2023-04-28 07:27:49 ET
Dana Incorporated ( NYSE: DAN ) reported far stronger than expected profits on record sales for the first quarter on Friday.
The Ohio-based manufacturer reported $0.25 in adjusted EPS for the quarter, which came in $0.17 above consensus expectations. Meanwhile, a 6.5% rise in revenue to $2.64B was $80M above the Street consensus and was noted as a quarterly record.
"Operationally, we executed very well in the quarter, overcoming the pervasive challenges that continue to impact the mobility industry, including inflationary pressures, customer-demand volatility, supply-chain disruptions, and currency fluctuations,” CEO James Kamsickas said. “Our team has done an outstanding job remaining focused on our enterprise-wide transformation to a frontrunning e-Propulsion mobility supplier. We are capitalizing on the strength of our sales backlog and launching a record number of new programs for both traditional and electric-vehicle solutions, positioning us well for the future.”
Management maintained a sales forecast of between $10.35B and $10.85B as well as an adjusted diluted EPS forecast of between $0.25 and $0.75. Analysts had forecast $10.68B and $0.56, respectively. Shares of Dana Incorporated ( DAN ) drove modestly higher in premarket action on Friday.
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Dana drives to record sales in Q1, topping consensus estimates