logo
Plus   Neg
Share
Email

American Axle Cuts FY19 Sales Outlook - Quick Facts

While reporting financial results for the third quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) lowered its sales guidance for the full-year 2019.

The company said this is a result of the expected impact of the GM work stoppage on its full year sales, which is estimated to be about $250 million, and also the impact of lower metal market passthroughs and foreign currency translation of about $50 million. It also assumes a full year of financial results from our U.S. iron casting operations.

For fiscal 2019, the company now projects sales to be about $6.6 billion, down from the previous forecast range of $6.9 billion to $7.0 billion.

On average, analysts polled by Thomson Reuters expect the company to report sales of $6.79 billion for the year.

"The strong free cash flow generated during the quarter, along with the announced sale of our U.S. iron casting operations, position us to continue to deliver on our commitment to reduce debt and strengthen our financial profile," said AAM's Chairman and Chief Executive Officer David Dauch.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
PCNA has recalled about 5,000 units of Spare 10,000 mAh Power Banks for possible fire and burn hazards, the U.S. Consumer Product Safety Commission said in a statement. These include 445 units sold in Canada. The company said the power bank's lithium-ion battery can overheat and ignite, causing fire and burn hazards. Hundreds of Amazon workers have openly criticized the company's record on climate change by intentionally defying a company-wide ban against speaking out. More than 350 employees of the e-commerce giant criticized the company's climate change policy in a Medium blog post Sunday, putting their jobs at risk for violating the company's corporate communications policy. Loneliness at the workplace is on the rise in America and is resulting in less productivity as well as lower retention levels, a new study showed. According to Cigna's 2020 Loneliness Index, three out of five adults, or 61 percent, consider themselves lonely. This represents a seven percentage point increase from 2018. The study surveyed more than 10,400 adults.
RELATED NEWS
Follow RTT
>