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Dana's FY24 Preliminary Results Highlight Increased Margins Amid EV Demand Slowdown; Stock Jumps

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Dana Incorporated (NYSE:DAN) shares traded higher on Friday after the company disclosed FY24 preliminary results, FY25 outlook and provided a business update. FY24 Preliminary Results: The company reported sales of around $10.
The article from AOL Finance discusses Dana Incorporated's preliminary financial results for the fiscal year 2024. Dana, a global leader in drivetrain and e-Propulsion systems, reported a sales increase to approximately $10.6 billion, up from $10.2 billion the previous year. Despite this growth, the company faced challenges including a $150 million impact from UAW strikes and a $100 million hit from foreign exchange rates. Adjusted EBITDA was expected to be between $850 million and $870 million, slightly below the initial guidance due to these external factors. The company also highlighted its strategic focus on electrification, with significant investments in electric vehicle components, aiming to capitalize on the growing EV market. Additionally, Dana announced plans for cost reduction and operational efficiency to mitigate the effects of the strikes and currency fluctuations.

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[ https://www.aol.com/finance/danas-fy24-preliminary-results-highlight-172936203.html ]