American Axle & Manufacturing Q2 Adj. Profit Tops Estimates

(RTTNews) - American Axle & Manufacturing Holdings, Inc. (AXL) reported second quarter net income of $8.0 million, or $0.07 per share, as compared to $22.9 million, or $0.19 per share, a year ago. Adjusted earnings per share was $0.12 compared to $0.22. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.09, for the quarter. Analysts' estimates typically exclude special items.

Sales in the second quarter were $1.57 billion compared to $1.44 billion in the second quarter of 2022. Sales for the second quarter of 2023 were favorably impacted by volume, mix and the Tekfor acquisition. Analysts on average had estimated $1.59 billion in revenue.

AAM's previously stated full year 2023 targets remain unchanged. AAM is targeting sales in the range of $5.95 - $6.25 billion. AAM is targeting adjusted EBITDA in the range of $725 - $800 million.

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