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AAM Reports 4th Quarter, Full Year 2018 Financial Results 

AAM’s sales in the fourth quarter of 2018 were $1.69 billion as compared to $1.73 billion in the fourth quarter of 2017.

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American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the fourth quarter and full year 2018 and confirmed its full year 2019 financial outlook.

“AAM’s full year 2018 financial results reflect record sales, gross profit and operating cash flow, despite some launch and operating related challenges during the second half of the year. We continued to fund organic growth, invest in advanced technologies and reduce our debt throughout the year,” said AAM’s Chairman and CEO, David Dauch. “As we look toward 2019, we expect to profitably grow, diversify our business and continue our trend of delivering strong free cash flow metrics.”

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AAM’s sales in the fourth quarter of 2018 were $1.69 billion as compared to $1.73 billion in the fourth quarter of 2017. AAM’s net sales for full year 2018 were $7.27 billion as compared to $6.27 billion for full year 2017.

AAM’s net loss in the fourth quarter of 2018 was $361.8 million, or a loss of $3.24 per share, as compared to net income of $106.3 million, or 93 cents per share in the fourth quarter of 2017. AAM’s net loss for full year 2018 was $57.5 million, or 51 cents per share, as compared to net income of $337.1 million, or $3.21 per share, for full year 2017.

AAM’s results in the fourth quarter and full year 2018 reflect the impact of a non-cash goodwill impairment of $485.5 million related to the company’s Casting and Powertrain segments.

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Adjusted earnings per share in the fourth quarter of 2018 were 45 cents compared to 89 cents in the fourth quarter of 2017. Adjusted earnings per share for full year 2018 were $3.28 as compared to $3.75 for full year 2017.

In the fourth quarter of 2018, Adjusted EBITDA was $244 million, or 14.4 percent of sales, as compared to $295.7 million, or 17.1 percent of sales, in the fourth quarter of 2017. For full year 2018, AAM’s Adjusted EBITDA was $1.18 billion, or 16.3 percent of sales, as compared to $1.1 billion, or 17.6 percent of sales, in 2017.

AAM’s Full Year 2019 Outlook

AAM is confirming its full year 2019 financial outlook, targeting sales in the range of $7.3 to $7.4 billion in 2019. AAM is targeting Adjusted EBITDA in the range of $1.20 to $1.25 billion in 2019, and Adjusted free cash flow in the range of $350 million to $400 million in 2019.

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