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
NBCUniversal unveiled Peacock, a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series. Peacock will be available on April 15 for Comcast's Xfinity X1 and Flex customers and on July 15 for the rest of the country. NBC is offering Peacock... The number of Amazon Prime members in the U.S. is growing slowly, but steadily, a recent study has shown. According to the survey by the Consumer Intelligence Research Partners, LLC or CIRP, the number of Amazon Prime members in the U.S. is estimated to have risen to 112 million in December 2019 from just over 100 million in the same period of the prior year. Medical device manufacturer Cardinal Health will soon recall certain Level 3 surgical gowns or PreSource procedural packs that contain these gowns following warning that they may not be sterile, the U.S. Food and Drug Administration said in a statement. The health regulator said it is working with the company to find out the specific product lots that are impacted.
RELATED NEWS
Follow RTT
>