American Axle Trims FY22 Sales Outlook; Q1 Results Top Estimates

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

For fiscal 2022, the company now projects sales in the range of $5.6 billion to $5.8 billion, compared to the prior guidance range of $5.6 billion to $5.9 billion. It also cut North American light vehicle production outlook to a range of 14.3 million to 14.7 million units from the prior guidance range of 14.8 million to 15.2 million units.

On average, ten analysts polled by Thomson Reuters expect the company to report sales of $5.69 billion for the year.

For the first quarter, net income plunged to $1.0 million or $0.01 per share from $38.6 million or $0.33 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.19 per share, compared to $0.57 per share in the year-ago quarter.

Net sales for the quarter increased to $1.44 billion from $1.43 billion in the same quarter last year.

The Street was looking for earnings of $0.02 per share on sales of $1.35 billion for the quarter. Analysts' estimates typically exclude special items.