American Axle Boosts FY22 Sales Outlook; Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) raised its sales guidance for the full-year 2022.

For fiscal 2022, the company now projects sales in the range of $5.75 billion to $5.958 billion, up from the prior guidance range of $5.6 billion to $5.8 billion.

On average, eight analysts polled by Thomson Reuters expect the company to report sales of $5.76 billion for the year.

For the second quarter, net income grew to $22.9 million or $0.19 per share from $16.0 million or $0.13 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.22 per share, compared to $0.29 per share in the year-ago quarter.

Net sales for the quarter increased to $1.44 billion from $1.28 billion in the same quarter last year.

The Street was looking for earnings of $0.10 per share on sales of $1.37 billion for the quarter. Analysts' estimates typically exclude special items.

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