American Axle Announces Earnings Results for the Year 2013; Provides Earnings Guidance for the Year 2014 and 2015
January 15, 2014 at 09:50 am
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American Axle announced earnings results for the year 2013. For the period the company's net sales came in at $3.21 billion or approximately $3.21 billion. Sales are up over 10% for the year, considering where finished at $2.9 billion last year, again, outpacing the market which is at roughly 7% sales growth. Free cash flow is important. Last year, company had a use of over $300-plus million. This year, on a GAAP basis, company generated a positive cash flow of $4 million. On adjusted basis because of the debt refinancing and some redemption, company actually generated over $40-plus million of cash flow. Because of backlog, company spent significantly in regards to CapEx, just short of 7% this past year, and be spending about 6% going forward. And then moderating down to that 4% to 6% range, as company guided in the past.
For the year 2014 the company expected sales at the $3.75 billion to the $3.8 billion range. Sales are going to be up 17%, 18% versus the market being up 3%. At the same time CapEx will be moderating down from the 7% to approximately 6%, and then continue down years thereafter. Generating $100 million of cash flow is the plan.
For the year 2015 the company expected sales to exceed $4 billion, not be at $4 billion, exceed $4 billion. EBITDA is going to exceed the guided range that company gave before. The company is generating cash flow to the tune of $175 million to $200 million beginning in that 2015 calendar year period of time.
American Axle & Manufacturing Holdings, Inc. is an automotive and mobility supplier. The Company designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid and internal combustion vehicles. The Company operates through two segments: Driveline and Metal Forming. Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles (SUVs), crossover utility vehicles (CUVs), passenger cars and commercial vehicles. Its Metal Forming products consist primarily of engine, transmission, driveline and safety-critical components for traditional internal combustion engine and electric vehicle architectures including light vehicles, commercial vehicles, and off-highway vehicles, as well as products for industrial markets.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. 
