| American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the third quarter of 2024. |
| Third Quarter 2024 Results |
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- Net income of $10.0 million, or 0.7% of sales
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- Adjusted EBITDA of $174.4 million, or 11.6% of sales
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- Diluted earnings per share of $0.08; Adjusted earnings per share of $0.20
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- Net cash provided by operating activities of $143.6 million; Adjusted free cash flow of $74.6 million
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| “AAM delivered solid third quarter financial performance driven by productivity and operating efficiencies,” said AAM’s Chairman and Chief Executive Officer, David C. Dauch. “AAM will continue to focus on factors that we can control while remaining agile to changing propulsion trends with our comprehensive product portfolio.” |
| AAM's sales in the third quarter of 2024 were $1.50 billion as compared to $1.55 billion in the third quarter of 2023. Sales for the third quarter of 2024 were negatively impacted by lower volumes on certain platforms. |
| AAM's net income in the third quarter of 2024 was $10.0 million, or $0.08 per share and 0.7% of sales, as compared to a net loss of $(17.4) million, or $(0.15) per share and (1.1)% of sales in the third quarter of 2023. |
| Adjusted earnings per share in the third quarter of 2024 was $0.20 compared to Adjusted loss per share of $(0.11) in the third quarter of 2023. |
| In the third quarter of 2024, Adjusted EBITDA was $174.4 million, or 11.6% of sales, as compared to $156.8 million, or 10.1% of sales, in the third quarter of 2023. |
| AAM's net cash provided by operating activities for the third quarter of 2024 was $143.6 million as compared to $178.3 million for the third quarter of 2023. |
| AAM's Adjusted free cash flow for the third quarter of 2024 was $74.6 million as compared to $135.8 million for the third quarter of 2023. |
| AAM's 2024 Updated Financial Outlook |
| AAM's full-year 2024 financial targets are as follows: |
- AAM is targeting sales in the range of $6.1 - $6.15 billion vs. $6.1 - $6.3 billion prior.
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- AAM is targeting Adjusted EBITDA in the range of $715 - $745 million vs. $705 - $755 million prior.
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- AAM is targeting Adjusted free cash flow in the range of $200 - $220 million vs. $200 - $240 million prior; this target assumes capital spending of approximately 4% of sales.
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| These targets are based on the following assumptions for 2024: |
- North American light vehicle production of approximately 15.5 million units.
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- AAM's production estimates of key programs that we support.
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- Current customer launch schedules and operating environment.
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| For the full document click the link below: |
| American Axle & Manufacturing Holdings, Inc |
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