

 Net income attributable to the parent company 


$            40


$            85







 Net income per share available to common stockholders 





    Basic 



$        0.28


$        0.59

    Diluted 



$        0.27


$        0.58







 Weighted-average shares outstanding - Basic 


144.6


144.0

 Weighted-average shares outstanding - Diluted 


145.7


145.3

 

 

 DANA INCORPORATED 






 Consolidated Statement of Operations 






 For the Year Ended December 31, 2020 and 2019 















Year Ended

 (In millions, except per share amounts) 


December 31,




2020


2019

 Net sales 



$      7,106


$      8,620

 Costs and expenses 





     Cost of sales 


6,485


7,489

     Selling, general and administrative expenses 


421


508

     Amortization of intangibles 


13


12

     Restructuring charges, net 


34


29

 Impairment of goodwill 


(51)


(6)

 Pension settlement charges 




(259)

 Other income (expense), net 


22


(25)

 Earnings before interest and income taxes 


124


292

 Loss on extinguishment of debt 


(8)


(9)

 Interest income 


9


10

 Interest expense 


138


122

 Earnings (loss) before income taxes 


(13)


171

 Income tax expense (benefit) 


58


(32)

 Equity in earnings of affiliates 


20


30

 Net income (loss) 


(51)


233

     Less: Noncontrolling interests net income 


10


13

     Less: Redeemable noncontrolling interests net loss 


(30)


(6)

 Net income (loss) attributable to the parent company 


$          (31)


$         226







 Net income (loss) per share available to common stockholders 




    Basic 



$       (0.21)


$        1.57

    Diluted 



$       (0.21)


$        1.56







 Weighted-average shares outstanding - Basic 


144.5


144.0

 Weighted-average shares outstanding - Diluted 


144.5


145.1

 

 

 DANA INCORPORATED 






 Consolidated Statement of Comprehensive Income (Unaudited) 






 For the Three Months Ended December 31, 2020 and 2019 

















Three Months Ended

 (In millions) 


December 31,






2020


2019

 Net income 


$            39


$            86

 Other comprehensive income (loss), net of tax: 





     Currency translation adjustments


56


24

     Hedging gains and losses


(1)


9

     Defined benefit plans


(2)


(21)

     Other comprehensive income


53


12

Total comprehensive income


92


98

     Less: Comprehensive income attributable to noncontrolling interests


(20)


(13)

     Less: Comprehensive loss attributable to redeemable noncontrolling interests


11


7

Comprehensive income attributable to the parent company


$            83


$            92

 

 

 DANA INCORPORATED 






 Consolidated Statement of Comprehensive Income 






 For the Year Ended December 31, 2020 and 2019 



















Year Ended

 (In millions) 


December 31,






2020


2019

 Net income (loss) 


$          (51)


$         233

 Other comprehensive income (loss), net of tax: 





     Currency translation adjustments


(77)


8

     Hedging gains and losses


39


24

     Defined benefit plans


9


344

     Other comprehensive income (loss)


(29)


376

Total comprehensive income (loss)


(80)


609

     Less: Comprehensive income attributable to noncontrolling interests


(27)


(9)

     Less: Comprehensive loss attributable to redeemable noncontrolling interests


36


1

Comprehensive income (loss) attributable to the parent company


$          (71)


$         601

 

 

DANA INCORPORATED
Consolidated Balance Sheet
As of December 31, 2020 and December 31, 2019


 (In millions, except share and per share amounts) 


December 31,


December 31,





2020


2019

 Assets 






 Current assets 





 Cash and cash equivalents 


$                559


$                508

 Marketable securities 


21


19

 Accounts receivable 





      Trade, less allowance for doubtful accounts of $7 in 2020 and $9 in 2019 


1,201


1,103

      Other 


231


202

 Inventories 


1,149


1,193

 Other current assets 


127


137

           Total current assets 


3,288


3,162

 Goodwill 


479


493

 Intangibles 


236


240

 Deferred tax assets 


611


580

 Other noncurrent assets 


169


120

 Investments in affiliates 


152


182

 Operating lease assets 


190


178

 Property, plant and equipment, net 


2,251


2,265

           Total assets 


$             7,376


$             7,220








 Liabilities and equity 





 Current liabilities 





 Short-term debt 


$                  26


$                   14

 Current portion of long-term debt 


8


20

 Accounts payable 


1,331


1,255

 Accrued payroll and employee benefits 


190


206

 Taxes on income 


35


46

 Current portion of operating lease liabilities 


43


42

 Other accrued liabilities 


308


262

           Total current liabilities 


1,941


1,845

 Long-term debt, less debt issuance costs of $27 in 2020 and $28 in 2019 


2,420


2,336

 Noncurrent operating lease liabilities 


154


140

 Pension and postretirement obligations 


479


459

 Other noncurrent liabilities 


368


305

           Total liabilities 


5,362


5,085

 Commitments and contingencies 







 Redeemable noncontrolling interests 




180


167

 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, 





           144,515,658 and 143,942,539 shares outstanding 


2


2

      Additional paid-in capital 


2,408


2,386

      Retained earnings 


530


622

      Treasury stock, at cost (10,442,582 and 10,111,191 shares) 


(156)


(150)

      Accumulated other comprehensive loss 


(1,026)


(987)

           Total parent company stockholders' equity 


1,758


1,873

 Noncontrolling interests 


76


95

           Total equity 


1,834


1,968

           Total liabilities and equity 


$             7,376


$             7,220

 

 

 DANA INCORPORATED 






 Consolidated Statement of Cash Flows (Unaudited) 





 For the Three Months Ended December 31, 2020 and 2019 













Three Months Ended

 (In millions) 


December 31,




2020


2019

 Operating activities 





 Net income 


$            39


$            86

 Depreciation 


88


87

 Amortization 


5


5

 Amortization of deferred financing charges 


2


1

 Call premium on debt 




7

 Write-off of deferred financing costs 


3


2

 Earnings of affiliates, net of dividends received 


2


(6)

 Stock compensation expense 


9


4

 Deferred income taxes 


(7)


(17)

 Pension expense, net 




4

 Impairment of goodwill 




6

 Change in working capital 


97


180

 Change in other noncurrent assets and liabilities 


(22)


(5)

 Other, net 


(25)


(5)

 Net cash provided by operating activities 


191


349







 Investing activities 





 Purchases of property, plant and equipment 


(145)


(128)

 Acquisition of businesses, net of cash acquired 




(2)

 Purchases of marketable securities 


(8)


(9)

 Proceeds from maturities of marketable securities 


9


10

 Proceeds from sale of equity affiliate 


21



 Other, net 


(11)


1

 Net cash used in investing activities 


(134)


(128)







 Financing activities 





 Net change in short-term debt 


11


(95)

 Proceeds from long-term debt 


(4)


300

 Repayment of long-term debt 


(468)


(302)

 Call premium on debt 




(7)

 Deferred financing payments 




(4)

 Dividends paid to common stockholders 




(15)

 Distributions to noncontrolling interests 


(1)


(5)

 Sale of interest to noncontrolling shareholder 


2



 Contributions from noncontrolling interests 


1



 Payments to acquire noncontrolling interests 


(6)



 Deconsolidation of non-wholly owned subsidiary 


(14)



 Other, net 


1


2

 Net cash used in financing activities 


(478)


(126)







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


(421)


95

 Cash, cash equivalents and restricted cash − beginning of period 


966


412

 Effect of exchange rate changes on cash balances 


22


11

 Cash, cash equivalents and restricted cash − end of period 


$         567


$         518

 

 DANA INCORPORATED 






 Consolidated Statement of Cash Flows 





 For the Year Ended December 31, 2020 and 2019 














Year Ended

 (In millions) 


December 31,




2020


2019

 Operating activities 





 Net income (loss) 


$          (51)


$         233

 Depreciation 


345


322

 Amortization 


20


17

 Amortization of deferred financing charges 


8


6

 Call premium on debt 




7

 Write-off of deferred financing costs 


8


2

 Earnings of affiliates, net of dividends received 


7


(9)

 Stock compensation expense 


14


19

 Deferred income taxes 


(35)


(137)

 Pension expense, net 


3


211

 Impairment of goodwill 


51


6

 Change in working capital 


47


(17)

 Change in other noncurrent assets and liabilities 


(20)


(18)

 Other, net 


(11)


(5)

 Net cash provided by operating activities 


386


637







 Investing activities 





 Purchases of property, plant and equipment 


(326)


(426)

 Acquisition of businesses, net of cash acquired 


(6)


(668)

 Purchases of marketable securities 


(44)


(33)

 Proceeds from sales of marketable securities 


5


6

 Proceeds from maturities of marketable securities 


36


29

 Proceeds from sale of equity affiliate 


21



 Proceeds from sale of subsidiary, net of cash disposed 




1

 Settlements of undesignated derivatives 


(5)


(20)

 Other, net 


(8)


(12)

 Net cash used in investing activities 


(327)


(1,123)







 Financing activities 





 Net change in short-term debt 


9


(3)

 Proceeds from long-term debt 


508


975

 Repayment of long-term debt 


(480)


(423)

 Call premium on debt 




(7)

 Deferred financing payments 


(13)


(20)

 Dividends paid to common stockholders 


(15)


(58)

 Distributions to noncontrolling interests 


(11)


(19)

 Sale of interest to noncontrolling shareholder 


9


53

 Contributions from noncontrolling interests 


4


4

 Payments to acquire noncontrolling interests 


(7)



 Deconsolidation of non-wholly owned subsidiary 


(14)



 Repurchases of common stock 




(25)

 Other, net 


(2)


2

 Net cash provided by (used in) financing activities 


(12)


479







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


47


(7)

 Cash, cash equivalents and restricted cash − beginning of period 


518


520

 Effect of exchange rate changes on cash balances 


2


5

 Cash, cash equivalents and restricted cash − end of period 


$         567


$         518

 

 

 DANA INCORPORATED 






 Reconciliation of Net Cash Provided By Operating Activities to 

   Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 














Three Months Ended

 (In millions) 


December 31,



2020


2019

 Net cash provided by operating activities 


$         191


$       349

 Purchase of property, plant and equipment 


(145)


(128)

 Free cash flow 


46


221

 Discretionary pension contributions 





(3)

 Adjusted free cash flow 


$           46


$       218









Year Ended

 (In millions) 


December 31,



2020


2019

 Net cash provided by operating activities 


$         386


$       637

 Purchase of property, plant and equipment 


(326)


(426)

 Free cash flow 


60


211

 Discretionary pension contributions 





61

 Adjusted free cash flow 


$           60


$       272

 

 DANA INCORPORATED 





 Segment Sales and Segment EBITDA (Unaudited) 



 For the Three Months Ended December 31, 2020 and 2019 












Three Months Ended

 (In millions) 


December 31,



2020


2019

 Sales 





Light Vehicle


$           980


$           846

Commercial Vehicle


334


345

Off-Highway


530


552

Power Technologies


264


244

 Total Sales 


$        2,108


$        1,987






 Segment EBITDA 





Light Vehicle


$             99


$           105

Commercial Vehicle


7


23

Off-Highway


59


66

Power Technologies


31


27

 Total Segment EBITDA 


196


221

 Corporate expense and other items, net 


(4)


5

 Adjusted EBITDA 


$           192


$           226

 

 DANA INCORPORATED 





 Segment Sales and Segment EBITDA 




 For the Year Ended December 31, 2020 and 2019 












Year Ended

 (In millions) 


December 31,



2020


2019

 Sales 





Light Vehicle


$        3,038


$        3,609

Commercial Vehicle


1,181


1,611

Off-Highway


1,970


2,360

Power Technologies


917


1,040

 Total Sales 


$        7,106


$        8,620






 Segment EBITDA 





Light Vehicle


$           239


$           438

Commercial Vehicle


36


138

Off-Highway


234


330

Power Technologies


94


117

 Total Segment EBITDA 


603


1,023

 Corporate expense and other items, net 


(10)


(4)

 Adjusted EBITDA 


$           593


$        1,019

 

 

 DANA INCORPORATED 





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



 For the Three Months Ended December 31, 2020 and 2019 












Three Months Ended

 (In millions) 


December 31,



2020


2019

 Segment EBITDA 


$           196


$           221

Corporate expense and other items, net


(4)


5

 Adjusted EBITDA 


192


226

Depreciation


(88)


(87)

Amortization


(5)


(5)

Non-service cost components of pension and OPEB costs


(2)


(4)

Restructuring charges, net


(13)


(6)

Stock compensation expense


(9)


(4)

Strategic transaction expenses


(5)


(9)

Impairment of goodwill




(6)

Amounts attributable to previously divested/closed operations


(1)


(5)

Gain on investment in Hyliion


33



Acquisition related inventory adjustments




(1)

Pension settlement charges




1

Gain on liquidation of foreign subsidiary




12

Other items


(2)


(2)

 Earnings before interest and income taxes 


100


110

Loss on extinguishment of debt


(3)


(9)

Interest income


2


2

Interest expense


39


30

 Earnings before income taxes 


60


73

 Income tax expense (benefit) 


24


(5)

 Equity in earnings of affiliates 


3


8

 Net income 


$             39


$             86

 

 DANA INCORPORATED 





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





 For the Year Ended December 31, 2020 and 2019 












Year Ended

 (In millions) 


December 31,



2020


2019

 Segment EBITDA 


$           603


$        1,023

Corporate expense and other items, net


(10)


(4)

 Adjusted EBITDA 


593


1,019

Depreciation


(345)


(322)

Amortization


(20)


(17)

Non-service cost components of pension and OPEB costs


(10)


(23)

Restructuring charges, net


(34)


(29)

Stock compensation expense


(14)


(19)

Strategic transaction expenses


(20)


(41)

Impairment of goodwill


(51)


(6)

Amounts attributable to previously divested/closed operations


(1)


(5)

Gain on investment in Hyliion


33



Acquisition related inventory adjustments




(13)

Non-income tax legal judgment




6

Pension settlement charges




(259)

Gain on liquidation of foreign subsidiary




12

Other items


(7)


(11)

 Earnings before interest and income taxes 


124


292

Loss on extinguishment of debt


(8)


(9)

Interest income


9


10

Interest expense


138


122

 Earnings (loss) before income taxes 


(13)


171

 Income tax expense (benefit) 


58


(32)

 Equity in earnings of affiliates 


20


30

 Net income (loss) 


$            (51)


$           233

 

 

 DANA INCORPORATED 





 Diluted Adjusted EPS (Unaudited) 





 For the Three Months Ended December 31, 2020 and 2019 










 (In millions, except per share amounts) 








Three Months Ended




December 31,




2020


2019

 Net income attributable to parent company 


$             40


$             85

 Items impacting income before income taxes: 






 Amortization 


4


5


 Restructuring charges, net 


12


6


 Strategic transaction expenses 


6


9


 Amounts attributable to previously divested/closed operations 


1


5


 Impairment of goodwill 




6


 Gain on investment in Hyliion 


(33)




 Acquisition related inventory adjustments 




1


 Pension settlement charges 




(1)


 Gain on liquidation of foreign subsidiary 




(12)


 Loss on extinguishment of debt 


3


9


 Other items 


(1)


(2)

 Items impacting income taxes: 






 Net income tax expense (benefit) on items above 


7


(3)


 Tax benefit attributable to various discrete tax matters 


(4)


(11)

 Adjusted net income 


$             35


$             97







 Diluted shares - as reported 


145.7


145.3

 Adjusted diluted shares 


145.7


145.3







 Diluted adjusted EPS 


$          0.24


$          0.67

 

 

 DANA INCORPORATED 





 Diluted Adjusted EPS (Unaudited) 





 For the Year Ended December 31, 2020 and 2019 











 (In millions, except per share amounts) 








Year Ended




December 31,




2020


2019

 Net income (loss) attributable to parent company 


$            (31)


$           226

 Items impacting income before income taxes: 






 Amortization 


17


17


 Restructuring charges, net 


33


29


 Strategic transaction expenses 


21


41


 Amounts attributable to previously divested/closed operations 


1


5


 Impairment of goodwill 


31


6


 Gain on investment in Hyliion 


(33)




 Acquisition related inventory adjustments 




13


 Non-income tax legal judgment 




(6)


 Pension settlement charges 




259


 Gain on liquidation of foreign subsidiary 




(12)


 Loss on extinguishment of debt 


8


9


 Loss on deal contingent forward 




13


 Other items 


(1)


(2)

 Items impacting income taxes: 






 Net income tax expense on items above 


(7)


(27)


 Tax expense (benefit) attributable to various discrete tax matters 


18


(127)

 Adjusted net income 


$             57


$           444







 Diluted shares - as reported 


144.5


145.1

 Adjusted diluted shares 


145.1


145.1







 Diluted adjusted EPS 


$          0.39


$          3.06

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/dana-incorporated-reports-2020-financial-results-including-strong-new-business-backlog-of-700-million-issues-guidance-for-2021-301230675.html

SOURCE Dana Incorporated

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.