AAM Reports First Quarter 2013 Financial Results

American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the first quarter of 2013. First Quarter 2013 Results First quarter 2013 sales of $755.6 million Non-GM sales were $188.1 million Gross profit of $104.3 million, or 13.8% of sales Operating income of $44.7 …

American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the first quarter of 2013.

First Quarter 2013 Results

  • First quarter 2013 sales of $755.6 million
  • Non-GM sales were $188.1 million
  • Gross profit of $104.3 million, or 13.8% of sales
  • Operating income of $44.7 million, or 5.9% of sales
  • Net income of $7.3 million, or $0.10 per share
  • AAM’s quarterly results reflect the impact of $11.3 million (or $0.13 per share) of debt refinancing and redemption costs
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization excluding the impact of debt refinancing and redemption costs) of $86.6 million or approximately 11.5% of sales

AAM’s net income in the first quarter of 2013 was $7.3 million, or $0.10 per share as compared to net income of $51.2 million, or $0.68 per share, in the first quarter of 2012.  In the first quarter of 2013, AAM’s results reflect the impact of $11.3 million (or $0.13 per share) of debt refinancing and redemption costs.

“AAM’s financial results in the first quarter of 2013 reflect our commitment to deliver improved profitability and launch performance globally,” said AAM’s President and Chief Executive Officer, David C. Dauch.  “While we continue to take actions to improve our operating and financial performance, we remain focused on flawlessly launching several major programs in 2013.  These include products supporting GM’s next-generation full-size pickup truck and SUV program, the RAM Heavy Duty pickup truck program, as well as AAM’s EcoTracTM Disconnecting All Wheel Drive system.”

Dauch also stated, “In the first quarter of 2013, we took another step in improving AAM’s balance sheet strength.  The debt refinancing activities successfully completed in the quarter were highlighted by the issuance of $400 million of 6.25% Senior Notes due 2021.  This supports AAM’s future operational and financial flexibility, and improves our capital structure.”

Net sales in the first quarter of 2013 were approximately $755.6 million as compared to $751.5 million in the first quarter of 2012.   Sales in the first quarter of 2013 reflect the adverse impact of approximately $12.5 million related to the labor strike at General Motors’ Rayong factory in Thailand.

Non-GM sales were $188.1 million in the first quarter of 2013 as compared to $193.6 million in the first quarter of 2012.

AAM’s content-per-vehicle is measured by the dollar value of our products supporting our customers’ North American light truck and SUV programs. In the first quarter of 2013, AAM’s content-per-vehicle increased to $1,504 as compared to $1,475 in the first quarter of 2012.

AAM’s gross profit in the first quarter of 2013 was $104.3 million or 13.8% of sales as compared to $139.2 million or 18.5% of sales in the first quarter in 2012.

AAM’s SG&A spending in the first quarter of 2013 was $59.6 million, or 7.9% of sales, as compared to $61.8 million, or 8.2% of sales, in the first quarter of 2012.  AAM’s R&D spending in the first quarter of 2013 was $28.5 million as compared to $30.1 million in the first quarter of 2012.

In the first quarter of 2013, AAM’s operating income was $44.7 million or 5.9% of sales as compared to $77.4 million or 10.3% of sales in the first quarter of 2012.

In the first quarter of 2013, AAM’s net income was $7.3 million or $0.10 per share as compared to $51.2 million or $0.68 per share in the first quarter of 2012.

AAM defines Adjusted EBITDA to be earnings before interest, taxes, depreciation and amortization excluding the impact of debt refinancing and redemption costs.  In the first quarter of 2013, AAM’s Adjusted EBITDA was $86.6 million or 11.5% of sales.

AAM defines free cash flow to be net cash used in operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment.

Net cash used in operating activities for the first quarter 2013 was $26.8 million.  Capital spending, net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment, for the first quarter 2013 was $43.9 million.  Reflecting the impact of this activity, AAM’s free cash flow was a use of $70.7 million in the first quarter 2013.

A conference call to review AAM’s first quarter 2013 results is scheduled today at 10:00 AM ET.  Interested participants may listen to the live conference call by logging onto AAM’s investor web site at or calling (877) 278-1452 from the United States or (973) 200-3383 from outside the United States.

A replay will be available from 5:00 p.m. ET on May 3, 2013 until 5:00 p.m. ET May 10, 2013 by dialing (855) 859-2056 from the United States or (404) 537-3406 from outside the United States.  When prompted, callers should enter conference reservation number 32371382.

Non-GAAP Financial Information
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 information is reconciled to its closest GAAP measure in accordance with Securities and Exchange Commission rules and is included in the attached supplemental data.

Management believes that these non-GAAP financial measures are useful to both management and its stockholders in their analysis of the Company’s business and operating performance.  Management also uses this information for operational planning and decision-making purposes.

Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure.  Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures reported by other companies.

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