The company reports record sales of $5.8 billion, up 8.9%.
Full-year net sales of $900 million were up 18% versus prior year period.
AAM’s sales for full year 2022 were $5.8 billion as compared to $5.16 billion for full year 2021.
Sales for the fourth quarter increased $353 million, or 11%, to $3.64 billion from $3.29 billion for the same period one year ago.
The company says it expects 2023 electric vehicle sales of $1.5 billion to $1.8 billion.
The company said approximately $52 million annualized net sales have resumed in the fourth quarter as delayed business and customer order patterns normalize.
The company reported full-year revenue of $15.9 billion, an increase of 10% with organic growth of 12%.
Calendar year sales for 2022 represented the highest annual sales in company history, Gentex reported.
Rising freight costs caused a decrease in gross margin for the quarter.
The company said third quarter net sales increased to $2.6 billion.
The company reported third quarter parts and services organic revenue growth of 4.8%.