AAM Reports Q1 2024 Financial Results

AAM Reports Q1 2024 Financial Results

Sales in Q1 2024 were $1.61 billion as compared to $1.49 billion in the first quarter of 2023, favorably impacted by volume and mix, AAM said.

American Axle & Manufacturing Holdings, Inc. reported its financial results for the first quarter 2024, with these highlights:

-Sales of $1.61 billion
-Net income of $20.5 million, or 1.3% of sales
-Adjusted EBITDA of $205.6 million, or 12.8% of sales
-Diluted earnings per share of $0.17; Adjusted earnings per share of $0.18
-Net cash provided by operating activities of $17.8 million; Adjusted free cash flow use of $(21.4) million

“AAM is off to a good start in 2024, posting solid first quarter financial performance driven by better-than-expected volume and mix and sequential improvement in AAM’s overall performance. With just one quarter completed, we are keeping our outlook unchanged for now, but these results certainly give us added confidence in our full-year guidance,” said AAM’s Chairman and Chief Executive Officer, David C. Dauch. “Longer term, as the industry reassesses propulsion solutions, AAM will continue to develop a strong and agnostic product portfolio for both our Driveline and Metal Forming businesses to support the industry’s powertrain needs.”

AAM also reported:

AAM’s sales in the first quarter of 2024 were $1.61 billion, as compared to $1.49 billion in the first quarter of 2023. Sales for the first quarter of 2024 were favorably impacted by volume and mix.   

AAM’s net income in the first quarter of 2024 was $20.5 million, or $0.17 per share and 1.3% of sales, as compared to net loss of $(5.1) million, or $(0.04) per share and (0.3)% of sales in the first quarter of 2023. 

Adjusted earnings per share in the first quarter of 2024 was $0.18 compared to Adjusted loss per share of $(0.01) in the first quarter of 2023.   

In the first quarter of 2024, Adjusted EBITDA was $205.6 million, or 12.8% of sales, as compared to $175.4 million, or 11.7% of sales, in the first quarter of 2023. 

AAM’s net cash provided by operating activities for the first quarter of 2024 was $17.8 million as compared to $32.1 million for the first quarter of 2023. 

AAM’s Adjusted free cash flow for the first quarter of 2024 was $(21.4) million as compared to $(17.1) million for the first quarter of 2023. 

AAM announced its full year 2024 targets are as follows:   

  • AAM is targeting sales in the range of $6.05 – $6.35 billion.
  • AAM is targeting Adjusted EBITDA in the range of $685 – $750 million.
  • AAM is targeting Adjusted free cash flow in the range of $200 – $240 million; this target assumes capital spending of approximately 4.0% – 4.5% of sales.

These targets are based on the following assumptions for 2024:

  • North American light vehicle production of approximately 15.8 million units.
  • AAM’s production estimates of key programs that we support.
  • Current customer launch schedules and operating environment.

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