Full-Year Highlights
- Record sales of $8.6 billion, an increase of $477 million, or growth of 6 percent, compared with 2018
- Net income attributable to Dana of $226 million; diluted EPS of $1.56
- Record adjusted EBITDA of $1.02 billion, an increase of $62 million, margin of 11.8 percent of sales
- Record diluted adjusted EPS of $3.06, an improvement of $0.04 over 2018
- Operating cash flow of $637 million
- Adjusted free cash flow of $272 million, a 12 percent improvement over 2018
- Cash dividends of $0.40 per share declared in 2019
- Strong sales backlog of $700 million through 2022
- Acquisition cost synergies of $25 million
- Completed five electrodynamics acquisitions rounding-out complete in-house capability
Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2019.
“In 2019, for the third consecutive year, Dana delivered year-over-year growth in revenue, adjusted EBITDA, and adjusted free cash flow,” said James Kamsickas, Dana chairman and CEO. “Over the past year, the Dana team achieved more than $1 billion of adjusted EBITDA for the first time in the history of the company, while successfully integrating the Graziano and Fairfield business, Dana’s largest acquisition in over two decades.”
Fourth-quarter 2019 Financial Results
Sales for the fourth quarter of 2019 totaled $1.99 billion, compared with $1.97 billion in the same period of 2018, representing a $14 million improvement. The increase was attributable to the benefit of recent acquisitions and backlog conversion, partially offset by lower end-market demand for heavy vehicles and unfavorable currency translation and lower commodity recoveries.
Dana reported net income of $85 million for the fourth quarter of 2019, compared with net income of $100 million in the same period of 2018. The difference was primarily due to higher interest expense and one-time costs related to refinancing of senior notes and acquisitions.
Reported diluted earnings per share were $0.58, compared with diluted earnings per share of $0.69 in the fourth quarter of 2018.
Adjusted EBITDA for the fourth quarter of 2019 was $226 million, compared with $223 million for the same period last year. Profit in the fourth quarter of 2019 benefited from backlog conversion and inorganic growth, partially offset by an unfavorable mix, driven by lower end-market demand for heavy vehicles.
Diluted adjusted earnings per share were $0.67 in the fourth quarter of 2019, compared with $0.76 in the same period last year. The lower year-over-year comparison was primarily due to higher depreciation and interest expense offsetting higher operating earnings.
Operating cash flow in the fourth quarter of 2019 was $349 million, compared with $331 million in the same period of 2018.
Adjusted free cash flow was $218 million, compared with $241 million in the fourth quarter of 2018. Lower cash generation was driven by higher capital expenditures to support new programs partially offset by favorable working capital.
Please click here to view the full press release.
SOURCE: Dana
