American Axle & Manufacturing Holdings, Inc. AXL reported a fourth-quarter adjusted loss per share of $(0.09), while the street estimated a wider loss of $(0.19).
Quarterly sales of $1.46 billion beat the $1.42 billion estimate. Revenues rose 5% year over year.
Sales for the fourth quarter of 2023 were favorably impacted by volume and mix, partially offset by the UAW work stoppage, the company said in a press release.
Fourth quarter adjusted EBITDA was $169.5 million, or 11.6% of sales, higher than $157.7 million, or 11.3% of sales, in the year-ago period.
Adjusted free cash flow for the fourth quarter of 2023 was $4.5 million as compared to $99.0 million for the fourth quarter of 2022.
Outlook: For FY24, American Axle is targeting sales in the range of $6.05 billion-$6.35 billion (estimate: $6.18 billion), with adjusted EBITDA in the range of $685 million-$750 million.
American Axle expects North American light vehicle production of approximately 15.8 million units in FY24.
The company sees a gross new and incremental business backlog launching from 2024 – 2026 at approximately $600 million in future annual sales.
American Axle plans the launch cadence of the three-year backlog to be approximately $300 million in 2024, $175 million in 2025, and $125 million in 2026.
Electrification mix approximates 50% of the company’s new business backlog versus 40% in the prior backlog (2023-2025).
Price Action: AXL shares are trading lower by 1.93% to $8.385 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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