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Dana Incorporated (NYSE:DAN) drove to a double-digit gain on Thursday after exceeding earnings expectations for the third quarter.
The automotive supplier posted $0.24 in adjusted EPS versus an analyst consensus of $0.22 while revenue rose 15.5% to $2.54B in the quarter, also above the analyst consensus which was set at $2.49B. Free cash flow of $77M for the quarter reflected a $247M increase from the prior year.
“Dana generated solid earnings and free cash flow again this quarter as end-market demand remained strong despite ongoing supply and production disruptions impacting the global mobility industry,” CEO James Kamsickas said. “While record inflationary costs continue to be a challenge, I am very proud of the perseverance and dedication our team has displayed while executing our enterprise-wide transformation that has led to significant new business growth in both traditional and electric-vehicle solutions.”
Moving forward, full-year sales are expected to be between $10 to $10.2B against a consensus of $10.08B. Management still sees diluted adjusted EPS of between $0.60 to $0.90, suggesting significant upside to the consensus expectations of $0.67.
Shares of Dana Incorporated (DAN) jumped 12.81% in afternoon trading on Thursday.
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