Plus   Neg

American Axle Q4 Adj. Earnings Beat View; Affirms FY19 Outlook - Quick Facts

American Axle & Manufacturing Holdings, Inc. (AXL) on Friday reported a net loss for the fourth quarter, reflecting lower sales and a goodwill impairment. However, adjusted earnings per share for the quarter beat analysts' expectations. In addition, the company affirmed its financial outlook for fiscal 2019.

The company's net loss for the fourth quarter of 2018 was $361.8 million or $3.24 per share, compared to net income of $106.3 million or $0.93 per share in the year-ago period.

The latest quarter's results reflect the impact of a non-cash goodwill impairment of $485.5 million related to the company's Casting and Powertrain segments.

Excluding items, adjusted earnings for the quarter were $0.45 per share, compared to $0.89 per share in the fourth quarter of 2017.

Net sales for the quarter were $1.69 billion, down from $1.73 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter on revenues of $1.68 billion. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, American Axle affirmed its outlook for adjusted EBITDA in a range of $1.20 billion to $1.25 billion, and sales in a range of $7.3 billion to $7.4 billion.

The Street expects earnings of $3.09 per share for the year on revenues of $7.24 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Biogen Inc. are falling almost 28 percent in Thursday's trading after the company and Japanese drugmaker Eisai Co. said they will discontinue two late-stage trials for their experimental Alzheimer's drug, Aducanumab. The two Phase 3 trials, ENGAGE and EMERGE, are multi-center, randomized, double-blind, placebo-controlled, parallel-group studies designed to evaluate Aducanumab. The European Union on Wednesday ordered Alphabet Inc.'s Google to pay an antitrust fine of 1.49 billion euros for abusing its dominant position in the online search advertising intermediation market by preventing competition. This is the third antitrust fine by the EU against Google and it represents 1.29 percent of the tech giant's turnover in 2018. Shares of BMW Group declined around 5 percent in German trading after the auto giant reported Wednesday weak profit in its fiscal year 2018, despite a 0.1 percent growth in Automotive revenues with higher deliveries. Looking ahead for fiscal 2019, the company expects Group profit before tax will be well below the previous year's level. BMW said it is confident of volume growth in Automotive unit.
Follow RTT