Dana raises sales and profit estimates after strong Q1 results
Tier 1 mobility supplier exceeds analyst expectations on top and bottom lines 3 minutes read Dana beat analysts top- and bottom line estimates for Q1 financial results. (Photo: Dana)
Commercial vehicle driveline supplier Dana Inc. (NYSE: DAN) beat top and bottom line analyst expectations in Q1 despite supply chain constraints and rising commodity prices.
The Maumee, Ohio-based company experienced less exposure to the global semiconductor shortage than it expected.
“We saw our customers diverting chips toward the key truck platforms that we produce,” Jonathan Collins, Dana’s executive vice president and chief financial officer, said on the company’s earnings call Wednesday.
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Dana Inc. (NYSE: DAN) lost $31 million in 2020. But a $700 million book of new business half in electric powertrains should drive profit margins higher even as spending rises.
The maker of drivelines for internal combustion engines and integrated electric powertrain systems points to several new contracts boosting its profit margin to 12% by 2023. They include an electrified powertrain for a medium-duty chassis for Freightliner Custom Chassis Corp. Production begins in the third quarter.
Maumee, Ohio-based Dana also won business for an e-axle, electric motor, inverter and gears for an unnamed European heavy-duty truck manufacturer. The truck with the e-propulsion system debuts in 2024.