American Axle (AXL) Tops Q1 EPS by 7c; Approves $100M Stock Buyback

American Axle (NYSE: AXL) reported Q1 EPS of $0.78, $0.07 better than the analyst estimate of $0.71. Revenue for the quarter came in at $969.2 million versus the consensus estimate of $998.8 million.

AAM announced today that the Board of Directors authorized a share repurchase program of up to $100 million of AAM's common shares through December 31, 2018 as part of AAM's overall capital allocation strategy. "The authorization of a share repurchase program by the Board of Directors demonstrates the confidence in AAM's long-term growth and strong free cash flow generation as well as our commitment to create and deliver value to our shareholders," said Dauch.

The repurchase of shares may be made in the open market or in privately negotiated transactions and will be funded through available cash balances and cash flow from operations. The timing and amount of any share repurchases will be determined based on market and economic conditions, share price, alternative uses of capital and other factors.

For earnings history and earnings-related data on American Axle (AXL) click here.

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