What's Going On With Dana Shares After Reporting Q1 Results?
Portfolio Pulse from Nabaparna Bhattacharya
Dana Incorporated (NYSE:DAN) shares fell after reporting Q1 results, despite beating earnings and sales expectations. The company reported adjusted EPS of 27 cents, above the 19 cents forecast, and sales of $2.735 billion, surpassing the $2.684 billion estimate. Adjusted EBITDA was $223 million, up $19 million from last year, with a margin improvement to 8.2%. Dana also highlighted efficiency improvements and a strong focus on electric-vehicle product development. The company reaffirmed its FY24 guidance, expecting sales between $10.65 billion and $11.15 billion, and adjusted EBITDA between $875 million and $975 million. Despite the positive results and outlook, shares dropped 2.18% to $12.35.
April 30, 2024 | 6:08 pm
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Dana Incorporated reported strong Q1 results, beating earnings and sales forecasts, with significant improvements in adjusted EBITDA and margins. The company also reaffirmed its FY24 guidance, emphasizing its focus on electric-vehicle development.
Despite Dana Incorporated's positive Q1 earnings report and the reaffirmation of its FY24 guidance, the stock price declined by 2.18%. This drop could be attributed to market reactions to short-term financial metrics or broader market trends. The company's focus on electric-vehicle development and efficiency improvements, along with a dividend declaration, indicate a strong operational performance and strategic direction. However, the immediate market response was negative, likely due to investor expectations or external market factors not directly related to the company's performance.
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