AAM Reports Third Quarter 2024 Financial Results
American Axle & Manufacturing (NYSE: AXL) reported Q3 2024 financial results with sales of $1.50 billion, down from $1.55 billion in Q3 2023. The company posted a net income of $10.0 million ($0.08 per share), compared to a net loss of $(17.4) million in Q3 2023. Adjusted EBITDA improved to $174.4 million (11.6% of sales) from $156.8 million last year. The company updated its 2024 guidance, targeting sales of $6.1-$6.15 billion, Adjusted EBITDA of $715-$745 million, and Adjusted free cash flow of $200-$220 million.
American Axle & Manufacturing (NYSE: AXL) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite di 1,50 miliardi di dollari, in calo rispetto a 1,55 miliardi di dollari nel terzo trimestre 2023. L'azienda ha registrato un utile netto di 10,0 milioni di dollari (0,08 dollari per azione), rispetto a una perdita netta di (17,4) milioni di dollari nel terzo trimestre 2023. L'EBITDA rettificato è migliorato a 174,4 milioni di dollari (11,6% delle vendite), rispetto ai 156,8 milioni di dollari dell'anno scorso. L'azienda ha aggiornato le proprie previsioni per il 2024, puntando a vendite di 6,1-6,15 miliardi di dollari, EBITDA rettificato di 715-745 milioni di dollari e flusso di cassa libero rettificato di 200-220 milioni di dollari.
American Axle & Manufacturing (NYSE: AXL) reportó los resultados financieros del tercer trimestre de 2024 con ventas de 1.50 mil millones de dólares, en comparación con 1.55 mil millones de dólares en el tercer trimestre de 2023. La compañía registró una ganancia neta de 10.0 millones de dólares (0.08 dólares por acción), en comparación con una pérdida neta de (17.4) millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado mejoró a 174.4 millones de dólares (11.6% de las ventas) desde los 156.8 millones de dólares del año pasado. La empresa actualizó su guía para 2024, apuntando a ventas de 6.1-6.15 mil millones de dólares, EBITDA ajustado de 715-745 millones de dólares y flujo de caja libre ajustado de 200-220 millones de dólares.
아메리칸 액슬 & 제조 (NYSE: AXL)는 2024년 3분기 재무 결과를 보고하며 매출이 15억 달러로, 2023년 3분기 15억 5천만 달러에서 감소했다고 발표했습니다. 회사는 순이익이 1천만 달러 (주당 0.08달러)에 달하며, 2023년 3분기의 순손실(1천7백40만 달러)과 비교했습니다. 조정된 EBITDA는 작년 1억 5천6백80만 달러에서 1억 7천4백40만 달러(매출의 11.6%)로 개선되었습니다. 회사는 2024년 예측을 업데이트하며, 61억~61억 5천만 달러의 매출, 7억 1천5백만~7억 4천5백만 달러의 조정된 EBITDA, 수익 순현금 흐름 2억~2억 2천만 달러를 목표로 하고 있습니다.
American Axle & Manufacturing (NYSE: AXL) a publié les résultats financiers du troisième trimestre 2024, avec des ventes de 1,50 milliard de dollars, en baisse par rapport à 1,55 milliard de dollars au troisième trimestre 2023. L'entreprise a enregistré un revenu net de 10,0 millions de dollars (0,08 dollar par action), contre une perte nette de (17,4) millions de dollars au troisième trimestre 2023. Le EBITDA ajusté a augmenté à 174,4 millions de dollars (11,6 % des ventes), contre 156,8 millions de dollars l'année dernière. L'entreprise a mis à jour ses prévisions pour 2024, visant des ventes de 6,1 à 6,15 milliards de dollars, un EBITDA ajusté de 715 à 745 millions de dollars et un flux de trésorerie libre ajusté de 200 à 220 millions de dollars.
American Axle & Manufacturing (NYSE: AXL) berichtete über die Finanzergebnisse des dritten Quartals 2024 mit einem Umsatz von 1,50 Milliarden US-Dollar, gegenüber 1,55 Milliarden US-Dollar im dritten Quartal 2023. Das Unternehmen verzeichnete einen Nettoertrag von 10,0 Millionen US-Dollar (0,08 US-Dollar pro Aktie) im Vergleich zu einem Nettoverlust von (17,4) Millionen US-Dollar im dritten Quartal 2023. Das bereinigte EBITDA verbesserte sich auf 174,4 Millionen US-Dollar (11,6 % des Umsatzes) im Vergleich zu 156,8 Millionen US-Dollar im Vorjahr. Das Unternehmen aktualisierte seine Prognose für 2024 und visiert Umsätze von 6,1 bis 6,15 Milliarden US-Dollar, bereinigtes EBITDA von 715 bis 745 Millionen US-Dollar und bereinigten freien Cashflow von 200 bis 220 Millionen US-Dollar an.
- Net income improved to $10.0 million from a loss of $17.4 million YoY
- Adjusted EBITDA margin increased to 11.6% from 10.1% YoY
- Adjusted EBITDA grew to $174.4 million from $156.8 million YoY
- Adjusted earnings per share improved to $0.20 from $(0.11) YoY
- Sales declined to $1.50 billion from $1.55 billion YoY
- Adjusted free cash flow decreased to $74.6 million from $135.8 million YoY
- Narrowed full-year sales guidance to $6.1-$6.15 billion from $6.1-$6.3 billion
Insights
The Q3 2024 results show mixed performance for AAM. While sales declined slightly to
The narrowed full-year guidance suggests some caution, with sales targets tightened to
AAM Delivers Positive Year-Over-Year Performance
Third Quarter 2024 Results
- Sales of
$1.50 billion - Net income of
, or$10.0 million 0.7% of sales - Adjusted EBITDA of
, or$174.4 million 11.6% of sales - Diluted earnings per share of
; Adjusted earnings per share of$0.08 $0.20 - Net cash provided by operating activities of
; Adjusted free cash flow of$143.6 million $74.6 million
"AAM delivered solid third quarter financial performance driven by productivity and operating efficiencies," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "AAM will continue to focus on factors that we can control, while remaining agile to changing propulsion trends with our comprehensive product portfolio."
AAM's sales in the third quarter of 2024 were
AAM's net income in the third quarter of 2024 was
Adjusted earnings per share in the third quarter of 2024 was
In the third quarter of 2024, Adjusted EBITDA was
AAM's net cash provided by operating activities for the third quarter of 2024 was
AAM's Adjusted free cash flow for the third quarter of 2024 was
AAM's 2024 Updated Financial Outlook
AAM's full year 2024 financial targets are as follows:
- AAM is targeting sales in the range of
-$6.1 vs.$6.15 billion -$6.1 prior.$6.3 billion - AAM is targeting Adjusted EBITDA in the range of
-$715 vs.$745 million -$705 prior.$755 million - AAM is targeting Adjusted free cash flow in the range of
-$200 vs.$220 million -$200 prior; this target assumes capital spending of approximately$240 million 4% of sales.
These targets are based on the following assumptions for 2024:
- North American light vehicle production of approximately 15.5 million units.
- AAM's production estimates of key programs that we support.
- Current customer launch schedules and operating environment.
Third Quarter 2024 Conference Call Information
A conference call to review AAM's third quarter results is scheduled for today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM's investor web site at http://investor.aam.com or calling (877) 883-0383 from
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in
Certain of the forward-looking financial measures included in this earnings release are provided on a non-GAAP basis. A reconciliation of non-GAAP forward-looking financial measures to the most directly comparable forward-looking financial measures calculated and presented in accordance with GAAP has been provided. The amounts in these reconciliations are based on our current estimates and actual results may differ materially from these forward-looking estimates for many reasons, including potential event driven transactional and other non-core operating items and their related effects in any future period, the magnitude of which may be significant.
Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of AAM's business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures reported by other companies.
Definition of Non-GAAP Financial Measures
AAM defines Adjusted earnings per share to be diluted earnings per share excluding the impact of impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges, and non-recurring items, including the tax effect thereon.
AAM defines EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items.
AAM defines free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and government grants. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs, and cash payments related to the Malvern fire, including payments for capital expenditures, net of recoveries.
Company Description
As a leading global Tier 1 Automotive and Mobility Supplier, AAM (NYSE: AXL) designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid and internal combustion vehicles. Headquartered in
Forward-Looking Statements
In this earnings release, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as "will," "may," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "project," "target," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and may differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: global economic conditions, including the impact of inflation, recession or recessionary concerns, or slower growth in the markets in which we operate; reduced purchases of our products by General Motors Company (GM), Stellantis N.V. (Stellantis), Ford Motor Company (Ford) or other customers; our ability to respond to changes in technology, increased competition or pricing pressures; our ability to develop and produce new products that reflect market demand; lower-than-anticipated market acceptance of new or existing products; our ability to attract new customers and programs for new products; reduced demand for our customers' products (particularly light trucks and sport utility vehicles (SUVs) produced by GM, Stellantis and Ford); risks inherent in our global operations (including tariffs and the potential consequences thereof to us, our suppliers, and our customers and their suppliers, adverse changes in trade agreements, such as
For more information:
Investor Contact
David H. Lim
Head of Investor Relations
(313) 758-2006
david.lim@aam.com
Media Contact
Christopher M. Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in millions, except per share data) | |||||||
Net sales | $ 1,504.9 | $ 1,551.9 | $ 4,744.1 | $ 4,616.5 | |||
Cost of goods sold | 1,333.6 | 1,421.3 | 4,157.0 | 4,147.1 | |||
Gross profit | 171.3 | 130.6 | 587.1 | 469.4 | |||
Selling, general and administrative expenses | 94.6 | 81.8 | 298.1 | 271.2 | |||
Amortization of intangible assets | 20.8 | 21.4 | 62.1 | 64.2 | |||
Impairment charge | 12.0 | — | 12.0 | — | |||
Restructuring and acquisition-related costs | 2.2 | 3.5 | 9.7 | 16.2 | |||
Operating income | 41.7 | 23.9 | 205.2 | 117.8 | |||
Interest expense | (45.2) | (50.8) | (142.1) | (151.5) | |||
Interest income | 7.1 | 7.1 | 21.5 | 18.9 | |||
Other income (expense): | |||||||
Debt refinancing and redemption costs | (0.2) | (0.3) | (0.5) | (0.3) | |||
Loss on equity securities | — | (1.2) | (0.1) | (1.2) | |||
Other income (expense), net | (5.5) | 1.9 | (14.3) | 5.1 | |||
Income (loss) before income taxes | (2.1) | (19.4) | 69.7 | (11.2) | |||
Income tax expense (benefit) | (12.1) | (2.0) | 21.0 | 3.3 | |||
Net income (loss) | $ 10.0 | $ (17.4) | $ 48.7 | $ (14.5) | |||
Diluted earnings (loss) per share | $ 0.08 | $ (0.15) | $ 0.40 | $ (0.12) |
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
September 30, 2024 | December 31, 2023 | ||
(Unaudited) | |||
ASSETS | (in millions) | ||
Current assets | |||
Cash and cash equivalents | $ 542.5 | $ 519.9 | |
Accounts receivable, net | 900.1 | 818.5 | |
Inventories, net | 465.6 | 482.9 | |
Prepaid expenses and other | 169.2 | 185.3 | |
Current assets held-for-sale | 58.1 | — | |
Total current assets | 2,135.5 | 2,006.6 | |
Property, plant and equipment, net | 1,657.0 | 1,760.9 | |
Deferred income taxes | 188.3 | 169.4 | |
Goodwill | 174.1 | 182.1 | |
Other intangible assets, net | 477.5 | 532.8 | |
GM postretirement cost sharing asset | 109.3 | 111.9 | |
Operating lease right-of-use assets | 112.6 | 115.6 | |
Other assets and deferred charges | 474.0 | 477.0 | |
Total assets | $ 5,328.3 | $ 5,356.3 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Current portion of long-term debt | $ 42.7 | $ 17.0 | |
Accounts payable | 805.7 | 773.9 | |
Accrued compensation and benefits | 205.4 | 200.1 | |
Deferred revenue | 17.1 | 16.6 | |
Current portion of operating lease liabilities | 23.6 | 21.9 | |
Accrued expenses and other | 175.3 | 172.1 | |
Current liabilities held-for-sale | 24.4 | — | |
Total current liabilities | 1,294.2 | 1,201.6 | |
Long-term debt, net | 2,638.3 | 2,751.9 | |
Deferred revenue | 42.1 | 70.4 | |
Deferred income taxes | 15.9 | 16.5 | |
Long-term portion of operating lease liabilities | 91.2 | 95.5 | |
Postretirement benefits and other long-term liabilities | 630.3 | 615.5 | |
Total liabilities | 4,712.0 | 4,751.4 | |
Total AAM stockholders' equity | 616.3 | 604.9 | |
Total liabilities and stockholders' equity | $ 5,328.3 | $ 5,356.3 |
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in millions) | |||||||
Operating activities | |||||||
Net income (loss) | $ 10.0 | $ (17.4) | $ 48.7 | $ (14.5) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 116.9 | 120.4 | 354.3 | 365.8 | |||
Other | 16.7 | 75.3 | (98.8) | (8.1) | |||
Net cash provided by operating activities | 143.6 | 178.3 | 304.2 | 343.2 | |||
Investing activities | |||||||
Purchases of property, plant and equipment | (73.2) | (47.9) | (170.0) | (138.6) | |||
Proceeds from sale of property, plant and equipment | 0.3 | 0.4 | 3.6 | 0.8 | |||
Acquisition of business, net of cash acquired | (5.4) | (0.6) | (6.7) | (1.9) | |||
Proceeds from government grants | — | — | 2.0 | — | |||
Other | (1.0) | (0.7) | (3.1) | 13.0 | |||
Net cash used in investing activities | (79.3) | (48.8) | (174.2) | (126.7) | |||
Financing activities | |||||||
Net debt activity | (44.5) | (17.5) | (93.9) | (82.9) | |||
Other | (3.0) | (3.3) | (12.1) | (25.3) | |||
Net cash used in financing activities | (47.5) | (20.8) | (106.0) | (108.2) | |||
Effect of exchange rate changes on cash | 5.8 | (4.2) | (1.4) | (4.2) | |||
Net increase in cash and cash equivalents | 22.6 | 104.5 | 22.6 | 104.1 | |||
Cash and cash equivalents at beginning of period | 519.9 | 511.1 | 519.9 | 511.5 | |||
Cash and cash equivalents at end of period | $ 542.5 | $ 615.6 | $ 542.5 | $ 615.6 |
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | |||||||
SUPPLEMENTAL DATA | |||||||
(Unaudited) | |||||||
The supplemental data presented below is a reconciliation of certain financial measures which is intended | |||||||
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business and operating performance. | |||||||
Earnings before interest expense, income taxes and depreciation and amortization (EBITDA) and Adjusted EBITDA(a) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in millions) | |||||||
Net income (loss) | $ 10.0 | $ (17.4) | $ 48.7 | $ (14.5) | |||
Interest expense | 45.2 | 50.8 | 142.1 | 151.5 | |||
Income tax expense (benefit) | (12.1) | (2.0) | 21.0 | 3.3 | |||
Depreciation and amortization | 116.9 | 120.4 | 354.3 | 365.8 | |||
EBITDA | 160.0 | 151.8 | 566.1 | 506.1 | |||
Restructuring and acquisition-related costs | 2.2 | 3.5 | 9.7 | 16.2 | |||
Debt refinancing and redemption costs | 0.2 | 0.3 | 0.5 | 0.3 | |||
Impairment charge | 12.0 | — | 12.0 | — | |||
Loss on equity securities | — | 1.2 | 0.1 | 1.2 | |||
Adjusted EBITDA | $ 174.4 | $ 156.8 | $ 588.4 | $ 523.8 |
Adjusted earnings (loss) per share(b) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Diluted earnings (loss) per share | $ 0.08 | $ (0.15) | $ 0.40 | $ (0.12) | |||
Restructuring and acquisition-related costs | 0.02 | 0.04 | 0.08 | 0.14 | |||
Impairment charge | 0.10 | — | 0.10 | — | |||
Loss on equity securities | — | 0.01 | — | 0.01 | |||
Tax effect of adjustments | — | (0.01) | (0.01) | (0.03) | |||
Adjusted earnings (loss) per share | $ 0.20 | $ (0.11) | $ 0.57 | $ — |
Adjusted earnings (loss) per share are based on weighted average diluted shares outstanding of 122.2 million and 117.1 million for the three months ended September 30, 2024 and 2023 respectively, and 121.7 million and 116.5 million for the nine months ended September 30, 2024 and 2023 respectively.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | |||||||
SUPPLEMENTAL DATA | |||||||
(Unaudited) | |||||||
The supplemental data presented below is a reconciliation of certain financial measures which is intended | |||||||
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business and operating performance. | |||||||
Free cash flow and Adjusted free cash flow(c) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in millions) | |||||||
Net cash provided by operating activities | $ 143.6 | $ 178.3 | $ 304.2 | $ 343.2 | |||
Less: Capital expenditures net of proceeds from the sale of | (72.9) | (47.5) | (164.4) | (137.8) | |||
Free cash flow | $ 70.7 | $ 130.8 | $ 139.8 | $ 205.4 | |||
Cash payments for restructuring and acquisition-related costs | 3.9 | 5.0 | 11.3 | 16.1 | |||
Insurance proceeds related to Malvern fire, net | — | — | — | (7.0) | |||
Adjusted free cash flow | $ 74.6 | $ 135.8 | $ 151.1 | $ 214.5 |
Segment Financial Information | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(in millions) | |||||||
Segment Sales | |||||||
Driveline | $ 1,042.8 | $ 1,061.2 | $ 3,273.7 | $ 3,161.5 | |||
Metal Forming | 596.5 | 624.8 | 1,893.7 | 1,878.1 | |||
Total Sales | 1,639.3 | 1,686.0 | 5,167.4 | 5,039.6 | |||
Intersegment Sales | (134.4) | (134.1) | (423.3) | (423.1) | |||
Net External Sales | $ 1,504.9 | $ 1,551.9 | $ 4,744.1 | $ 4,616.5 | |||
Segment Adjusted EBITDA(a) | |||||||
Driveline | $ 135.7 | $ 137.3 | $ 444.9 | $ 403.5 | |||
Metal Forming | 38.7 | 19.5 | 143.5 | 120.3 | |||
Total Segment Adjusted EBITDA | $ 174.4 | $ 156.8 | $ 588.4 | $ 523.8 |
Full Year 2024 Financial Outlook | |||
The supplemental data presented below is a reconciliation of certain financial measures which is intended | |||
Adjusted EBITDA | |||
Low End | High End | ||
(in millions) | |||
Net income | $ 15 | $ 35 | |
Interest expense | 190 | 190 | |
Income tax expense | 5 | 15 | |
Depreciation and amortization | 475 | 475 | |
Full year 2024 targeted EBITDA | 685 | 715 | |
Restructuring and acquisition-related costs | 15 | 15 | |
Other, principally impairment charge | 15 | 15 | |
Full year 2024 targeted Adjusted EBITDA | $ 715 | $ 745 |
Adjusted Free Cash Flow | |||
Low End | High End | ||
(in millions) | |||
Net cash provided by operating activities | $ 435 | $ 455 | |
Capital expenditures net of proceeds from the sale of property, | (250) | (250) | |
Full year 2024 targeted Free Cash Flow | 185 | 205 | |
Cash payments for restructuring and acquisition-related costs | 15 | 15 | |
Full year 2024 targeted Adjusted Free Cash Flow | $ 200 | $ 220 |
___________
(a) | We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items. We believe that EBITDA and Adjusted EBITDA are meaningful measures of performance as they are commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA and Adjusted EBITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. We also use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. EBITDA and Adjusted EBITDA are also key metrics used in our calculation of incentive compensation. EBITDA and Adjusted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently. |
(b) | We define Adjusted earnings per share to be diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items, including the tax effect thereon. We believe Adjusted earnings per share is a meaningful measure as it is commonly utilized by management and investors in assessing ongoing financial performance that provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of core operating performance and which may obscure underlying business results and trends. Other companies may calculate Adjusted earnings per share differently. |
(c) | We define free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and government grants. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs and cash payments related to the Malvern fire, including payments for capital expenditures, net of recoveries. We believe free cash flow and Adjusted free cash flow are meaningful measures as they are commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow and Adjusted free cash flow are also key metrics used in our calculation of incentive compensation. Other companies may calculate free cash flow and Adjusted free cash flow differently. |
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SOURCE American Axle & Manufacturing Holdings, Inc.
FAQ
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