Dana Incorporated (NYSE: DAN) reported Q3 EPS of $0.31, $0.08 better than the analyst estimate of $0.23. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.76 billion.

Third-quarter Highlights

• Sales of $2 billion; up $900 million from the second quarter as global COVID-19 impacts tempered
• Net income attributable to Dana of $45 million; diluted EPS of $0.31
• Adjusted EBITDA of $201 million; margin of 10.1 percent of sales
• Diluted adjusted EPS of $0.37
• Strengthens e-Propulsion systems, controls, software, and electronics engineering expertise with investment in Pi Innovo LLC

"As our multiple end markets rebounded from the unprecedented global COVID-19 pandemic shutdown, I want to commend the Dana team for an outstanding job, first and foremost ensuring the safety of our people, while successfully bringing our global manufacturing operations back on-line to meet growing customer demand," said Jim Kamsickas, Dana chairman and CEO. "Light truck and agriculture demand were especially strong, while many other markets, such as commercial vehicle, realized strengthened production volumes this quarter."

"We remain intensely focused on helping our customers navigate these challenging times all while remaining diligent about safety, cost management, and strengthening our e-Propulsion capabilities," he added.

GUIDANCE:

Dana Incorporated sees FY2020 EPS of $0.35-$0.55, versus the consensus of $0.35. Dana Incorporated sees FY2020 revenue of $6.65-6.95 billion, versus the consensus of $6.56 billion.

• Sales of $6.650 to $6.950 billion;
• Adjusted EBITDA of $530 million to $590 million, an implied adjusted EBITDA margin of approximately 8 percent at the midpoint of the range;
• Diluted adjusted EPS of $0.35 to $0.55;
• Operating cash flow of up to 5 percent of sales; and
• Adjusted free cash flow of up to 1 percent of sales.

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