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Dana Incorporated Announces Fourth-Quarter, Full-Year 2016 Financial Results

Release Time：10 Feb,2017

Full-Year Highlights Sales of $5.8 billion Net income attributable to Dana of $640 million and diluted EPS of $4.36, inclusive of $478 tax benefit from net release of income tax valuation allowance Adjusted EBITDA of $660 million, providing a margin of 11.3 percent, with all four business units improving year-over-year margin performance Diluted adjusted EPS of $1.94, 12% improvement over 2015 Operating cash flow of $384 million; free cash flow of $62 million, including $322 million of capital investment to support new business growth Repurchased $81 million of common stock in 2016, totaling nearly $1.5 billion since program inception Completed three strategic acquisitions: Magnum Gaskets® in January 2016, SIFCO S.A. in December 2016, and the power-transmission and fluid power businesses of Brevini Group, S.p.A. in February 2017 Strong sales backlog of $750 million, providing top-line growth in excess of market over the next three years Dana Incorporated (NYSE: DAN) today announced financial results for the fourth-quarter and full-year for 2016. "Dana had an excellent 2016 as the team executed our plan very effectively. We successfully launched multiple customer vehicle programs and improved our profitability through cost performance, despite having to overcome significant weakness in certain key end markets," said James Kamsickas, Dana president and chief executive officer. "Our core business continues to expand while we have efficiently grown inorganically by acquiring businesses that align with our enterprise strategy." Fourth-Quarter 2016 Financial Results Sales for the fourth quarter of 2016 totaled $1.45 billion, compared with $1.38 billion in same period of 2015, representing a 5 percent increase. The increase was largely attributable to higher light-vehicle end-market demand in North America, Europe, and Asia, as well as new business gains. The benefits from the stronger light-vehicle market were partially offset by weaker demand in the commercial-vehicle and off-highway markets. Net income attributable to Dana for the fourth quarter of 2016 was $485 million, compared with a loss of $82 million in the fourth quarter of 2015. The company's fourth quarter 2016 results included a $490 million tax benefit compared with a tax expense of $92 million in the same period of 2015. Net income in 2016 includes a tax benefit for the release of valuation allowance against U.S. deferred tax assets of $501 million, offset in part by a $23 million net addition to valuation allowances provided in other countries. These benefits to net income were reduced by a pre-tax charge of $80 million ($52 million after-tax) from the divestiture of subsidiaries. The fourth quarter of 2015 included nonrecurring tax and equity investment impairment charges of $118 million. Reported diluted earnings per share were $3.34 in the fourth quarter of 2016, compared with a loss per share of $0.54 in 2015. Adjusted EBITDA for the fourth quarter of 2016 was $166 million, a $37 million increase over the same period last year. This provided an 11.5 percent margin, which was a 210 basis point improvement over the fourth quarter of 2015. Profit in 2016 benefited from higher sales volume and pricing recoveries, transactional foreign currency impacts, and improved cost performance, mainly in the Commercial Vehicle segment. Excluding the effects of certain nonrecurring items such as the above-mentioned income tax valuation allowance adjustments, loss on divestitures, and impairment charges, diluted adjusted earnings per share in the fourth quarter of 2016 were $0.59, compared with $0.34 in the same period last year. This was driven primarily by a year-over-year fourth-quarter 2016 earnings improvement, as well as a lower share count. Operating cash flow in the fourth quarter of 2016 was $202 million, compared with $140 million in the same period of 2015. Inclusive of capital spending of $124 million in the fourth quarter of 2016, free cash flow was $78 million, a $6 million improvement over the fourth quarter of 2015. Full-Year 2016 Financial Results Sales for 2016 were $5.83 billion, $234 million lower compared with 2015, primarily due to unfavorable currency translation that lowered sales by $173 million. Strong market demand, pricing, and new business wins in the company's Light Vehicle Driveline and Power Technologies business units provided a combined organic increase in sales of $322 million. These gains were more than offset by currency headwinds and lower demand in commercial-vehicle and global off-highway markets. Net income attributable to Dana for the full-year 2016 was $640 million, compared with $159 million in 2015. Net income in 2016 benefited from the above-mentioned $478 million fourth-quarter net release of tax valuation allowances offset in part by after-tax charges of $52 million on divestitures and loss on debt extinguishment of $11 million. Net income in 2015 was impacted by net non-recurring charges of $68 million. Excluding the impact of these non-recurring items in both years, net income attributable to Dana was $225 million in 2016, compared with $227 million in 2015. Adjusted EBITDA for 2016 was $660 million, or 11.3 percent of sales, 50 basis points higher than 2015, as all product groups improved margins in 2016. Foreign currency effects reduced adjusted EBITDA by $20 million, with lower sales volume net of pricing reduced earnings by $19 million. Higher end-market demand, new customer programs, and cost recoveries in the Light Vehicle Driveline and Power Technologies businesses, was offset by weaker volumes in the commercial vehicle and off-highway markets. A combination of strong cost performance and gains associated with the recently divested Dana Companies subsidiary contributed $47 million to adjusted EBITDA, which more than offset the currency and volume headwinds. The benefit to net income from increased adjusted EBITDA was offset by higher restructuring expense. Diluted earnings per share were $4.36 for 2016, compared with $0.99 in 2015, primarily reflecting a higher level of non-recurring tax benefits in 2016 discussed above. Diluted adjusted earnings per share for 2016 were $1.94, compared with $1.74 in 2015, a 12 percent increase reflecting a lower share count from execution of the company's share repurchase program. The company reported operating cash flow of $384 million in 2016, down from $406 million in 2015. Investment requirements for new customer programs resulted in higher capital spending of $322 million in 2016, compared with $260 million in 2015. As a result, free cash flow was $62 million in 2016, compared with $146 million in 2015. In addition to increased capital spend, higher interest payments occurred in 2016 due to the accelerated payment of accrued interest related to debt refinancing that was completed in June 2016. As of Dec. 31, 2016, cash balances, including marketable securities, totaled $737 million, and total liquidity was $1.2 billion, including $478 million of availability under the company's undrawn U.S. credit facility. "We look forward to 2017, which will be another year of important transformation as we launch new programs across the company and convert our new business backlog into production," Mr. Kamsickas said. "Separately, we are off to a great start by completing the Brevini acquisition in less than three months, after reaching a definitive agreement." 2017 Full-Year Financial Targets Dana has affirmed key financial guidance, which includes the Brevini acquisition, as well as the impact of the U.S. valuation allowance release:1 Sales of $6.2 to $6.4 billion; Adjusted EBITDA of $695 to $725 million; Adjusted EBITDA as a percent of sales of 11.2 to 11.4 percent; Diluted adjusted EPS of $1.60 to $1.80; Cash flow from operations of $410 to $450 million; Capital spending of $350 to $370 million; and Free cash flow of $50 to $90 million. 1Net income and diluted EPS guidance is not provided, as discussed below in Non-GAAP Financial Information. Dana Continues to Strengthen its Product Portfolio Through Strategic Acquisitions In addition to the Magnum Gaskets® and SIFCO acquisitions, Dana announced in the fourth quarter a definitive agreement to purchase the power-transmission and fluid power businesses of Brevini Group, S.p.A. The company completed the acquisition on Feb. 1. Dana purchased an 80 percent share in the Brevini businesses, with an option to purchase the remaining 20 percent by 2020. Brevini technologies purchased by Dana include a wide range of highly engineered mobile planetary hub drives; planetary gearboxes; hydraulic pumps, motors, and valves; and advanced electronic control systems. Their expertise in cylindrical gearing and planetary hub gears will supplement Dana's long history and market leadership in spiral bevel and hypoid gear technologies. These key initiatives are reflective of the company's enterprise strategy, which includes leveraging core expertise, strengthening customer centricity, expanding global markets, commercializing new technologies, and accelerating hybridization and electrification.