Dana Incorporated (NYSE:DAN) Q2 2023 Earnings Conference Call July 28, 2023 9:00 AM ET

Company Participants

Craig Barber - Senior Director of Investor Relations and Strategic Planning

Jim Kamsickas - Chairman and Chief Executive Officer

Timothy Kraus - Senior Vice President and Chief Financial Officer

Conference Call Participants

Tom Narayan - RBC Capital Markets

Colin Langan - Wells Fargo

Noah Kaye - Oppenheimer

Ryan Brinkman - JPMorgan

Dan Levy - Barclays

Emmanuel Rosner - Deutsche Bank

Operator

Good morning, and welcome to Dana Incorporated’s Second Quarter 2023 Financial Webcast and Conference Call. My name is Josh, and I’ll be your conference facilitator. Please be advised that our meeting today, both the speakers’ remarks and Q&A session will be recorded for replay purposes. There will be a question-and-answer period after the speakers’ remarks and we will take questions from the telephone only. [Operator Instructions]

At this time, I would like to begin the presentation by turning the call over to Dana’s Senior Director of Investor Relations and Strategic Planning, Craig Barber. Please go ahead, Mr. Barber.

Craig Barber

Thank you, Josh and thanks to everyone on the call. Thanks for joining us today for our second quarter 2023 earnings call. You will find this morning’s press release and presentation are now posted on our investor website. Today’s call is being recorded and the supporting materials are the property of Dana Incorporated. They may not be recorded copied or rebroadcast without our written consent.

Allow me to remind you that today’s presentation includes forward-looking statements about our expectations for Dana’s future performance. Actual results could differ from those suggested by our comments today. Additional information about the factors that could affect future results are summarized in our Safe Harbor statement found in our public filings, including our reports with the SEC.

On the call this morning are Jim Kamsickas, Chairman and Chief Executive Officer; and Timothy Kraus, Senior Vice President and Chief Financial Officer.

I’ll now turn the call over to Jim. Jim?

Jim Kamsickas

Good morning. And thank you for joining us today. Please turn with me to page 4 where I will discuss our highlights for the second quarter of 2023. Starting on the left side, we're pleased to report the Dana achieved record second quarter sales of $2.7 billion, a $162 million increase over the same period last year. Driven by continued strong customer demand, the rollout of our new business backlogs across all of our end markets and our ongoing cost recovery efforts. Adjusted even after the quarter was $243 million, up $81 million or 50% over the second quarter of last year, driven by our strong operational execution and improving customer schedules. Free cash flow was $134 million, which is a good second quarter performance driven by higher profit and our working capital efficiency.