American Axle (AXL) Tops Q2 EPS by 20c, Revenues Beat

American Axle (NYSE: AXL) reported Q2 EPS of ($1.79), $0.20 better than the analyst estimate of ($1.99). Revenue for the quarter came in at $515.3 million versus the consensus estimate of $440.05 million.

Second Quarter 2020 Results

• Sales of $515.3 million
• Net loss attributable to AAM of $(213.2) million, or (41.4)% of sales
• Adjusted EBITDA of $(52.1) million, or (10.1)% of sales
• Diluted loss per share of $(1.88); Adjusted loss per share of $(1.79)
• AAM's second quarter financial results were unfavorably impacted by global production shutdowns due to the coronavirus pandemic (COVID-19)

"AAM's financial results for the second quarter of 2020 were adversely impacted by the extended global production shutdowns resulting from the COVID-19 pandemic. During the quarter, we adjusted our operations, structurally reduced costs and took action to strengthen our financial profile," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "As we continue to ramp up production and adjust our business to the new market demand in the second half of 2020, we are focused on the health and safety of our associates, supporting customer production schedules and launches, utilizing our operational excellence to generate positive financial performance and investing in our future."

AAM's 2020 Financial OutlookAs a result of the unexpected disruption in light vehicle production and economic uncertainty due to the impact of the COVID-19 pandemic, AAM withdrew its 2020 financial outlook on March 25, 2020. Due to the continued uncertainty, we are not issuing revised 2020 financial targets at this time.

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

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