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- American Axle & Manufacturing Holdings Inc AXL reported fourth-quarter FY22 sales growth of 13% year-on-year to $1.393 billion, marginally beating the consensus of $1.390 billion.
- The company's Q4 sales were favorably impacted by the Tekfor acquisition as well as volume and mix.
- Adjusted EPS of $(0.07) missed the analyst consensus of $0.01.
- Gross profit rose 19.4% Y/Y to $167.2 million, with the margin expanding 70 basis points to 12%.
- Selling, general and administrative expenses increased 14.2% Y/Y to $88.5 million.
- Operating margin was 3.8%, and operating income for the quarter rose 65.4% to $53.6 million.
- Cash provided by operating activities during the quarter totaled $148.5 million versus $102.4 million in the prior year.
- The company held $511.5 million in cash and equivalents as of Dec. 31, 2022.
- Chairman and CEO David C. Dauch said, "In the pivot to electrification, AAM continues to bring the future faster with sophisticated industry-leading electric drive technology resulting in an expanding electrification business mix within our $725 million new business backlog."
- Outlook: American Axle sees FY23 sales of $5.95 billion - $6.25 billion versus the consensus of $5.98 billion.
- The company expects FY23 adjusted EBITDA of $725 million - $800 million.
- Price Action: AXL shares are trading lower by 9.40% at $9.10 on the last check Friday.
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