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American Axle & Manufacturing Holdings, Inc. (AAM) is a Tier I supplier to the automotive industry. AAM manufactures, engineers, designs and validates driveline and drivetrain systems, and related components and chassis modules for light trucks, sport utility vehicles (SUVs), passenger cars, crossover vehicles and commercial vehicles. Driveline and drivetrain systems include components that transfer power from the transmission and deliver it to the drive wheels. Its driveline, drivetrain and related products include axles, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, driving heads, crankshafts, transmission parts and metal-formed products. In December 2008, AAM announced that it has executed an asset purchase agreement with FormTech Industries LLC (FormTech). As part of this agreement, the Company exchanged its hub and spindle forging business for FormTech’s differential gear, hypoid pinion and ring gear forging businesses. 
 
 

http://www.aam.com
 
AAM Reports Third Quarter 2017 Financial Results

DETROIT, November 3, 2017 -- American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the third quarter 2017 and updated its full year 2017 financial outlook.

Third Quarter 2017 Results

Sales of $1.72 billion
Net income attributable to AAM of $86.2 million, or 5.0% of sales
Diluted earnings per share of $0.75
Adjusted earnings per share of $0.86
Adjusted EBITDA of $297.7 million, or 17.3% of sales
Net cash provided by operating activities of $207.5 million
Adjusted free cash flow of $87.9 million
“AAM’s third quarter performance was highlighted by continued sales growth, business diversification and cash flow generation as a result of our recent strategic actions and the realization of our new and incremental business backlog,” said AAM's Chairman & Chief Executive Officer, David C. Dauch.

AAM's third quarter of 2017 results reflect the impact of the acquisition of Metaldyne Performance Group Inc. (MPG) that was completed on April 6, 2017.

AAM's sales in the third quarter of 2017 increased to $1.72 billion as compared to $1.01 billion in the third quarter of 2016.  AAM's net sales in the first nine months of 2017 increased to $4.53 billion as compared to $3.00 billion in the first nine months of 2016.  Non-GM sales in the third quarter of 2017 were a record $1.01 billion as compared to $307.7 million in the third quarter of 2016.
AAM's net income in the third quarter of 2017 was $86.2 million, or $0.75 per share as compared to net income of $61.7 million, or $0.78 per share in the third quarter of 2016.  AAM’s net income in the first nine months of 2017 was $230.8 million, or $2.27 per share as compared to $193.8 million, or $2.47 per share in the first nine months of 2016.
AAM defines Adjusted earnings per share to be diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, and non-recurring items, including the tax effect thereon.  Adjusted earnings per share in the third quarter of 2017 were $0.86 compared to $0.83 in the third quarter of 2016.  Adjusted earnings per share in the first nine months of 2017 were $2.89 as compared to $2.51 in the first nine months of 2016.
AAM defines EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, and non-recurring items.  In the third quarter of 2017, Adjusted EBITDA was $297.7 million, or 17.3% of sales, as compared to $156.7 million, or 15.6% of sales, in the third quarter of 2016.  In the first nine months of 2017, AAM's Adjusted EBITDA was $807.0 million, or 17.8% of sales, as compared to $471.3 million, or 15.7% of sales, in the first nine months of 2016.
AAM's net cash provided by operating activities for the third quarter of 2017 was $207.5 million as compared to $107.5 million in the third quarter of 2016.  AAM's net cash provided by operating activities for the first nine months of 2017 was $420.7 million as compared to $291.0 million for the first nine months of 2016.
AAM defines free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and government grants.  Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs, settlements of pre-existing accounts payable balances with acquired entities, and interest payments upon the settlement of acquired company debt. AAM's Adjusted free cash flow for the third quarter of 2017 was $87.9 million as compared to $54.6 million for the third quarter of 2016.  AAM's Adjusted free cash flow for the first nine months of 2017 was $290.0 million as compared to $135.8 million for the first nine months of 2016.

 
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