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“We continue to expand our market in accordance with the strategy, gain new business growth, and convert potential sales orders into profitable growth. Due to the market’s upward trend, Dana’s recent external acquisitions and concerns about business implementation, this quarter’s sales, profit and cash flow The performance is strong,†said James Kamsickas, Dana’s president and chief executive officer. “We have raised our financial targets this year on the basis of continued strong operating performance and rising customer demand. Based on the solid foundation that has been laid, Dana will be super. It is expected to achieve the 2017 goal."
Dana Axle
Second Quarter Financial Report
Sales for the second quarter of 2017 totaled 1.84 billion U.S. dollars, which was a year-on-year increase of 19% compared to the same period in 2016 of 1.55 billion U.S. dollars. Among the sources of growth, the recent acquisitions contributed 150 million U.S. dollars, with the remainder coming from new customer projects, the global high-end market demand for light vehicles, and the growth in the global non-road market. Due to the adverse impact of the exchange rate, the lost sales amounted to 10 million U.S. dollars. Excluding acquisitions and exchange rate factors, strong market demand and new business brought 11% of sales growth.
Dana’s net income in the second quarter was 71 million U.S. dollars, compared with 53 million U.S. dollars for the same period in 2016. The increase in net income comes from an increase of US$39 million in adjusted EBITDA, which is partially used to offset increased depreciation and installment loans, acquisition costs, restructuring expenses, and income tax. In the second quarter of this year, the cost of debt financing was US$6 million, and the cost for the same period in 2016 was US$17 million. The diluted earnings per share announced in the second quarter of 2017 was $0.47, compared to $0.36 in the same period last year.
Adjusted EBITDA was US$217 million, achieving a profit margin of 11.8%, an increase of 30 basis points from the second quarter of 2016. Adjusted EBITDA was driven by strong market demand and new business transformation, which was a year-on-year increase of US$39 million, while higher sales generated a US$26 million increase. The acquisition resulted in an increase of US$17 million in adjusted EBITDA, which was affected by unfavorable exchange rates. The conversion and transaction losses amounted to US$4 million.
Adjusted diluted earnings per share for the second quarter of 2017 were $0.68, compared to $0.53 in the same period of last year, and its growth benefited mainly from year-on-year revenue growth.
The cash flow generated from operations in the second quarter of this year was US$169 million, compared to US$167 million in the same period last year. Including the US$73 million in capital expenditure in the second quarter, free cash flow was US$96 million, a decrease of US$12 million compared to the same period last year. Increased operating capital expenditures and capital expenditures to support new business, as well as increased spending on acquisition-related transactions, offset increased revenue.
2017 Annual Financial Objectives Update
Dana raises the full-year financial goals of all business units: Sales increased from US$6.8 billion to US$7 billion; Adjusted EBITDA raised from US$790 million to US$820 million; Adjusted EBITDA's share of sales increased from 11.6% to 11.8%; adjusted diluted earnings per share rose from US$2.20 to US$2.40; operating cash flow from US$480 million to US$520 million; capital expenditures from US$380 million to US$420 million; free cash flow from 80 million. The U.S. dollar rose to 120 million U.S. dollars; net income and diluted earnings per share targets are not included.
Dana has received multiple awards for innovation, quality, service, and value creation for customers. Dana closely cooperates with customers to provide industry-leading technology, quality and service, and continues to be recognized.
In this quarter, Dana received important awards from multiple clients. In May, Fiat-Chrysler awarded Dana "2017 North American Innovation Supplier" award. This award recognizes Dana’s outstanding contributions to innovation, quality, quality assurance, cost, and delivery. Dana has developed a technologically leading heat exchanger that recycles waste engine heat into the air-conditioning system. This device will be used in Fiat-Chrysler's upcoming models and has received special recognition from customers.
Dana has also been recognized by Ford for its quality, value, and innovation, and has won world-class awards from Ford's "Business Architecture Partners."
The five Dana Manufacturing Facilities received outstanding quality assurance awards from PACCAR. Dana has supplied it with a quality level of 10 PPM or more. The five facilities are located in Lima, Ohio, Stirling, Illinois, Danville, Kentucky, Wellingborough, and Sorocaba, Brazil.
In addition, six Dana Power Technologies manufacturing plants received the GM Excellence Award, which is awarded only to top suppliers that meet or exceed the most stringent quality standards. The power technology department also received a generic supplier influence award for its outstanding supply chain performance.
Recently, the Dana Tech Center in Wuxi, Jiangsu Province has been recognized by Mahindra's Outstanding Supplier Award for superior quality and delivery.
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