Dana(DAN) - 2025 Q1 - Quarterly Results

Financial Performance - Sales for the first quarter of 2025 totaled $2.35 billion, a decrease from$2.74 billion in the same period of 2024[3] - Net income attributable to Dana was $25 million, or$0.17 per share, compared to $3 million, or$0.02 per share in Q1 2024, representing a net income margin of 1 percent[4] - Adjusted net income for Q1 2025 was $19 million, or$0.13 per share, down from $37 million, or$0.26 per share in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $188 million, or 8 percent of sales, compared to$223 million, or 8.2 percent of sales in Q1 2024[6] - Net sales for Q1 2025 were $2.352 billion, a decrease from$2.735 billion in Q1 2024, representing a decline of approximately 14%[24] - Net income for Q1 2025 was $30 million, compared to a net loss of$14 million in Q1 2024, indicating a significant turnaround[25] - Comprehensive income attributable to the parent company was $57 million in Q1 2025, a recovery from a comprehensive loss of$14 million in Q1 2024[25] - Adjusted EBITDA for the three months ended March 31, 2025, was $88 million, compared to$223 million for the same period in 2024, indicating a significant decline[30] - Net income attributable to the parent company for Q1 2025 was $25 million, down from$3 million in Q1 2024[31] - Adjusted net income attributable to the parent company decreased to $19 million in Q1 2025 from$37 million in Q1 2024[31] - Diluted adjusted EPS for Q1 2025 was $0.13, compared to$0.26 in Q1 2024, reflecting a 50% decrease[31] Cash Flow and Liquidity - Operating cash flow in Q1 2025 was a use of $37 million, improved from a use of$102 million in Q1 2024[7] - Adjusted free cash flow was a use of $101 million in Q1 2025, compared to a use of$168 million in Q1 2024[7] - Cash used in operating activities was $37 million for the three months ended March 31, 2025, compared to$102 million in the same period in 2024, showing improved cash flow management[27] - The net cash provided by financing activities was $951 million, indicating strong liquidity support[27] - The net decrease in cash, cash equivalents, and restricted cash was$164 million, highlighting cash management challenges[27] - Cash and cash equivalents increased to $507 million in Q1 2025, up from$494 million at the end of 2024, showing a growth of about 2.6%[26] - Cash and cash equivalents at the end of the period were $523 million, compared to$387 million in the previous period, indicating a significant increase[18] - Net cash used in operating activities was $(37) million for the three months ended March 31, 2025, compared to$(102) million in the same period of 2024[28] - Adjusted free cash flow for Q1 2025 was $(101) million, compared to$(168) million in Q1 2024[79] Cost Management and Savings - The company is targeting $225 million in cost savings for 2025 as part of its accelerated cost-savings plan[9] - Dana is accelerating its cost-savings plan, increasing the target from$175 million to $225 million for 2025[40][44] Sales and Market Performance - The company expects slight sales increases due to tariff recoveries and currency translation offsetting weaker end-market demand[8] - Light Vehicle Systems sales decreased by$151 million year-over-year, while Commercial Vehicle Systems sales decreased by $63 million[68] - Sales of light vehicles were$1,180 million, down from $1,324 million year-over-year, indicating a decrease in this segment[29] - Sales of commercial vehicles were$568 million, compared to $653 million in the previous year, also reflecting a decline[29] - Off-Highway segment sales decreased to$604 million in Q1 2025, a decline of 20% compared to $758 million in Q1 2024[77] Assets and Liabilities - Total assets increased to$7.800 billion as of March 31, 2025, up from $7.485 billion at the end of 2024, reflecting a growth of about 4.2$2.828 billion in Q1 2025, compared to $2.561 billion in Q4 2024, marking an increase of approximately 10.4$2.428 billion in Q1 2025, compared to $2.389 billion in Q4 2024, reflecting a rise of about 1.6$4.031 billion in Q1 2025, an increase from $3.703 billion in Q4 2024, representing a growth of approximately 8.8$15 million in Q1 2025 from $2 million in Q1 2024, highlighting increased costs associated with new initiatives[31] - Restructuring charges remained consistent at$5 million for both Q1 2025 and Q1 2024, indicating ongoing restructuring efforts[31] - Depreciation expenses amounted to $961 million, while amortization expenses were$55 million, reflecting ongoing investment in assets[27] - The company reported stock compensation expenses of $136 million, which may impact future earnings[27] - Interest expense remained stable at$39 million for both Q1 2025 and Q1 2024[78]