American Axle & Manufacturing Issues Updated Outlook For 2024

(RTTNews) - American Axle & Manufacturing Holdings, Inc. (AXL) said, for fiscal 2024, the company is now targeting adjusted EBITDA in the range of $715 - $745 million, revised from prior guidance range of $705 - $755 million. AAM is targeting sales in the range of $6.1 - $6.15 billion, updated from prior guidance range of $6.1 - $6.3 billion.

Net income in the third quarter was $10.0 million, or $0.08 per share compared to a net loss of $17.4 million, or $0.15 per share, a year ago. Adjusted earnings per share was $0.20 compared to adjusted loss per share of $0.11. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $0.05, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $174.4 million, compared to $156.8 million, prior year.

Sales in the third quarter were $1.50 billion as compared to $1.55 billion, prior year. Analysts on average had estimated $1.5 billion in revenue.

Shares of American Axle & Manufacturing are up 9% in pre-market trade on Friday.

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