Revenue during the quarter grew 17.39 percent to $1,701 million from $1,449 million in the previous year period. Gross margin for the quarter expanded 173 basis points over the previous year period to 15.46 percent. Total expenses were 92.42 percent of quarterly revenues, down from 93.37 percent for the same period last year. This has led to an improvement of 96 basis points in operating margin to 7.58 percent.

Operating income for the quarter was $129 million, compared with $96 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $205 million compared with $148 million in the prior year period. At the same time, adjusted EBITDA margin improved 184 basis points in the quarter to 12.05 percent from 10.21 percent in the last year period.

"Dana is off to a good start this year as we successfully launch new programs across end markets and continue to convert our sales backlog. The results this quarter are further evidence of our ability to successfully operate and leverage our cost base during rapid volume and revenue expansion," said James Kamsickas, Dana president and chief executive officer. "In addition, the targeted and timely acquisitions of Brevini and the U.S. Manufacturing Corporation facility directly align with Dana’s enterprise strategy as they both strengthen our technology portfolio and expand our market reach."

For financial year 2017, Dana Incorporated expects revenue to be in the range of $6,200 million to $6,400 million. It projects diluted earnings per share to be in the range of $1.60 to $1.80 on adjusted basis for the same period.

The company has spent $282 million cash to meet investing activities during the quarter as against cash outgo of $92 million in the last year period.

The company has spent $26 million cash to carry out financing activities during the quarter as against cash outgo of $20 million in the last year period.

Cash and cash equivalents stood at $423 million as on Mar. 31, 2017, down 36.77 percent or $246 million from $669 million on Mar. 31, 2016.

Working capital drops significantly
Dana Incorporated has witnessed a decline in the working capital over the last year. It stood at $888 million as at Mar. 31, 2017, down 37.07 percent or $523 million from $1,411 million on Mar. 31, 2016. Current ratio was at 1.55 as on Mar. 31, 2017, down from 2.22 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 22 days for the quarter from 46 days for the last year period. Days sales outstanding went down to 51 days for the quarter compared with 54 days for the same period last year.

Days inventory outstanding has decreased to 25 days for the quarter compared with 47 days for the previous year period. At the same time, days payable outstanding was almost stable at 54 days for the quarter, when compared with the previous year period.