American Axle (AXL) Tops Q3 EPS by 21c, Beats on Revenues; Boosts FY17 Sales Outlook Above Consensus
American Axle (NYSE: AXL) reported Q3 EPS of $0.86, $0.21 better than the analyst estimate of $0.65. Revenue for the quarter came in at $1.72 billion versus the consensus estimate of $1.63 billion.
AAM Updates Full Year 2017 Outlook
AAM has updated its full year 2017 financial outlook:
- AAM has increased its sales target to a range of $6.2 billion to $6.25 billion for the full year 2017, which excludes MPG\'s pre-acquisition sales for the period between January 1, 2017 and April 5, 2017. This sales projection is based on the anticipated launch schedule of programs in AAM\'s new and incremental business backlog and the assumption that the U.S. Seasonally Adjusted Annual Rate of sales will be approximately 17 million light vehicle units in 2017.
- AAM is targeting Adjusted EBITDA of approximately $1.1 billion in 2017.
- AAM is targeting Adjusted free cash flow of approximately 5% of sales in 2017.
- AAM is targeting full year capital spending of approximately 8% of sales in 2017.
Third Quarter 2017 Results
- Sales of $1.72 billion
- Net income attributable to AAM of $86.2 million, or 5.0% of sales
- Diluted earnings per share of $0.75
- Adjusted earnings per share of $0.86
- Adjusted EBITDA of $297.7 million, or 17.3% of sales
- Net cash provided by operating activities of $207.5 million
- Adjusted free cash flow of $87.9 million
GUIDANCE:
American Axle sees FY2017 revenue of $6.2-6.25 billion, versus the consensus of $6.06 billion.
For earnings history and earnings-related data on American Axle (AXL) click here.