Dana Incorporated Announces Third-Quarter 2016 Financial Results, Affirms Full-Year Guidance
Highlights
- Sales of
$1.38 billion - Net income attributable to Dana of
$57 million - Diluted EPS of
$0.39 ; diluted adjusted EPS of$0.49 - Adjusted EBITDA of
$168 million , providing a margin of 12.1 percent - Operating cash flow of
$42 million - Affirmed full-year guidance
- Announced a definitive agreement to purchase strategic assets of
SIFCO S.A.
Sales totaled
Net income attributable to Dana for the third quarter of 2016 was
Adjusted EBITDA for the third quarter of 2016 was
Reported diluted earnings per share were
Operating cash flow in the third quarter of 2016 was
Business Unit Performance
Light Vehicle Driveline Technologies
Sales were
Segment EBITDA was
Commercial Vehicle Driveline Technologies
Sales were
Segment EBITDA was
Off-Highway Driveline Technologies
Sales were
Segment EBITDA was
Power Technologies
Sales were
Segment EBITDA was
"We turned in another strong performance this quarter, while dealing with continued weakness in certain end markets and successfully launching one of our largest programs ever. Our focus on reducing cost and driving productivity is evident in our margin performance," said
2016 Full-Year Financial Targets
Dana has affirmed key financial guidance1:
- Sales approximately
$5.8 billion ; - Adjusted EBITDA approximately
$655 million ; - Adjusted EBITDA as a percent of sales of approximately 11.2 percent;
- Diluted adjusted EPS of approximately
$1.75 ; - Cash flow from operations of approximately
$440 million ; - Capital spending of approximately
$320 million ; and - Free cash flow of approximately
$120 million .
1 |
Net income and diluted EPS guidance is not provided, as discussed below in Non-GAAP Financial Information. |
Dana to Purchase Strategic Driveline Production Assets of
Dana announced earlier this month a definitive agreement to purchase strategic assets of
Dana Named Finalists for
Three Dana technologies were named finalists for the 2017
Company Showcases Technology Improvements at IAA, MINExpo Trade Shows
At this year's IAA Commercial Vehicles trade show in
The company also announced it has initiated pre-production testing of its Spicer® global single axle for trucks, tractors, and coaches. Scheduled to hit the market in 2018, the axle offers increased mechanical efficiency and less weight, resulting in improved operating efficiency and a higher payload.
Last month at MINExpo 2016, Dana unveiled its Spicer® Smart Suite™ technology option for the mining industry. The fully integrated system turns passive drivetrain components into active sources of intelligence – transforming raw data into actionable insights to improve safety, boost efficiency, and reduce costs. This technology will be offered as an optional feature on all Spicer axles for load haul dumpers and articulated trucks used in underground mining operations.
Dana also announced two new drivetrain systems designed to improve performance, durability, safety, and cost of ownership for small- and medium-sized load haul dumpers and articulated trucks used in underground mining operations.
New Gear Manufacturing Facility in
The company announced that construction on a new gear manufacturing facility in Győr,
Dana to Host Conference Call at
Dana will discuss its third-quarter results in a conference call at
An audio recording of the webcast will be available after
Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure which we have defined net income before interest, taxes, depreciation, amortization, equity grant expense, restructuring expense 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 and impairment expense, 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 cash provided by (used in) operating activities, less purchases of property, plant, and equipment. We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is neither 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 may not be comparable to similarly titled measures reported by other companies.
The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA and diluted adjusted EPS outlook 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. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented 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, where 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," 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
About
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. Serving three primary markets – passenger vehicle, commercial truck, and off-highway equipment – Dana provides the world's original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities. Founded in 1904 and based in
DANA INCORPORATED |
||||||
Consolidated Statement of Operations (Unaudited) |
||||||
For the Three Months Ended September 30, 2016 and 2015 |
||||||
Three Months Ended |
||||||
(In millions except per share amounts) |
September 30, |
|||||
2016 |
2015 |
|||||
Net sales |
$ 1,384 |
$ 1,468 |
||||
Costs and expenses |
||||||
Cost of sales |
1,176 |
1,255 |
||||
Selling, general and administrative expenses |
99 |
98 |
||||
Amortization of intangibles |
2 |
4 |
||||
Restructuring charges, net |
17 |
1 |
||||
Impairment of long-lived assets |
(36) |
|||||
Other income, net |
9 |
2 |
||||
Income before interest expense and income taxes |
99 |
76 |
||||
Interest expense |
27 |
31 |
||||
Income before income taxes |
72 |
45 |
||||
Income tax expense (benefit) |
13 |
(77) |
||||
Equity in earnings of affiliates |
2 |
|||||
Net income |
61 |
122 |
||||
Less: Noncontrolling interests net income |
4 |
3 |
||||
Net income attributable to the parent company |
$ 57 |
$ 119 |
||||
Net income per share attributable to the parent company |
||||||
Basic |
$ 0.40 |
$ 0.75 |
||||
Diluted |
$ 0.39 |
$ 0.75 |
||||
Weighted-average shares outstanding - Basic |
144.0 |
158.0 |
||||
Weighted-average shares outstanding - Diluted |
144.6 |
158.9 |
||||
Cash dividends declared per share |
$ 0.06 |
$ 0.06 |
||||
DANA INCORPORATED |
||||||
Consolidated Statement of Operations (Unaudited) |
||||||
For the Nine Months Ended September 30, 2016 and 2015 |
||||||
Nine Months Ended |
||||||
(In millions except per share amounts) |
September 30, |
|||||
2016 |
2015 |
|||||
Net sales |
$ 4,379 |
$ 4,685 |
||||
Costs and expenses |
||||||
Cost of sales |
3,739 |
4,008 |
||||
Selling, general and administrative expenses |
303 |
299 |
||||
Amortization of intangibles |
6 |
13 |
||||
Restructuring charges, net |
23 |
13 |
||||
Impairment of long-lived assets |
(36) |
|||||
Loss on extinguishment of debt |
(17) |
(2) |
||||
Other income, net |
17 |
18 |
||||
Income before interest expense and income taxes |
308 |
332 |
||||
Interest expense |
84 |
86 |
||||
Income before income taxes |
224 |
246 |
||||
Income tax expense (benefit) |
66 |
(10) |
||||
Equity in earnings of affiliates |
6 |
3 |
||||
Net income |
164 |
259 |
||||
Less: Noncontrolling interests net income |
9 |
18 |
||||
Net income attributable to the parent company |
$ 155 |
$ 241 |
||||
Net income per share attributable to the parent company |
||||||
Basic |
$ 1.06 |
$ 1.49 |
||||
Diluted |
$ 1.05 |
$ 1.48 |
||||
Weighted-average shares outstanding - Basic |
146.7 |
161.6 |
||||
Weighted-average shares outstanding - Diluted |
147.1 |
162.7 |
||||
Cash dividends declared per share |
$ 0.18 |
$ 0.17 |
||||
DANA INCORPORATED |
||||||||
Consolidated Statement of Comprehensive Income (Unaudited) |
||||||||
For the Three Months Ended September 30, 2016 and 2015 |
||||||||
Three Months Ended |
||||||||
(In millions) |
September 30, |
|||||||
2016 |
2015 |
|||||||
Net income |
$ 61 |
$ 122 |
||||||
Less: Noncontrolling interests net income |
4 |
3 |
||||||
Net income attributable to the parent company |
57 |
119 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
(8) |
(66) |
||||||
Hedging gains and losses |
(11) |
1 |
||||||
Investment and other gains and losses |
(5) |
(5) |
||||||
Defined benefit plans |
17 |
|||||||
Other comprehensive loss attributable |
||||||||
to the parent company |
(24) |
(53) |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
(3) |
|||||||
Other comprehensive loss attributable to |
||||||||
noncontrolling interests |
- |
(3) |
||||||
Total comprehensive income attributable |
||||||||
to the parent company |
33 |
66 |
||||||
Total comprehensive income attributable |
||||||||
to noncontrolling interests |
4 |
- |
||||||
Total comprehensive income |
$ 37 |
$ 66 |
||||||
DANA INCORPORATED |
||||||||
Consolidated Statement of Comprehensive Income (Unaudited) |
||||||||
For the Nine Months Ended September 30, 2016 and 2015 |
||||||||
Nine Months Ended |
||||||||
(In millions) |
September 30, |
|||||||
2016 |
2015 |
|||||||
Net income |
$ 164 |
$ 259 |
||||||
Less: Noncontrolling interests net income |
9 |
18 |
||||||
Net income attributable to the parent company |
155 |
241 |
||||||
Other comprehensive income (loss) attributable to |
||||||||
the parent company, net of tax: |
||||||||
Currency translation adjustments |
(3) |
(151) |
||||||
Hedging gains and losses |
(21) |
3 |
||||||
Investment and other gains and losses |
(2) |
(5) |
||||||
Defined benefit plans |
13 |
40 |
||||||
Other comprehensive loss attributable |
||||||||
to the parent company |
(13) |
(113) |
||||||
Other comprehensive income (loss) attributable to |
||||||||
noncontrolling interests, net of tax: |
||||||||
Currency translation adjustments |
1 |
(5) |
||||||
Defined benefit plans |
1 |
|||||||
Other comprehensive income (loss) attributable |
||||||||
to noncontrolling interests |
1 |
(4) |
||||||
Total comprehensive income attributable |
||||||||
to the parent company |
142 |
128 |
||||||
Total comprehensive income attributable |
||||||||
to noncontrolling interests |
10 |
14 |
||||||
Total comprehensive income |
$ 152 |
$ 142 |
||||||
DANA INCORPORATED |
|||||
Consolidated Balance Sheet (Unaudited) |
|||||
As of September 30, 2016 and December 31, 2015 |
|||||
(In millions except share and per share amounts) |
September 30, |
December 31, |
|||
2016 |
2015 |
||||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ 727 |
$ 791 |
|||
Marketable securities |
126 |
162 |
|||
Accounts receivable |
|||||
Trade, less allowance for doubtful accounts of $6 in 2016 and $5 in 2015 |
802 |
673 |
|||
Other |
150 |
115 |
|||
Inventories |
696 |
625 |
|||
Other current assets |
140 |
108 |
|||
Total current assets |
2,641 |
2,474 |
|||
Goodwill |
89 |
80 |
|||
Intangibles |
108 |
102 |
|||
Other noncurrent assets |
345 |
353 |
|||
Investments in affiliates |
147 |
150 |
|||
Property, plant and equipment, net |
1,283 |
1,167 |
|||
Total assets |
$ 4,613 |
$ 4,326 |
|||
Liabilities and equity |
|||||
Current liabilities |
|||||
Notes payable, including current portion of long-term debt |
$ 50 |
$ 22 |
|||
Accounts payable |
833 |
712 |
|||
Accrued payroll and employee benefits |
147 |
145 |
|||
Taxes on income |
20 |
19 |
|||
Other accrued liabilities |
202 |
193 |
|||
Total current liabilities |
1,252 |
1,091 |
|||
Long-term debt, less debt issuance costs of $23 in 2016 and $21 in 2015 |
1,615 |
1,553 |
|||
Pension and postretirement obligations |
508 |
521 |
|||
Other noncurrent liabilities |
368 |
330 |
|||
Total liabilities |
3,743 |
3,495 |
|||
Commitments and contingencies |
|||||
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, |
|||||
143,813,145 and 150,068,040 shares outstanding |
2 |
2 |
|||
Additional paid-in capital |
2,322 |
2,311 |
|||
Accumulated deficit |
(281) |
(410) |
|||
Treasury stock, at cost (6,810,678 and 23,963 shares) |
(83) |
(1) |
|||
Accumulated other comprehensive loss |
(1,187) |
(1,174) |
|||
Total parent company stockholders' equity |
773 |
728 |
|||
Noncontrolling equity |
97 |
103 |
|||
Total equity |
870 |
831 |
|||
Total liabilities and equity |
$ 4,613 |
$ 4,326 |
|||
DANA INCORPORATED |
|||||
Consolidated Statement of Cash Flows (Unaudited) |
|||||
For the Three Months Ended September 30, 2016 and 2015 |
|||||
Three Months Ended |
|||||
(In millions) |
September 30, |
||||
2016 |
2015 |
||||
Operating activities |
|||||
Net income |
$ 61 |
$ 122 |
|||
Depreciation |
45 |
39 |
|||
Amortization of intangibles |
3 |
4 |
|||
Amortization of deferred financing charges |
2 |
1 |
|||
Earnings of affiliates, net of dividends received |
3 |
||||
Stock compensation expense |
4 |
6 |
|||
Deferred income taxes |
(4) |
(99) |
|||
Pension contributions, net |
(3) |
(5) |
|||
Impairment of long-lived assets |
36 |
||||
Change in working capital |
(59) |
16 |
|||
Other, net |
(7) |
15 |
|||
Net cash provided by operating activities (1) |
42 |
138 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(68) |
(70) |
|||
Purchases of marketable securities |
(16) |
(3) |
|||
Proceeds from sales of marketable securities |
43 |
3 |
|||
Proceeds from maturities of marketable securities |
11 |
5 |
|||
Other |
(7) |
||||
Net cash used in investing activities |
(37) |
(65) |
|||
Financing activities |
|||||
Net change in short-term debt |
2 |
||||
Repayment of long-term debt |
(2) |
(1) |
|||
Dividends paid to common stockholders |
(8) |
(9) |
|||
Distributions paid to noncontrolling interests |
(13) |
(5) |
|||
Repurchases of common stock |
(119) |
||||
Other |
(4) |
5 |
|||
Net cash used in financing activities |
(25) |
(129) |
|||
Net decrease in cash and cash equivalents |
(20) |
(56) |
|||
Cash and cash equivalents − beginning of period |
745 |
894 |
|||
Effect of exchange rate changes on cash balances |
2 |
(21) |
|||
Cash and cash equivalents − end of period |
$ 727 |
$ 817 |
(1) |
Free cash flow of ($26) in 2016 and $68 in 2015 is the sum of net cash provided by |
||||
operating activities reduced by the purchases of property, plant and equipment. |
|||||
DANA INCORPORATED |
|||||
Consolidated Statement of Cash Flows (Unaudited) |
|||||
For the Nine Months Ended September 30, 2016 and 2015 |
|||||
Nine Months Ended |
|||||
(In millions) |
September 30, |
||||
2016 |
2015 |
||||
Operating activities |
|||||
Net income |
$ 164 |
$ 259 |
|||
Depreciation |
129 |
117 |
|||
Amortization of intangibles |
7 |
14 |
|||
Amortization of deferred financing charges |
4 |
3 |
|||
Call premium on senior notes |
12 |
2 |
|||
Write off of deferred financing costs |
5 |
1 |
|||
Earnings of affiliates, net of dividends received |
3 |
12 |
|||
Stock compensation expense |
11 |
14 |
|||
Deferred income taxes |
1 |
(97) |
|||
Pension contributions, net |
(12) |
(14) |
|||
Impairment of long-lived assets |
36 |
||||
Change in working capital |
(142) |
(92) |
|||
Other, net |
11 |
||||
Net cash provided by in operating activities (1) |
182 |
266 |
|||
Investing activities |
|||||
Purchases of property, plant and equipment (1) |
(198) |
(192) |
|||
Acquisition of business |
(18) |
||||
Purchases of marketable securities |
(41) |
(29) |
|||
Proceeds from sales of marketable securities |
47 |
15 |
|||
Proceeds from maturities of marketable securities |
33 |
21 |
|||
Other |
(10) |
(3) |
|||
Net cash used in investing activities |
(187) |
(188) |
|||
Financing activities |
|||||
Net change in short-term debt |
14 |
3 |
|||
Repayment of letters of credit |
(4) |
||||
Proceeds from long-term debt |
441 |
18 |
|||
Repayment of long-term debt |
(378) |
(59) |
|||
Call premium on senior notes |
(12) |
(2) |
|||
Deferred financing payments |
(10) |
||||
Dividends paid to common stockholders |
(26) |
(27) |
|||
Distributions paid to noncontrolling interests |
(16) |
(8) |
|||
Repurchases of common stock |
(81) |
(245) |
|||
Other |
(4) |
6 |
|||
Net cash used in financing activities |
(72) |
(318) |
|||
Net decrease in cash and cash equivalents |
(77) |
(240) |
|||
Cash and cash equivalents − beginning of period |
791 |
1,121 |
|||
Effect of exchange rate changes on cash balances |
13 |
(64) |
|||
Cash and cash equivalents − end of period |
$ 727 |
$ 817 |
(1) |
Free cash flow of ($16) in 2016 and $74 in 2015 is the sum of net cash provided by |
||||
operating activities reduced by the purchases of property, plant and equipment. |
|||||
DANA INCORPORATED |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Three Months Ended September 30, 2016 and 2015 |
|||||
Three Months Ended |
|||||
(In millions) |
September 30, |
||||
2016 |
2015 |
||||
Sales |
|||||
Light Vehicle |
$ 631 |
$ 605 |
|||
Commercial Vehicle |
294 |
367 |
|||
Off-Highway |
199 |
246 |
|||
Power Technologies |
260 |
250 |
|||
Total Sales |
$ 1,384 |
$ 1,468 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 73 |
$ 63 |
|||
Commercial Vehicle |
23 |
31 |
|||
Off-Highway |
28 |
35 |
|||
Power Technologies |
42 |
40 |
|||
Total Segment EBITDA |
166 |
169 |
|||
Corporate expense and other items, net |
2 |
(2) |
|||
Adjusted EBITDA |
$ 168 |
$ 167 |
|||
DANA INCORPORATED |
|||||
Segment Sales & Segment EBITDA (Unaudited) |
|||||
For the Nine Months Ended September 30, 2016 and 2015 |
|||||
Nine Months Ended |
|||||
(In millions) |
September 30, |
||||
2016 |
2015 |
||||
Sales |
|||||
Light Vehicle |
$ 1,913 |
$ 1,883 |
|||
Commercial Vehicle |
976 |
1,231 |
|||
Off-Highway |
692 |
809 |
|||
Power Technologies |
798 |
762 |
|||
Total Sales |
$ 4,379 |
$ 4,685 |
|||
Segment EBITDA |
|||||
Light Vehicle |
$ 202 |
$ 193 |
|||
Commercial Vehicle |
81 |
102 |
|||
Off-Highway |
97 |
115 |
|||
Power Technologies |
120 |
117 |
|||
Total Segment EBITDA |
500 |
527 |
|||
Corporate expense and other items, net |
(6) |
(4) |
|||
Adjusted EBITDA |
$ 494 |
$ 523 |
|||
DANA INCORPORATED |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Three Months Ended September 30, 2016 and 2015 |
||||
Three Months Ended |
||||
(In millions) |
September 30, |
|||
2016 |
2015 |
|||
Segment EBITDA |
$ 166 |
$ 169 |
||
Corporate expense and other items, net |
2 |
(2) |
||
Adjusted EBITDA |
168 |
167 |
||
Depreciation |
(45) |
(39) |
||
Amortization of intangibles |
(3) |
(4) |
||
Restructuring |
(17) |
(1) |
||
Stock compensation expense |
(4) |
(6) |
||
Strategic transaction expenses |
(3) |
(1) |
||
Other items |
(4) |
|||
Impairment of long-lived assets |
(36) |
|||
Amounts attributable to previously divested/closed operations |
(4) |
|||
Interest expense, net |
(24) |
(27) |
||
Income before income taxes |
72 |
45 |
||
Income tax expense (benefit) |
13 |
(77) |
||
Equity in earnings of affiliates |
2 |
|||
Net income |
$ 61 |
$ 122 |
||
DANA INCORPORATED |
||||
Reconciliation of Segment and Adjusted EBITDA |
||||
to Net Income (Unaudited) |
||||
For the Nine Months Ended September 30, 2016 and 2015 |
||||
Nine Months Ended |
||||
(In millions) |
September 30, |
|||
2016 |
2015 |
|||
Segment EBITDA |
$ 500 |
$ 527 |
||
Corporate expense and other items, net |
(6) |
(4) |
||
Adjusted EBITDA |
494 |
523 |
||
Depreciation |
(129) |
(117) |
||
Amortization of intangibles |
(7) |
(14) |
||
Restructuring |
(23) |
(13) |
||
Stock compensation expense |
(11) |
(14) |
||
Strategic transaction expenses |
(6) |
(3) |
||
Other items |
(3) |
(4) |
||
Impairment of long-lived assets |
(36) |
|||
Distressed supplier costs |
(1) |
|||
Amounts attributable to previously divested/closed operations |
3 |
(4) |
||
Gain on derecognition of noncontrolling interest |
5 |
|||
Loss on extinguishment of debt |
(17) |
(2) |
||
Interest expense, net |
(76) |
(75) |
||
Income before income taxes |
224 |
246 |
||
Income tax expense (benefit) |
66 |
(10) |
||
Equity in earnings of affiliates |
6 |
3 |
||
Net income |
$ 164 |
$ 259 |
||
DANA INCORPORATED |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Three Months Ended September 30, 2016 and 2015 |
|||||
(In millions except per share amounts) |
|||||
Three Months Ended |
|||||
September 30, |
|||||
2016 |
2015 |
||||
Net income attributable to parent company |
$ 57 |
$ 119 |
|||
Items impacting income before income taxes: |
|||||
Restructuring charges |
17 |
1 |
|||
Amortization of intangibles |
3 |
4 |
|||
Impairment of long-lived assets |
36 |
||||
Other items |
2 |
13 |
|||
Items impacting income taxes: |
|||||
Net Income tax expense (benefit) on items above |
(10) |
(16) |
|||
Nonrecurring income tax expense |
2 |
(92) |
|||
Adjusted net income |
$ 71 |
$ 65 |
|||
Diluted shares - as reported |
145 |
159 |
|||
Adjusted diluted shares |
145 |
159 |
|||
Diluted adjusted EPS |
$ 0.49 |
$ 0.41 |
|||
DANA INCORPORATED |
|||||
Diluted Adjusted EPS (Unaudited) |
|||||
For the Nine Months Ended September 30, 2016 and 2015 |
|||||
(In millions except per share amounts) |
|||||
Nine Months Ended |
|||||
September 30, |
|||||
2016 |
2015 |
||||
Net income attributable to parent company |
$ 155 |
$ 241 |
|||
Items impacting income before income taxes: |
|||||
Restructuring charges |
23 |
13 |
|||
Amortization of intangibles |
7 |
14 |
|||
Loss on extinguishment of debt |
17 |
2 |
|||
Impairment of long-lived assets |
36 |
||||
Other items |
2 |
14 |
|||
Items impacting income taxes: |
|||||
Net Income tax expense on items above |
(12) |
(23) |
|||
Nonrecurring income tax expense (benefit) |
8 |
(74) |
|||
Items impacting noncontrolling interests net income: |
|||||
Gain on derecognition of noncontrolling interest |
(5) |
||||
Correction of prior period understatement of noncontrolling interest |
9 |
||||
Adjusted net income |
$ 200 |
$ 227 |
|||
Diluted shares - as reported |
147 |
163 |
|||
Adjusted diluted shares |
147 |
163 |
|||
Diluted adjusted EPS |
$ 1.36 |
$ 1.39 |
|||
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dana-incorporated-announces-third-quarter-2016-financial-results-affirms-full-year-guidance-300347931.html
SOURCE
Media Contact: Jeff Cole, +1-419-887-3535, jeff.cole@dana.com; Investor Contact: Craig Barber, +1-419-887-5166, craig.barber@dana.com