AAM Slips To Q3 Loss, Updates FY23 Outlook; Stock Up In Premarket

(RTTNews) - American Axle & Manufacturing Holdings, Inc. or AAM (AXL) reported Friday that its third-quarter net loss was $17.4 million or $0.15 per share, as compared to net income of $26.5 million or $0.22 per share a year ago.

Adjusted loss per share was $0.11, compared to adjusted earnings per share of $0.27 in the prior year.

Analysts on average expected the company to report earnings of $0.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

AAM's sales in the third quarter were $1.55 billion, slightly higher than last year's $1.54 billion. The Street was looking for sales of $1.50 billion for the quarter.

Looking ahead for fiscal 2023, AAM now targets sales in the range of $6.0 billion to $6.1 billion and adjusted EBITDA in the range of $660 million to $685 million.

The company previously expected sales in the range of $5.95 billion to $6.25 billion and adjusted EBITDA in the range of $725 million to $800 million.

The Street is looking for sales of $5.94 billion for the year.

In pre-market activity on the NYSE, the shares were gaining around 4 percent to trade at $6.74.

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