- Dana Inc (NYSE:DAN) reported first-quarter FY23 sales growth of 7% year-on-year to $2.64 billion, beating the consensus of $2.56 billion.
- The revenue increase was driven by improved demand, cost-recovery actions, and conversion of the sales backlog, partially offset by the translation of foreign currencies.
- Light vehicle revenue fell 2.3% Y/Y, Commercial vehicles increased 12.7%, Off-Highway climbed 13.2%, and Power Technologies sales rose 10.4%.
- Adjusted EBITDA was $204 million versus $170 million last year. Selling, general and administrative expenses rose 7.7% Y/Y to $140 million.
- Adjusted EPS of $0.25 beat the analyst consensus of $0.08.
- Dana held $401 million in cash and equivalents as of March 31, 2023. Cash used in operating activities for the quarter totaled $(170) million, with a free cash flow use of $(290) million.
- Outlook: Dana’s 2023 targets remain unchanged, with adjusted EPS of $0.25 – $0.75 versus the consensus of $0.63.
- The company still expects FY23 revenue of $10.35 billion – $10.85 billion (consensus $10.65 billion) and an adjusted EBITDA of $750 million – $850 million.
- Price Action: DAN shares are trading higher by 5.6% at $15.06 on the last check Friday.
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