MAUMEE, Ohio - Dana Incorporated (NYSE: DAN), a global leader in propulsion and energy-management solutions, today announced the appointment of Craig Price as Senior Vice President and President of its Off-Highway Drive and Motion Systems division, effective September 1. Price will take over from Jeroen Decleer, who passed away earlier this month.
Price, a 14-year Dana veteran and a member of the leadership team for eight years, has played a strategic role in various aspects of the company. As Senior Vice President of Purchasing and Supplier Development, he led global purchasing activities and developed supplier strategies that bolstered company-wide efficiencies and customer service. His tenure at Dana followed a 19-year career at ArvinMeritor, where he held multiple strategic leadership positions.
Dana Chairman and CEO James Kamsickas praised Price's results-driven approach and deep industry knowledge, particularly in the Off-Highway sector. Kamsickas expressed confidence in Price's ability to continue the division's profitable growth and commitment to customers and shareholders.
Founded in 1904 and headquartered in Maumee, Ohio, Dana reported $10.6 billion in sales in 2023 and employs approximately 42,000 people across 31 countries. The company has been recognized as one of the "World's Most Ethical Companies" for two consecutive years and as one of "America's Most Responsible Companies 2023" by Newsweek.
Price's educational background includes a higher national diploma in mechanical and manufacturing engineering from The University of Glamorgan and an HND in business administration from The University of Wales. In 2014, he was acknowledged as a rising star by Automotive News Europe.
The announcement comes as Dana continues to shape sustainable progress with its range of conventional and clean-energy solutions for the global mobility market. This leadership transition is based on a press release statement from Dana Incorporated.
In other recent news, Dana Incorporated reported steady Q2 financial results for 2024, with sales totaling $2.7 billion, matching the previous year's figures. Despite challenges such as inflation and a slowdown in electric vehicle (EV) demand, the company's adjusted EBITDA remained robust at $244 million. However, Dana's free cash flow fell to $104 million, a $30 million decrease from the prior period due to payment timings.
The company has slightly adjusted its full-year financial outlook, with a reduced sales range but a 33% increase in the free cash flow forecast, signaling confidence in its operational resilience and market strategy. Despite lower sales projections, Dana expects to meet its profit commitment of $925 million.
In other developments, Dana Incorporated announced the passing of Jeroen Decleer, the Senior Vice President and President of Off-Highway Drive and Motion Systems. The Off-Highway Drive and Motion Systems division will be overseen by James Kamsickas, Dana's Chairman and Chief Executive Officer, until a permanent replacement for Mr. Decleer is announced. These are among the recent developments for Dana Incorporated.
InvestingPro Insights
As Dana Incorporated (NYSE: DAN) welcomes Craig Price into his new role, investors and stakeholders may be interested in how the company's financial health and market performance align with this leadership change.
InvestingPro data indicates that Dana has a market capitalization of $1.61 billion, reflecting its standing in the industry. Despite a challenging market environment, Dana's gross profit margin in the last twelve months as of Q2 2024 stood at 8.45%, which might be considered modest in comparison to some of its peers. This aligns with one of the InvestingPro Tips, which points out that Dana suffers from weak gross profit margins.
On a more positive note, Dana has maintained dividend payments for 13 consecutive years, with the latest dividend yield reported at 3.6%. This consistency in returning value to shareholders may be appealing to long-term investors looking for stable income streams. Additionally, another InvestingPro Tip suggests that liquid assets exceed short-term obligations, indicating a solid liquidity position that may reassure investors of the company's ability to meet its short-term liabilities.
In terms of stock performance, Dana's price has experienced significant volatility over the past three months, with a 19.96% decline. Yet, analysts predict the company will be profitable this year, which is a sentiment echoed by the fact that net income is expected to grow, and three analysts have revised their earnings upwards for the upcoming period. These insights could suggest potential for recovery and growth, which may be of interest to investors considering Dana's stock for their portfolios.
For those seeking more in-depth analysis, InvestingPro offers additional tips on Dana Incorporated, which can be found at https://www.investing.com/pro/DAN. These tips may provide valuable context and considerations for evaluating the company's future prospects.
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