- American Axle & Manufacturing Holdings Inc AXL reported second-quarter FY22 sales growth of 12.1% year-on-year to $1.44 billion, beating the consensus of $1.37 billion.
- The company noted its Q2 sales were favorably impacted by supply chain improvements, volume and mix, and the Tekfor acquisition.
- Adjusted EPS of $0.22 beat the analyst consensus of $0.10.
- Gross profit fell 8.7% Y/Y to $173.5 million, with the margin contracting 270 basis points to 12.1%.
- Selling, general and administrative expenses fell 1.6% Y/Y to $84.8 million.
- Operating margin was 4%, and operating income for the quarter fell 13% to $57.7 million.
- Cash provided by operating activities totaled $146.7 million with an adjusted free cash flow of $114.3 million.
- The company held $501.4 million in cash and equivalents as of June 30, 2022.
- Adjusted EBITDA for the quarter was $195.1 million, with an adjusted EBITDA margin shrinking Y/Y from 17.3% to 13.6%.
- Outlook: American Axle raised FY22 sales guidance to $5.75 billion - $5.95 billion from $5.6 billion - $5.8 billion, against the consensus of $5.76 billion.
- The company expects FY22 adjusted EBITDA of $790 million - $830 million.
- Price Action: AXL shares are trading higher by 6.24% at $9.03 on the last check Friday.
- Photo Via Company
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