American Axle Cuts FY19 Sales Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) on Friday lowered its full-year 2019 guidance for sales.

The company said this is a result of lower metal market pass throughs and lower than projected global production volumes for certain programs it supports including in Asia, primarily China, and global engine and transmission products.

For fiscal 2019, the company lowered its guidance for sales to a range of $6.9 billion to $7.0 billion from the previous forecast range of $7.3 billion to $7.4 billion.

On average, analysts polled by Thomson Reuters expect the company to report sales of $7.27 billion for the year.

"As we look towards the second half of 2019, we are focused on efficiently operating our business and adapting to the changing market demand," said AAM's Chairman and Chief Executive Officer David Dauch.