American Axle & Manufacturing Slips To Loss In Q3; Cuts FY Sales Outlook

(RTTNews) - American Axle & Manufacturing Holdings Inc. (AXL) reported that its net loss for the third quarter of 2019 was $124.2 million or $1.10 per share, compared to net income of $63.8 million or $0.55 per share in the third quarter of 2018. The latest-quarter result was unfavorably impacted by the GM work stoppage by about $14 million, or $0.12 per share.

Adjusted earnings per share were $0.58 compared to $0.63 in the third quarter of 2018. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share. Analysts' estimates typically exclude special items.

Quarterly sales declined to $1.68 billion from last year's $1.82 billion. Analysts expected revenue of $1.69 billion for the quarter.

AAM has revised its 2019 financial targets to reflect the expected impact of the GM work stoppage on our full year sales, which it estimates to be about $250 million.

The company cut its annual sales outlook to about $6.6 billion from the prior estimation of $6.9 billion to $7.0 billion.