American Axle & Manufacturing Slips To Loss In Q1

(RTTNews) - American Axle & Manufacturing Holdings Inc. (AXL) reported that its first-quarter net loss attributable to the company was $501.3 million or $4.45 per share, compared to net income of $41.6 million or $0.36 per share in the prior year. The latest-quarter results were impacted by lower production as a result of COVID-19 by about $37 million, or $0.33 per share.

Adjusted earnings per share was $0.20 compared to $0.36 prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $1.34 billion from $1.72 billion last year. Analysts expected revenues of $1.31 billion for the quarter. The latest-quarter sales were unfavorably impacted by COVID-19 by approximately $169 million. In addition, the prior year sales included $182 million related to U.S. iron casting operations, which were sold in December 2019.

Thee company withdrew its 2020 financial outlook on March 25, 2020, as a result of the unexpected disruption in light vehicle production and economic uncertainty due to the impact of the COVID-19 pandemic. The company do not issue revised 2020 financial targets at this time.