Dana’s revenue rose 6 percent to $2.75 billion, a gain attributed to higher market demand, cost-recovery actions and conversion of the company’s sales backlog. Free cash flow was down 19.8 percent to $134 million as a result of higher capital spending for new business backlog.
Adjusted earnings before interest, taxes, depreciation and amortization rose $81 million to $243 million.
Executives reaffirmed Dana’s commitment to evolving the electrified side of the company. Organic sales growth from EV products was $36 million, compared with $59 million last year.
“Our electrification business remains profitable on a contribution basis, but we can only show negative profit and margin when we factor in continued investment we are making to bring EV business up to scale,” Kraus said.
Dana also announced that it would be supplying “Rigid Beam E-axles for a highly anticipated light and medium duty truck program,” though Dana CEO James Kamsickas said he was unable to name the North American customer.
“It is another great example of how the transformation to electrification is providing Dana the opportunities to supply three times the vehicle content versus traditional ICE drive lines on programs big and small,” Kamsickas said.
Dana shares were up .58 percent to $18.92 in afternoon trading on Friday.
Dana Inc., based near Toledo, Ohio, ranks No. 29 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $3.05 billion in 2022.