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American Axle Completes Q3 Earnings Season For Auto Suppliers

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American Axle Completes Q3 Earnings Season For Auto Suppliers

American Axle & Manufacturing Holdings, Inc. (NYSE: AXL) delivered better than expected earnings for the third quarter, while revenue came in line with the estimates.

  • Reports EPS of $0.78, beats by a penny.
  • Delivers revenue of $1.01 billion, in line with the expectations.
  • Targets sales of $3.95 billion for the full year versus analysts' estimates of $3.99 billion.
  • Expects to achieve adjusted EBITDA margin of 15.25 – 15.5 percent in 2016.

Separately, the company announced acquisition of Metadyne Performance Group Inc. (NYSE: MPG) for $1.6 billion in cash and $1.7 billion assumed debt.

Chairman and CEO David Dauch said, "AAM's third quarter financial results continued to reflect strong production volumes and solid performance in our global manufacturing operations. Our year-to-date financial performance positions AAM to achieve record sales and profit in 2016."

The following auto parts companies have reported their earnings:

  • Delphi Automotive PLC (NYSE: DLPH) reported adjusted EPS of $1.50 on sales of $4.1 billion.
  • Lear Corp. (NYSE: LEA) revealed adjusted EPS of $3.19 on revenue of $4.526 billion.
  • BorgWarner Inc. (NYSE: BWA) reported adjusted EPS of $0.78 on sales of $2.21 billion.
  • Visteon Corporation (NYSE: VC) reported EPS of $0.81 on revenue of $770 million.
  • Tenneco Automotive Inc. (NYSE: TEN) revealed adjusted EPS of $1.53 on revenue of $2.1 billion.
  • Dana Inc. (NYSE: DAN) reported adjusted EPS of $0.49 on sales of $1.38 billion.
 

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