Dana Q1 Earnings Tops Estimates; Cuts FY22 EPS Outlook

Dana Inc DAN reported first-quarter FY22 sales growth of 9.6% year-on-year to $2.48 billion, beating the consensus of $2.24 billion.
Light vehicle revenue fell 0.6% Y/Y, Commercial vehicles increased 32.7%, Off-Highway climbed 17.2%, and Power Technologies sales were flat.
Adjusted EBITDA was $170 million versus $234 million last year.
Selling, general and administrative expenses rose 9.2% Y/Y to $130 million.
Adjusted EPS of $0.16 beat the analyst consensus of $0.13.
Dana held $280 million in cash and equivalents as of March 31, 2022.
"External factors continue to pressure our margins and free cash flow as rapid inflation of energy, services, and labor are further driving up costs," said CFO Timothy Kraus.
"While we see some improvement late this year, we anticipate these factors will remain a profit headwind."
Outlook: Dana sees FY22 adjusted EPS of $1.05 - $1.55 (prior view $2.05 - $2.55) against the consensus of $1.98.
The company expects FY22 sales of $9.85 billion - $10.35 billion (previous view $9.6 billion - $10.1 billion) versus the consensus of $9.72 billion.
Price Action: DAN shares are trading lower by 4.11% at $14.24 on the last check Wednesday.

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