Due to fluctuations in the demand for off-road vehicle business and slowing growth in some parts of the world, Dana estimates that the company's annual sales will reach $ 8.55 billion to $ 8.85 billion. The company's adjusted EBITDA in 2019 is expected to be reduced to $ 1 billion to 10.7 Billion dollars.
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According to foreign media reports, Dana's third-quarter net income increased by 17% due to reduced tax expenditures to reach 111 million US dollars. However, due to fluctuations in the demand for off-road vehicle business and slower growth in some parts of the world, Dana reduced The full-year sales and adjusted EBITDA estimates for 2019 are set.
Dana's third-quarter sales increased 9% to $ 2.16 billion, and Dana believes that the increase in sales was mainly due to recent acquisitions, including the acquisition of Nordresa, and despite market demand in Europe, India and China Decreased, but focusing on cost savings also contributed to sales growth. In the third quarter, adjusted earnings before interest, tax, depreciation and amortization were US $ 250 million, compared with US $ 240 million in the same period last year.
Dana CEO James Kamsickas said: "We have reduced production and taken necessary steps to adjust the conversion cost to align with the needs of our customers." Dana said it will continue to add new business in the future and disclose the third quarter A cooperation agreement has been signed with Valeo and Lonestar Specialty Vehicles.
In the third quarter, thanks to the increase in operating income and the decrease in cash tax expenditures, Dana adjusted free cash flow to $ 125 million, which is three times the $ 34 million in the same period last year. Dana revealed that the company's full-year sales are expected to reach US $ 8.55 billion to US $ 8.85 billion, a decrease from the previously estimated US $ 8.95 billion to US $ 9.35 billion. The company's adjusted EBITDA forecast for 2019 is reduced from the previous US $ 1.085 billion to US $ 1.165 billion to between US $ 1 billion and US $ 1.07 billion.
Jonathan Collins, Dana Chief Financial Officer, said: "We are looking forward to Dana's sales and profit growth for three consecutive years, but given the fluctuations in market demand for our off-road vehicle business and slowing economic growth in China and India, we Necessary adjustments. "
Dana recently announced that it has entered into supply agreements for electric powertrains with two leading mid-size truck manufacturers. For the first project, Dana will supply the system to a major commercial vehicle manufacturer in North America. The electric truck powertrain cooperation project for medium-sized trucks will begin next year. The three-year cooperation agreement is expected to bring Dana nearly 200 million US dollars in sales increase, and the system will be installed in the car's vehicles in the second half of next year. In addition, Dana has signed a research and development project for an electric power system with a leading truck manufacturer. The system will incorporate Dana TM4® SUMO ™ HP motors, which are also available for hybrid and pure electric vehicles.
In the third quarter, Dana also signed a new business cooperation agreement with Lonestar Specialty Vehicles, a manufacturer of pure electric and diesel refurbished commercial vehicles. Dana will supply the Spicer® Electrified ™ electric powertrain, which will drive a range of new purely electric terminal trucks. Lonestar's SV T22 and S22 models can run for 22 hours after charging for two hours. T12 and S12 models are equipped with DC fast charge function, which can run continuously for 12 hours.
In the field of light vehicles, Dana announced that it will launch global cooperation to develop and supply 48V electric vehicle systems for new mobility applications, including low-speed electric vehicles and hybrid e-AWD models. The first system is expected to be released early next year and will be installed in mass production models of a major European car company.