Dana Inc. has announced financial results for the second quarter of 2022, which includes sales totaling $2.59 billion, compared with $2.21 billion in the same period of 2021, a $381 million improvement.
The company says the increase was driven by strong customer demand across all of its end markets and the recovery of commodity costs, partially offset by foreign currency translation.
“While strong demand, the launching of our new business backlog and the recovery of commodity costs continued to fuel sales growth for Dana in the second quarter, margins were impacted as a result of record inflation and rising material costs, ongoing supply-chain disruptions and volatile customer demand schedules that are affecting the entire mobility industry,” says James Kamsickas, Dana chairman and CEO.
“Despite these challenges, Dana generated significant cash flow in the second quarter as we continued our successful transformation into a leading e-propulsion supplier. We are focused on launching our new products for both traditional and EV programs, and we are well-positioned to capitalize on the strengthening of our businesses when the global environment begins to stabilize,” Kamsickas says.
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Adjusted EBITDA for the second quarter of 2022 was $162 million, compared with $233 million for the same period in 2021. Profit conversion on higher sales in the second quarter of 2022 continued to be tempered by higher raw material costs and non-material inflation, as well as production inefficiencies driven by supply-chain constraints and volatile customer demand schedules across the mobility industry, the company says.
Adjusted net income attributable to Dana was $12 million and diluted adjusted earnings per share were $0.08 for the second quarter of 2022, compared with an adjusted net income of $86 million and $0.59 per share in 2021.
