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| Net income increases 58% on a year-over-year basis to $53.2 million, or $0.68 per share |
Detroit, Michigan, May 2, 2015 - (ACN Newswire) - American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the first quarter of 2015.
First Quarter 2015 Results
- First quarter 2015 sales of $969.1 million, up approximately 12.8% on a year-over-year basis
- Non-GM sales grew over 14% on a year-over-year basis to $328.9 million
- Gross profit of $152.8 million, or 15.8% of sales
- Net income of $53.2 million, or $0.68 per share
- EBITDA (earnings before interest, taxes, depreciation and amortization) of $137.5 million, or 14.2% of sales
AAM's net income in the first quarter of 2015 was $53.2 million, or $0.68 per share as compared to net income of $33.6 million, or $0.44 per share, in the first quarter of 2014.
"AAM is off to a great start in 2015, with increased North American production volumes and improved operating efficiency driving sales growth and margin expansion," said AAM's Chairman, President and Chief Executive Officer, David C. Dauch. "We remain focused on leveraging AAM's technology leadership to develop innovative new products to improve the fuel efficiency, safety, ride and handling performance of our customers' vehicle programs, while delivering on our plan to sustain strong free cash flow performance."
AAM's sales in the first quarter of 2015 increased approximately 12.8% to $969.1 million as compared to $858.8 million in the first quarter of 2014. Non-GM sales grew 14.3% on a year-over-year basis to $328.9 million in the first quarter of 2015 as compared to $287.8 million in the first quarter of 2014.
AAM's content-per-vehicle is measured by the dollar value of its product sales supporting our customers' North American light truck and SUV programs. In the first quarter of 2015, AAM's content-per-vehicle was $1,676 as compared to $1,655 in the first quarter of 2014.
AAM's gross profit in the first quarter of 2015 was $152.8 million, or 15.8% of sales, as compared to $121.9 million, or 14.2% of sales, in the first quarter of 2014.
In the first quarter of 2015, AAM's operating income increased by nearly $20 million to $84.3 million, or 8.7% of sales, as compared to $64.8 million, or 7.5% of sales, in the first quarter of 2014.
AAM's SG&A spending in the first quarter of 2015 was $68.5 million, or 7.1% of sales, as compared to $57.1 million, or 6.6% of sales, in the first quarter of 2014. AAM's R&D spending in the first quarter of 2015 was $27.3 million as compared to $25.8 million in the first quarter of 2014.
In the first quarter of 2015, AAM's net income was $53.2 million, or $0.68 per share as compared to $33.6 million or $0.44 per share in the first quarter of 2014.
AAM defines EBITDA to be earnings before interest, taxes, depreciation and amortization. In the first quarter of 2015, AAM's EBITDA increased by $25 million to $137.5 million, or 14.2% of sales, as compared to $112.5 million, or 13.1% of sales, in the first quarter of 2014.
AAM defines free cash flow to be net cash provided by (or used in) operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment.
Net cash provided by operating activities for the first quarter of 2015 was $6.4 million. Capital spending, net of proceeds from the sale of property, plant and equipment, for the first quarter of 2015 was $43.5 million. Reflecting the impact of this activity, AAM's free cash flow was a use of $37.1 million for the first quarter of 2015.
A conference call to review AAM's first quarter 2015 results is scheduled today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM's investor web site at http://investor.aam.com or calling (855) 681-2072 from the United States or (973) 200-3383 from outside the United States. A replay will be available from 2:00 p.m. ET on May 1, 2015 until 5:00 p.m. ET May 8, 2015 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 34605208.
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.
AAM is a world leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems, electric drive systems and metal-formed products for light trucks, sport utility vehicles, passenger cars, crossover vehicles and commercial vehicles. In addition to locations in the United States (Michigan, Ohio, Pennsylvania and Indiana), AAM also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.
In this earnings release, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as "will," "may," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "project," "target," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and may differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: reduced purchases of our products by General Motors Company (GM), FCA US LLC, formerly known as Chrysler Group LLC (Chrysler), or other customers; reduced demand for our customers' products (particularly light trucks and sport utility vehicles (SUVs) produced by GM and Chrysler); our ability to develop and produce new products that reflect market demand; lower-than-anticipated market acceptance of new or existing products; our ability to attract new customers and programs for new products; our ability to respond to changes in technology, increased competition or pricing pressures; our ability to achieve the level of cost reductions required to sustain global cost competitiveness; supply shortages or price increases in raw materials, utilities or other operating supplies for us or our customers as a result of natural disasters or otherwise; our ability to successfully implement upgrades to our enterprise resource planning systems; global economic conditions; risks inherent in our international operations (including adverse changes in political stability, taxes and other law changes, potential disruptions of production and supply, and currency rate fluctuations); liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers; our ability to maintain satisfactory labor relations and avoid work stoppages; our suppliers', our customers' and their suppliers' ability to maintain satisfactory labor relations and avoid work stoppages; our ability or our customers' and suppliers' ability to successfully launch new product programs on a timely basis; our ability to realize the expected revenues from our new and incremental business backlog; negative or unexpected tax consequences; price volatility in, or reduced availability of, fuel; our ability to consummate and integrate acquisitions and joint ventures; our ability to attract and retain key associates; our ability to protect our intellectual property and successfully defend against assertions made against us; availability of financing for working capital, capital expenditures, research and development (R&D) or other general corporate purposes including acquisitions, as well as our ability to comply with financial covenants; our customers' and suppliers' availability of financing for working capital, capital expenditures, R&D or other general corporate purposes; changes in liabilities arising from pension and other postretirement benefit obligations; risks of noncompliance with environmental laws and regulations or risks of environmental issues that could result in unforeseen costs at our facilities; adverse changes in laws, government regulations or market conditions affecting our products or our customers' products (such as the Corporate Average Fuel Economy (CAFE) regulations); our ability or our customers' and suppliers' ability to comply with the Dodd-Frank Act and other regulatory requirements and the potential costs of such compliance; and other unanticipated events and conditions that may hinder our ability to compete. It is not possible to foresee or identify all such factors and we make no commitment to update any forward-looking statement or to disclose any facts, events or circumstances after the date hereof that may affect the accuracy of any forward-looking statement.
For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications & Marketing
+1-313-758-4814
chris.son@aam.com
Vitalie Stelea
Manager Investor Relations
+1-313-758-4635
vitalie.stelea@aam.com
Or visit the AAM website at www.aam.com.
Publishing_FINAL_1Q-FY15_Press Release: http://hugin.info/143751/R/1917833/686240.pdf
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via Globenewswire
Topic: Earnings
Source: American Axle & Manufacturing Holdings, Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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