AXL - American Axle & Manufacturing reports mixed Q2 earnings; reaffirms FY23 outlook

2023-08-04 08:09:21 ET

• American Axle & Manufacturing press release ( NYSE: AXL ): Q2 Non-GAAP EPS of $0.12 beats by $0.01 .
• Revenue of $1.57B (+9.0% Y/Y) misses by $20M .
• In the second quarter of 2023, Adjusted EBITDA was $191.6 million, or 12.2% of sales, as compared to $195.1 million, or 13.6% of sales, in the second quarter of 2022.
• Net cash provided by operating activities of $132.8 million; Adjusted free cash flow of $95.8 million.

• AAM's previously stated full year 2023 targets remain unchanged. AAM's full year 2023 financial targets are as follows:

  • AAM is targeting sales in the range of $5.95 - $6.25 billion vs. consensus of $6.13B.
  • AAM is targeting Adjusted EBITDA in the range of $725 - $800 million.
    • Reflects the impact of increased R&D spending to support new programs and electrification growth opportunities.
  • AAM is targeting Adjusted free cash flow in the range of $225 - $300 million; this target assumes capital spending of approximately 3.5% - 4.0% of sales.

For further details see: