Dana Incorporated has reported its financial results for the third quarter of 2024, with sales totaling $2.48 billion, a decrease from the $2.67 billion reported in the same period of 2023. The company's net income for the third quarter of 2024 was $4 million, down from $19 million in the third quarter of 2023.
Adjusted EBITDA for the third quarter of 2024 was $232 million, representing a 30-basis-point improvement in adjusted EBITDA margin compared to the same period in 2023. However, the adjusted net income attributable to Dana was $18 million, and diluted adjusted earnings per share were $0.12 for the third quarter of 2024, down from adjusted net income of $43 million and $0.30 per share in 2023.
Operating cash flow in the third quarter of 2024 was $35 million, a decrease from the $112 million reported in the same period of 2023. Additionally, free cash flow was a use of $11 million, compared with a use of $5 million for the third quarter of 2023.
Looking ahead, Dana has revised its 2024 financial targets, now expecting sales of $10.2 to $10.4 billion, adjusted EBITDA of $855 to $895 million, operating cash flow of approximately $465 to $485 million, and free cash flow of $90 to $110 million. The company has also provided diluted EPS guidance of $0.05 to $0.25, and diluted adjusted EPS of $0.75 to $0.95.
Despite lower sales and profit expectations for the remainder of the year due to reduced end-market demand, Dana remains focused on driving profitability and cash flow improvements.
The company will be hosting a conference call on Wednesday, October 30, to discuss its third-quarter results in more detail. Following these announcements, the company's shares moved -15.9%, and are now trading at a price of $8.53. For more information, read the company's full 8-K submission here.
