American Axle & Manufacturing ( (AXL) ) has released its Q3 earnings. Here is a breakdown of the information American Axle & Manufacturing presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
American Axle & Manufacturing Holdings, Inc. (AAM) is a leading global Tier 1 automotive and mobility supplier that designs, engineers, and manufactures driveline and metal forming technologies to support electric, hybrid, and internal combustion vehicles. Headquartered in Detroit, AAM operates over 80 facilities in 18 countries, emphasizing innovation for a sustainable and safer future.
In its third quarter of 2024 earnings report, AAM posted significant improvements in its financial performance compared to the previous year, highlighting productivity and operating efficiencies as key drivers. The company reported sales of $1.50 billion, a net income of $10 million, and an adjusted EBITDA of $174.4 million.
Key financial metrics for the third quarter of 2024 include a diluted earnings per share of $0.08, an adjusted earnings per share of $0.20, and adjusted free cash flow of $74.6 million. Although sales saw a slight decline from the previous year, the company successfully managed to turn a loss into a profit, showing resilience in its strategic approach.
Looking forward, AAM maintains a cautious yet optimistic outlook for the full year 2024. The company projects sales to fall between $6.1 billion and $6.15 billion, with adjusted EBITDA expected to range from $715 million to $745 million. The adjusted free cash flow target is set between $200 million and $220 million, reflecting confidence in achieving operational goals despite challenging market conditions.
