MAUMEE, Ohio - Dana Incorporated (NYSE: DAN), a global provider of propulsion and energy-management solutions, has declared a quarterly dividend of $0.10 per share. This dividend is payable on August 30, 2024, to shareholders of record as of August 9.
The company, with a significant presence in the mobility markets worldwide, is known for its design and manufacturing of drive and motion systems, electrodynamic technologies, which include software and controls, as well as thermal, sealing, and digital solutions. Dana's contributions to the automotive industry have been recognized, as evidenced by being named among the "World's Most Ethical Companies" for two consecutive years, 2023 and 2024, by Ethisphere Institute and as one of "America's Most Responsible Companies 2023" by Newsweek.
In 2023, Dana reported sales of $10.6 billion and currently employs approximately 42,000 people across 31 countries on six continents. The company's long history, dating back to 1904, reflects its sustained commitment to innovation and ethical business practices.
The announcement of the dividend follows Dana's tradition of providing returns to its shareholders and reflects the company's financial health. Shareholders can expect the dividend to be distributed by the end of August.
This financial update is based on a press release statement issued by Dana Incorporated.
In other recent news, Dana Incorporated reported a significant rise in its first-quarter sales for 2024, reaching $2.7 billion, a $91 million increase compared to the same period last year. The company's adjusted EBITDA also saw an increase to $223 million, despite a challenging business environment. Dana has improved its free cash flow outlook for the full year, now expecting $75 million, a 50% improvement over their previous forecast. However, the net income attributable to Dana decreased to $3 million, down from $28 million the previous year due to divestiture.
In leadership changes, Dana Incorporated announced the appointment of Brian Pour as Senior Vice President and President of Dana Commercial Vehicle Drive and Motion Systems. The company also promoted Lisa Amend to Senior Vice President and Chief Human Resources Officer. These recent developments are part of Dana's ongoing efforts to manage its global operations and continue providing innovative solutions to the mobility market.
InvestingPro Insights
Dana Incorporated (NYSE: DAN) has demonstrated a commitment to shareholder returns, evidenced by the recent declaration of its quarterly dividend. As investors consider the implications of this announcement, several metrics and insights from InvestingPro provide a deeper understanding of the company's financial landscape. Dana's market capitalization stands at approximately $1.7 billion, with a notable P/E ratio of 131.44, which adjusts to 34.22 when considering the last twelve months as of Q1 2024. Although the P/E ratio suggests a high earnings multiple, it's important to note that the company is expected to grow net income this year.
InvestingPro Tips highlight that Dana has maintained dividend payments for 13 consecutive years, reflecting a stable track record of returning value to shareholders. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for operational and strategic flexibility. However, it is also trading near its 52-week low, which might indicate a potential value opportunity for investors. With analysts predicting profitability for the current year and a dividend yield of 3.35% as of the last recorded date, Dana presents an intriguing mix of stability and growth potential.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are 11 more insights available for Dana Incorporated. These can be accessed at https://www.investing.com/pro/DAN, and readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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