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In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this press release, AAM has provided certain information, which includes non-GAAP financial measures such as Adjusted EBITDA, Adjusted earnings per share and Adjusted free cash flow.

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When prompted, callers should enter replay access code 8763803. A replay will be available one hour after the call is complete until May 12, 2023 by dialing (877) 344-7529 from the United States or (412) 317-0088 from outside the United States. Interested participants may listen to the live conference call by logging onto AAM's investor web site at or calling (877) 883-0383 from the United States or (412) 902-6506 from outside the United States with access code 5707548.

Current customer production and launch schedules and operating environment.įirst Quarter 2023 Conference Call InformationĪ conference call to review AAM's first quarter results is scheduled today at 10:00 a.m.

North American light vehicle production of approximately 14.5 - 15.1 million units.

These targets are based on the following assumptions for 2023:

AAM is targeting Adjusted free cash flow in the range of $225 - $300 million this target assumes capital spending of approximately 3.5% - 4.0% of sales.

◦Reflects the impact of increased R&D spending to support new programs and electrification growth opportunities.

AAM is targeting Adjusted EBITDA in the range of $725 - $800 million.

AAM is targeting sales in the range of $5.95 - $6.25 billion.

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AAM's full year 2023 financial targets are as follows: In the first quarter of 2023, Adjusted EBITDA was $175.4 million, or 11.7% of sales, as compared to $196.1 million, or 13.7% of sales, in the first quarter of 2022.ĪAM's net cash provided by operating activities for the first quarter of 2023 was $32.1 million as compared to $68.5 million for the first quarter of 2022.ĪAM's Adjusted free cash flow for the first quarter of 2023 was $(17.1) million as compared to $53.9 million for the first quarter of 2022.ĪAM’s previously stated full year 2023 targets remain unchanged. Sales for the first quarter of 2023 were favorably impacted by the Tekfor acquisition.ĪAM's net loss in the first quarter of 2023 was $(5.1) million, or $(0.04) per share, as compared to net income of $1.0 million, or $0.01 per share in the first quarter of 2022.Īdjusted loss per share in the first quarter of 2023 was $(0.01) compared to Adjusted earnings per share of $0.19 in the first quarter of 2022. As we announced today, AAM has been selected by Stellantis to supply electric beam axles for a future electric vehicle program."ĪAM's sales in the first quarter of 2023 were $1.49 billion as compared to $1.44 billion in the first quarter of 2022. “Our cutting-edge electric propulsion technology and our heritage in beam axles continue to provide a solid foundation for our future. That stated, we are managing what we can control,” said AAM’s Chairman and Chief Executive Officer, David C. "AAM's financial performance in the first quarter reflects customer production shutdowns and continued supply chain volatility. Net cash provided by operating activities of $32.1 million Adjusted free cash flow of $(17.1) million.Diluted loss per share of $(0.04) Adjusted loss per share of $(0.01).Adjusted EBITDA of $175.4 million, or 11.7% of sales.Net loss of $(5.1) million, or (0.3)% of sales.

(AAM), (NYSE: AXL) today reported its financial results for the first quarter 2023. DETROIT, May 5, 2023 - American Axle & Manufacturing Holdings, Inc.