Benzinga | Jul 30, 2021 11:26AM EDT

Dana Q2 Result Beats Consensus; Backs FY21 Outlook

* Dana Inc (NYSE:DAN) reported second-quarter FY21 sales growth of 104% year-on-year, to $2.21 billion, beating the analyst consensus of $2.11 billion.

* Sales from Light Vehicle shot up 164% Y/Y to $890 million, Commercial Vehicle rose 90.6% to $387 million, Off-Highway increased 68.1% to $669 million, and Power Technologies rose 85% to $259 million.

* Selling, general and administrative expenses rose 53.6% Y/Y to $126 million.

* The company held $384 million in cash and equivalents as of June 30, 2021. Operating cash flow for the period totaled $67 million, compared to a use of $75 million last year.

* Adjusted EBITDA of $233 million compared to negative $(5) million in Q2 FY20.

* Adjusted EPS of $0.59 beat the analyst consensus of $0.53.

* "Dana delivered a strong performance in the second quarter as a result of ongoing strong demand across all three of our end markets," said CEO James Kamsickas.

* Outlook: Dana reiterated its FY21 sales outlook of $8.5 billion - $9 billion versus the consensus at $8.8 billion.

* The company's adjusted EPS outlook is unchanged at $2.10 - $2.60, versus the consensus of $2.47.

* Price action: DAN shares are trading higher by 1.47% at $24.15 on the last check Friday.