Dana — Jan 24, 2025 release

Bruce McDonald, chairman and chief executive officer said, “Dana is continuing to execute on our strategic plan to accelerate value creation and today’s preliminary financial results are a reflection of the early work we have done to improve our cost structure, increase our efficiency, and create a more focused and nimbler Dana.” Mr. McDonald continued, “Our Board and leadership team continue to take swift and bold action to position Dana for profitable growth and value creation in any environment. Our cost-savings actions are well underway, and we are pleased to increase our total cost reduction target to $300 million through 2026. Our 2025 outlook reinforces the impact of these actions, which will help solidify Dana’s leadership position and enable us to capitalize on the strength of our traditional on-highway businesses while remaining a leader in the EV transition.” Preliminary sales for the full year 2024 were approximately $10.3 billion in line with prior guidance, compared with $10.6 billion in 2023. Weakening market demand for electric vehicles, commercial trucks, off-highway equipment, and higher inventory of certain light truck programs drove lower sales. Preliminary adjusted EBITDA for 2024 was approximately $885 million or 8.6 percent of sales, compared with $845 million or 8.0 percent of sales for 2023. Efficiency improvements and cost-savings actions offset the margin impact of lower sales and inflation. Preliminary free cash flow was approximately $70 million, compared with a use of $25 million in 2023. Higher than expected working capital requirements in the fourth quarter lowered free cash flow from our prior estimate.   1 Simplifying Organizational Structure with Two Business Segments Dana today also announced changes to its reportable business segments, whi