American Axle Updates FY18 Outlook; To Redeem $100 Mln Of 7.75% Notes

(RTTNews) - While reporting its third-quarter financial results on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) updated its fiscal 2018 outlook.

AAM now forecasts full-year 2018 sales of about $7.25 billion. Due to higher launch-related expenses and manufacturing costs in the second half of 2018, AAM is now targeting full year adjusted EBITDA margin for 2018 in the range of 16.25 percent to 16.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $7.26 billion. Analysts estimates typically exclude special items.

AAM said it has issued a notice of redemption for $100 million of its $200 million 7.75 percent senior unsecured notes due 2019, plus accrued and unpaid interest to the redemption date of November 15, 2018. The company will use cash on hand to settle the redemption of the 7.75 percent Notes.