Dana sees robust Q2 earnings

BE desk

Dana’s income rose 6 % to $2.75 billion, a acquire attributed to raised marketplace call for, cost-recovery movements and conversion of the corporate’s gross sales backlog. Isolated money current was once ailing 19.8 % to $134 million on account of upper capital spending for pristine trade backlog.

Adjusted income ahead of hobby, taxes, depreciation and amortization rose $81 million to $243 million.

Executives reaffirmed Dana’s loyalty to evolving the electrified aspect of the corporate. Natural gross sales expansion from EV merchandise was once $36 million, when compared with $59 million ultimate while.

“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 stated.

Dana additionally introduced that it might be supplying “Rigid Beam E-axles for a highly anticipated light and medium duty truck program,” despite the fact that Dana CEO James Kamsickas stated he was once not able to call the North American buyer.

“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 stated.

Dana stocks had been up .58 % to $18.92 in afternoon buying and selling on Friday.

Dana Inc., based totally related Toledo, Ohio, ranks Refuse. 29 at the Car Information checklist of the govern 100 world providers, with international portions gross sales to automakers of $3.05 billion in 2022.

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