Dana Incorporated (NYSE:DAN) Q4 2019 Earnings Conference Call - Final Transcript
Feb 13, 2020 • 10:30 am ET
Good morning, ladies and gentlemen, and welcome to Dana Incorporated. Fourth Quarter and Full Year 2019 Financial Webcast and Conference Call. My name is Carmen, and I will be your conference facilitator. [Operator Instructions]
Now 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.
Thank you, Carmen, and good morning, everyone on the call, and thank you for joining us today. You'll find this morning's press release and presentation posted on our investor website. And 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 consent. 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. Presenting this morning are Jim Kamsickas, Chairman and Chief Executive Officer; and Jonathan Collins, Executive Vice President and Chief Financial Officer.
Now it's my pleasure to turn the call back over to Jim.
Thank you, Craig. Good morning, and thank you all for joining us today. Dana achieved record sales last year of $8.6 billion, a 6% increase over last year. 2019 was our third consecutive year of growing sales. This continued success is a direct result of our strong backlog and accretive acquisitions. We're especially happy to report that Dana crossed the $1 billion profit threshold for the first time. And as committed, our adjusted free cash flow improved by 12% to over 3% of sales, even while we continue to invest to grow and strengthen the business. And finally, we're reporting adjusted earnings per share above expectations at $3.06, a $0.04 increase over last year and, again, a record for the company. Our success in 2019 was made possible because of the focused execution of our enterprise strategy, which we refreshed and presented to you early last year. You'll notice that the core elements are shown in the bottom of slide four as gears one through 5.
This morning, thank you for the opportunity to share some at a high level, key outcomes resulting from the execution of our enterprise strategy, including: Leveraging our core, meaning our business units and our functional groups collectively driving synergies; to exceed acquisition savings targets; complete five electrodynamic technology acquisitions and can create value in numerous other ways; driving customer concentricity, as evidenced by our more than 35 customer and industry awards; expanding global markets, especially by expanding in Asia, which for Dana meant adding six new facilities in this critical region; delivering innovation as marked by winning yet another PACE Award for Technology; and finally, leading in electric propulsion, which, of course, cannot be more clearly demonstrated than to be sourced a fully integrated vehicle with complete