PR Newswire | Oct 28, 2020 06:59AM EDT

Sequential Sales Increase of 85 percent

10/28 05:59 CDT

Dana Incorporated Reports Third-quarter 2020 Financial Results; Strong Sequential Sales Increase of 85 percent MAUMEE, Ohio, Oct. 28, 2020

MAUMEE, Ohio, Oct. 28, 2020 /PRNewswire/ --

Third-quarter Highlights

* Sales of $2 billion; up $900 million from the second quarter as global COVID-19 impacts tempered * Net income attributable to Dana of $45 million; diluted EPS of $0.31 * Adjusted EBITDA of $201 million; margin of 10.1 percent of sales * Diluted adjusted EPS of $0.37 * Strengthens e-Propulsion systems, controls, software, and electronics engineering expertise with investment in Pi Innovo LLC

Dana Incorporated (NYSE: DAN) today announced financial results for the third quarter of 2020.

"As our multiple end markets rebounded from the unprecedented global COVID-19 pandemic shutdown, I want to commend the Dana team for an outstanding job, first and foremost ensuring the safety of our people, while successfully bringing our global manufacturing operations back on-line to meet growing customer demand," said Jim Kamsickas, Dana chairman and CEO. "Light truck and agriculture demand were especially strong, while many other markets, such as commercial vehicle, realized strengthened production volumes this quarter."

"We remain intensely focused on helping our customers navigate these challenging times all while remaining diligent about safety, cost management, and strengthening our e-Propulsion capabilities," he added.

Third-quarter 2020 Financial Results

Sales for the third quarter of 2020 totaled $1.99 billion, compared with $2.16 billion in the same period of 2019. The decrease is primarily attributable to weaker end-market demand resulting from the global pandemic shutdown and eventual restart in June. On a sequential basis, sales in the third quarter increased $916 million or 85 percent, compared with the second quarter of this year due to increased demand as customers rapidly resumed production after the pandemic related restrictions were lifted.

Dana reported net income of $45 million for the third quarter of 2020, compared with net income of $111 million in the same period of 2019, reflecting the lower operating earnings this year associated with reduced sales due to the COVID-19 pandemic.

Reported diluted earnings per share was $0.31, compared with $0.77 per share in the third quarter of 2019.

Adjusted EBITDA for the third quarter of 2020 was $201 million, compared with $250 million for the same period last year primarily due to lower sales. Targeted cost-management actions and a successful restart of operations helped to mitigate the margin impact from the sales decline and subsequent rapid recovery.

On a sequential basis, adjusted EBITDA in the third quarter was $206 million higher than in the second quarter of this year, generating a 1,060-basis point margin improvement.

Diluted adjusted earnings per share was $0.37 in the third quarter of 2020, compared with earnings of $0.74 in the same period last year. The lower year-over-year comparison was due to lower earnings in this year's third quarter.

Operating cash flow in the third quarter of 2020 was $321 million, compared with $231 million provided in the same period of 2019.

Adjusted free cash flow was $261 million in the third quarter of 2020, compared with $125 million in 2019. The impact of lower profit in this year's third quarter was more than offset by improved working capital efficiency, lower cash taxes and interest, and lower capital expenditures, compared with the same period last year.

The company reported it had total liquidity of approximately $2 billion as of September 30, 2020, including $976 million of available cash and marketable securities and $979 million available on its committed revolving credit facility.

Reinstates 2020 Guidance

"We were very pleased to see such a rapid recovery in global vehicle demand during the third quarter," said Jonathan Collins, Dana's executive vice president and chief financial officer. "The improving business conditions across all of our global end markets have enabled us to reinstate our revised, full-year financial targets. Dana remains financially strong, and we are well-positioned to capitalize on the strengthening of our businesses through the remainder of this year and into next year."

2020 Full-year Financial Targets1

* Sales of $6.650 to $6.950 billion; * Adjusted EBITDA of $530 million to $590 million, an implied adjusted EBITDA margin of approximately 8 percent at the midpoint of the range; * Diluted adjusted EPS of $0.35 to $0.55; * Operating cash flow of up to 5 percent of sales; and * Adjusted free cash flow of up to 1 percent of sales.

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

Strategic Investment in Electric Vehicle Software and Controls

The company also announced today that it has acquired a non-controlling stake in Pi Innovo LLC, a leader in embedded software solutions and electronics control units for the light vehicle, commercial vehicle, and off-highway markets.

Dana to Host Conference Call at 9 a.m. Wednesday, October 28

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. 1250919 and ask for the "Dana Incorporated's Financial Webcast and Conference Call." Phone registration will be available beginning at 8:30 a.m. EDT.

An audio recording of the webcast will be available after 5 p.m. EDT on October 28 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 1250919. A webcast replay will also be available after 5 p.m. EDT 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 world leader in providing power-conveyance and energy-management solutions that are engineered to improve the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. Enabling the propulsion of conventional, hybrid, and electric-powered vehicles, Dana equips its customers with critical drive and motion systems; electrodynamic technologies; and thermal, sealing, and digital solutions.

In 2019, the company reported sales of $8.6 billion with 36,000 associates in 34 countries across six continents. Based in Maumee, Ohio, USA, and founded in 1904, Dana has established a high-performance culture that focuses on its people, and the company has earned recognition around the world as a top employer. Learn more at dana.com.

DANA INCORPORATED

Consolidated Statement of Operations (Unaudited)

For the Three Months Ended September 30, 2020 and 2019

Three Months Ended

(In millions, except per share amounts) September 30,

2020 2019

Net sales $ 1,994 $ 2,164

Costs and expenses

Cost of sales 1,780 1,882

Selling, general and administrative 111 128expenses

Amortization of intangibles 4 2

Restructuring charges, net 2 5

Pension settlement charge (2)

Other income (expense), net (8) (8)

Earnings before interest and income taxes 89 137

Interest income 3 3

Interest expense 38 31

Earnings before income taxes 54 109

Income tax expense 16 5

Equity in earnings of affiliates 7 8

Net income 45 112

Less: Noncontrolling interests net 4 3income

Less: Redeemable noncontrolling interests (4) (2)net loss

Net income attributable to the parent $ 45 $ 111company

Net income per share available to commonstockholders

Basic $ 0.31 $ 0.77

Diluted $ 0.31 $ 0.77

Weighted-average shares outstanding - Basic 144.5 144.0

Weighted-average shares outstanding - 145.2 144.8Diluted

DANA INCORPORATED

Consolidated Statement of Operations (Unaudited)

For the Nine Months Ended September 30, 2020 and2019

Nine Months Ended

(In millions, except per share amounts) September 30,

2020 2019

Net sales $ 4,998 $ 6,633

Costs and expenses

Cost of sales 4,588 5,725

Selling, general and administrative expenses 299 404

Amortization of intangibles 10 8

Restructuring charges, net 21 23

Impairment of goodwill (51)

Pension settlement charge (260)

Other income (expense), net (5) (31)

Earnings before interest and income taxes 24 182

Write-off deferred financing costs (5)

Interest income 7 8

Interest expense 99 92

Earnings (loss) before income taxes (73) 98

Income tax expense (benefit) 34 (27)

Equity in earnings of affiliates 17 22

Net income (loss) (90) 147

Less: Noncontrolling interests net income 6 9

Less: Redeemable noncontrolling interests net (25) (3)loss

Net income (loss) attributable to the parent $ $ company (71) 141

Net income (loss) per share available to commonstockholders

Basic $ $ (0.49) 0.98

Diluted $ $ (0.49) 0.97

Weighted-average shares outstanding - Basic 144.4 144.0

Weighted-average shares outstanding - Diluted 144.4 144.8

DANA INCORPORATED

Consolidated Statement ofComprehensive Income (Unaudited)

For the Three Months EndedSeptember 30, 2020 and 2019

Three Months Ended

(In millions) September 30,

2020 2019

Net income $ 45 $ 112

Other comprehensive income (loss), net oftax:

Currency translation adjustments 14 (46)

Hedging gains and losses 1 8

Defined benefit plans 4 5

Other comprehensive income (loss) 19 (33)

Total comprehensive income 64 79

Less: Comprehensive (income) loss attributable to noncontrolling (15) 9 interests

Less: Comprehensive (income) loss attributable to redeemable 8 (3) noncontrolling interests

Comprehensive income attributable to the $ 57 $ 85parent company

DANA INCORPORATED

Consolidated Statement ofComprehensive Income (Unaudited)

For the Nine Months Ended September30, 2020 and 2019

Nine Months Ended

(In millions) September 30,

2020 2019

Net income (loss) $ (90) $ 147

Other comprehensive income (loss), net oftax:

Currency translation adjustments (133) (16)

Hedging gains and losses 40 15

Defined benefit plans 11 365

Other comprehensive income (loss) (82) 364

Total comprehensive income (loss) (172) 511

Less: Comprehensive (income) loss (7) 4 attributable to noncontrolling interests

Less: Comprehensive (income) loss attributable to redeemable 25 (6) noncontrolling interests

Comprehensive income (loss) attributable to the $ (154) $ 509parent company

DANA INCORPORATED

Consolidated Balance Sheet (Unaudited)

As of September 30, 2020 and December 31, 2019

(In millions, except share and September 30, December 31,per share amounts)

2020 2019

Assets

Current assets

Cash and cash equivalents $ 956 $ 508

Marketable securities 22 19

Accounts receivable

Trade, less allowance fordoubtful accounts of $7 in 2020 1,239 1,103and $9 in 2019

Other 171 202

Inventories 1,087 1,193

Other current assets 129 137

Total current assets 3,604 3,162

Goodwill 458 493

Intangibles 235 240

Deferred tax assets 594 580

Other noncurrent assets 126 120

Investments in affiliates 174 182

Operating lease assets 177 178

Property, plant and equipment, 2,154 2,265net

Total assets $ 7,522 $ 7,220

Liabilities and equity

Current liabilities

Short-term debt $ 12 $ 14

Current portion of long-term 35 20debt

Accounts payable 1,187 1,255

Accrued payroll and employee 193 206benefits

Taxes on income 59 46

Current portion of operating 43 42lease liabilities

Other accrued liabilities 308 262

Total current 1,837 1,845liabilities

Long-term debt, less debtissuance costs of $31 in 2020 and 2,839 2,336$28 in 2019

Noncurrent operating lease 141 140liabilities

Pension and postretirement 457 459obligations

Other noncurrent liabilities 303 305

Total liabilities 5,577 5,085

Commitments and contingencies

Redeemable noncontrolling 152 167interests

Parent company stockholders'equity

Preferred stock, 50,000,000shares authorized, $0.01 par - -value, no shares outstanding

Common stock, 450,000,000shares authorized, $0.01 par 2 2value, 144,491,212 and143,942,539 shares outstanding

Additional paid-in capital 2,392 2,386

Retained earnings 535 622

Treasury stock, at cost(10,437,276 and 10,111,191 (156) (150)shares)

Accumulated other (1,070) (987)comprehensive loss

Total parent company 1,703 1,873stockholders' equity

Noncontrolling interests 90 95

Total equity 1,793 1,968

Total liabilities and $ 7,522 $ 7,220equity

DANA INCORPORATED

Consolidated Statement of Cash Flows (Unaudited)

For the Three Months Ended September 30, 2020 and2019

Three Months Ended

(In millions) September 30,

2020 2019

Operating activities

Net income $ $ 45 112

Depreciation 88 82

Amortization 6 4

Amortization of deferred financing charges 2 2

Earnings of affiliates, net of dividends received (6) (6)

Stock compensation expense 2 5

Deferred income taxes (20) (15)

Pension expense, net 1

Change in working capital 178 50

Other, net 25 (3)

Net cash provided by operating activities 321 231

Investing activities

Purchases of property, plant and equipment (60) (108)

Acquisition of businesses, net of cash acquired (12)

Purchases of marketable securities (21) (12)

Proceeds from sales and maturities of marketable 19 7securities

Settlements of undesignated derivatives (1)

Other, net 10 (6)

Net cash used in investing activities (52) (132)

Financing activities

Net change in short-term debt 6 95

Proceeds from long-term debt 2

Repayment of long-term debt (9) (102)

Deferred financing payments (2) (4)

Dividends paid to common stockholders (14)

Distributions to noncontrolling interests (7) (2)

Sale of interest to noncontrolling shareholder 53

Contributions from noncontrolling interests 1 2

Other, net (1)

Net cash provided by (used in) financing (10) 28activities

Net increase in cash, cash equivalents and 259 127restricted cash

Cash, cash equivalents and restricted cash - 702 298beginning of period

Effect of exchange rate changes on cash balances 5 (13)

Cash, cash equivalents and restricted cash - end $ 966 $ of period 412

DANA INCORPORATED

Consolidated Statement of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2020 and2019

Nine Months Ended

(In millions) September 30,

2020 2019

Operating activities

Net income (loss) $ $ (90) 147

Depreciation 257 235

Amortization 15 12

Amortization of deferred financing charges 6 5

Write-off of deferred financing costs 5

Earnings of affiliates, net of dividends received 5 (3)

Stock compensation expense 5 15

Deferred income taxes (28) (120)

Pension expense, net 3 207

Impairment of goodwill 51

Change in working capital (50) (197)

Other, net 16 (13)

Net cash provided by operating activities 195 288

Investing activities

Purchases of property, plant and equipment (181) (298)

Acquisition of businesses, net of cash acquired (6) (666)

Purchases of marketable securities (36) (24)

Proceeds from sales and maturities of marketable 32 25securities

Settlements of undesignated derivatives (5) (20)

Other, net 3 (12)

Net cash used in investing activities (193) (995)

Financing activities

Net change in short-term debt (2) 92

Proceeds from long-term debt 512 675

Repayment of long-term debt (12) (121)

Deferred financing payments (13) (16)

Dividends paid to common stockholders (15) (43)

Distributions to noncontrolling interests (10) (14)

Sale of interest to noncontrolling shareholder 53

Contributions from noncontrolling interests 10 4

Payments to acquire noncontrolling interests (1)

Repurchases of common stock (25)

Other, net (3)

Net cash provided by financing activities 466 605

Net increase (decrease) in cash, cash equivalents 468 (102)and restricted cash

Cash, cash equivalents and restricted cash - 518 520beginning of period

Effect of exchange rate changes on cash balances (20) (6)

Cash, cash equivalents and restricted cash - end $ 966 $ of period 412

DANA INCORPORATED

Reconciliation of Net Cash Provided By (Used In) Operating Activities to

Free Cash Flow and Adjusted Free Cash Flow (Unaudited)

Three Months Ended

(In millions) September 30,

2020 2019

Net cash provided by operating activities $ $ 321 231

Purchase of property, plant and equipment (60) (108)

Free cash flow 261 123

Discretionary pension contributions 2

Adjusted free cash flow $ $ 261 125

Nine Months Ended

(In millions) September 30,

2020 2019

Net cash provided by operating activities $ $ 195 288

Purchase of property, plant and equipment (181) (298)

Free cash flow 14 (10)

Discretionary pension contributions 64

$ $ Adjusted free cash flow 14 54

DANA INCORPORATED

Segment Sales and Segment EBITDA (Unaudited)

For the Three Months Ended September 30, 2020and 2019

Three Months Ended

(In millions) September 30,

2020 2019

Sales

Light Vehicle $ $ 913 930

Commercial Vehicle 314 398

Off-Highway 507 582

Power Technologies 260 254

Total Sales $ 1,994 $ 2,164

Segment EBITDA

Light Vehicle $ $ 89 113

Commercial Vehicle 16 33

Off-Highway 65 79

Power Technologies 34 28

Total Segment EBITDA 204 253

Corporate expense and other items, net (3) (3)

Adjusted EBITDA $ $ 201 250

DANA INCORPORATED

Segment Sales and Segment EBITDA (Unaudited)

For the Nine Months Ended September 30, 2020 and2019

Nine Months Ended

(In millions) September 30,

2020 2019

Sales

Light Vehicle $ $ 2,058 2,763

Commercial Vehicle 847 1,266

Off-Highway 1,440 1,808

Power Technologies 653 796

Total Sales $ $ 4,998 6,633

Segment EBITDA

Light Vehicle $ $ 140 333

Commercial Vehicle 29 115

Off-Highway 175 264

Power Technologies 63 90

Total Segment EBITDA 407 802

Corporate expense and other items, net (6) (9)

Adjusted EBITDA $ $ 401 793

DANA INCORPORATED

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

For the Three Months Ended September 30, 2020and 2019

Three Months Ended

(In millions) September 30,

2020 2019

Segment EBITDA $ $ 204 253

Corporate expense and other items, net (3) (3)

Adjusted EBITDA 201 250

Depreciation (88) (82)

Amortization (6) (4)

Non-service cost components of pension and OPEB (3) (4)costs

Restructuring charges, net (2) (5)

Stock compensation expense (2) (5)

Strategic transaction expenses (4) (8)

Acquisition related inventory adjustments (3)

Pension settlement charges, net (2)

Other items (7)

Earnings before interest and income taxes 89 137

Interest income 3 3

Interest expense 38 31

Earnings before income taxes 54 109

Income tax expense 16 5

Equity in earnings of affiliates 7 8

Net income $ $ 45 112

DANA INCORPORATED

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

For the Nine Months Ended September 30, 2020and 2019

Nine Months Ended

(In millions) September 30,

2020 2019

Segment EBITDA $ 407 $ 802

Corporate expense and other items, net (6) (9)

Adjusted EBITDA 401 793

Depreciation (257) (235)

Amortization (15) (12)

Non-service cost components of pension and OPEB (8) (19)costs

Restructuring charges, net (21) (23)

Stock compensation expense (5) (15)

Strategic transaction expenses (15) (32)

Impairment of goodwill (51)

Acquisition related inventory adjustments (12)

Non-income tax legal judgment 6

Pension settlement charges, net (260)

Other items (5) (9)

Earnings before interest and income taxes 24 182

Write-off deferred financing costs (5)

Interest income 7 8

Interest expense 99 92

Earnings (loss) before income taxes (73) 98

Income tax expense (benefit) 34 (27)

Equity in earnings of affiliates 17 22

Net income (loss) $ $ (90) 147

DANA INCORPORATED

Diluted Adjusted EPS (Unaudited)

For the Three Months Ended September 30, 2020 and2019

(In millions, except per share amounts)

Three Months Ended

September 30,

2020 2019

Net income attributable to parent company $ $ 45 111

Items impacting income before income taxes:

Restructuring charges 3 5

Amortization 5 4

Strategic transaction expenses 4 8

Acquisition related inventory adjustments 3

Pension settlement charges 2

Other items 2

Items impacting income taxes:

Net income tax expense on items above (3) (5)

Tax benefit attributable to utilization of federal tax credits,

state tax law changes and valuation allowance (1) (22) adjustments

Adjusted net income $ $ 53 108

Diluted shares - as reported 145.2 144.8

Adjusted diluted shares 145.2 144.8

Diluted adjusted EPS $ $ 0.37 0.74

DANA INCORPORATED

Diluted Adjusted EPS (Unaudited)

For the Nine Months Ended September 30, 2020 and2019

(In millions, except per share amounts)

Nine Months Ended

September 30,

2020 2019

Net income (loss) attributable to parent company $ $ (71) 141

Items impacting income before income taxes:

Restructuring charges 21 23

Amortization 13 12

Strategic transaction expenses 15 32

Acquisition related inventory adjustments 12

Non-income tax legal judgment (6)

Impairment of goodwill 31

Pension settlement charges 260

Write-off deferred financing costs 5

Loss on deal contingent forward 13

Items impacting income taxes:

Net income tax expense on items above (14) (24)

Tax expense (benefit) attributable to utilization of federal tax credits,

state tax law changes and valuation allowance 22 (116) adjustments

Adjusted net income $ $ 22 347

Diluted shares - as reported 144.9 144.8

Adjusted diluted shares 144.9 144.8

Diluted adjusted EPS $ $ 0.15 2.40

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SOURCE Dana Incorporated