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Mar 31, 2024
American Axle Q1 2024 Earnings Report
Reported solid financial performance driven by better-than-expected volume and mix and sequential improvement.
Key Takeaways
American Axle & Manufacturing (AAM) reported a solid start to 2024 with first-quarter sales of $1.61 billion, a net income of $20.5 million, and adjusted EBITDA of $205.6 million. The company's performance was driven by better-than-expected volume and mix.
Sales reached $1.61 billion.
Net income was $20.5 million, representing 1.3% of sales.
Adjusted EBITDA totaled $205.6 million, or 12.8% of sales.
Diluted earnings per share (EPS) stood at $0.17; adjusted EPS at $0.18.
Revenue by Segment
Forward Guidance
AAM's full year 2024 financial targets remain unchanged. AAM is targeting sales in the range of $6.05 - $6.35 billion, Adjusted EBITDA in the range of $685 - $750 million, and Adjusted free cash flow in the range of $200 - $240 million.
Positive Outlook
- Targeting sales in the range of $6.05 - $6.35 billion.
- Targeting Adjusted EBITDA in the range of $685 - $750 million.
- Targeting Adjusted free cash flow in the range of $200 - $240 million.
- North American light vehicle production of approximately 15.8 million units.
- Capital spending of approximately 4.0% - 4.5% of sales.
Challenges Ahead
- Global economic conditions, including the impact of inflation, recession or recessionary concerns, or slower growth in the markets.
- Reduced purchases of products by General Motors Company (GM), Stellantis N.V. (Stellantis), Ford Motor Company (Ford) or other customers.
- Ability to respond to changes in technology, increased competition or pricing pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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