AAM Reports 3rd Quarter 2017 Financial Results

AAM Reports 3rd Quarter 2017 Financial Results

Third quarter net income increased by 40 percent on a year-over-year basis.

American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the third quarter 2017 and updated its full year 2017 financial outlook.

“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 David Dauch, AAM’s chairman and CEO.

AAM’s third quarter of 2017 results reflect the impact of the acquisition of Metaldyne Performance Group Inc. (MPG), which 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 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 75 cents per share as compared to net income of $61.7 million, or 78 cents 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 Updates Full Year 2017 Outlook 

AAM has increased its sales target to a range of $6.2 billion to $6.25 billion for the full year 2017, which excludes MPG’s pre-acquisition sales for the period between Jan. 1 and April 5, 2017. This sales projection is based on the anticipated launch schedule of programs in AAM’s new and incremental business backlog and the assumption that the U.S. The Seasonally Adjusted Annual Rate of sales will be approximately 17 million light vehicle units in 2017.

AAM to Redeem its 5.125 Percent Notes

AAM has issued a notice of redemption for the $200 million aggregate principal amount of its outstanding 5.125 percent senior unsecured notes due 2019 (5.125 percent notes) at par, plus accrued and unpaid interest to the redemption date of Dec. 4, 2017. AAM will use cash on hand to settle the redemption of the 5.125 percent notes.

“Our recent strong free cash flow generation has allowed AAM to accelerate our debt paydown plan. AAM will continue to maximize shareholder value through balanced capital allocation priorities focused on profitably growing the business while reducing our debt leverage,” said Dauch.

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

Financial-results
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Other Posts

AAM Names New Board of Directors’ Member

Aleksandra Miziolek is the retired chief transformational officer for Cooper-Standard Holdings, Inc.

MEMA Aftermarket Suppliers Appoints New Exec. Committee Member
ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack