American Axle Plunges Following Disappointing Outlook

Shares of American Axle & Manufact. Holdings, Inc. AXL plunged lower by nearly 20 percent on Wednesday, hitting a new 52-week low of $13.32.

American Axle released an 8-K filing ahead of its presentation at the 2015 Deutsche Bank Global Auto Industry Conference.

American Axle said it expects its total fiscal 2015 sales to be $3.9 billion, short of the $3.93 billion Wall Street analysts were expecting. The company also guided its full year fiscal 2016 sales to be around $4 billion, also short of the $4.17 billion analysts were looking for.

American Axle also noted that it expects its full year fiscal 2016 free cash flow to be in the range of $120 million to $140 million which represents a decrease from the $185 million to $190 million the company is expecting in fiscal 2015.