Dana Reports 2022 First-quarter Financial Results
Dana Incorporated (NYSE: DAN) today announced financial results for the first quarter of 2022.
Key Highlights
Sales of $2.48 billion, an increase of $217 million
Net income attributable to Dana of $17 million
Diluted EPS of $0.12
Adjusted net income attributable to Dana of $23 million
Adjusted EBITDA of $170 million
Diluted adjusted EPS of $0.16
Repurchased approximately 1.5 million shares of common stock during the first quarter of 2022
First-quarter 2022 Financial Results
Sales for the first quarter of 2022 totaled $2.48 billion, compared with $2.26 billion in the same period of 2021, representing a $217 million improvement driven by strong customer demand in our heavy-vehicle markets and the recovery of commodity costs and inflation.
Adjusted EBITDA for the first quarter of 2022 was $170 million, compared with $234 million for the same period in 2021. Profit conversion on higher sales in the first quarter of 2022 was tempered by increased input costs and operational inefficiencies, primarily attributable to continued global supply-chain disruptions.
Adjusted net income attributable to Dana and diluted adjusted earnings per share were $23 million and $0.16 for the first quarter of 2022, compared with $97 million and $0.66 in the prior year.
Operating cash flow in the first quarter of 2022 was a use of $121 million, compared with operating cash flow of $27 million in the same period of 2021.
Free cash flow was a use of $237 million, compared with a use of $26 million in the first quarter of 2021. The higher free cash flow use in this year’s first quarter was driven by lower earnings, higher working capital requirements, and elevated capital investment in support of awarded new business.
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