American Axle & Manufacturing Holdings Inc AXL reported first-quarter FY24 sales growth of 7.7% year-on-year to $1.61 billion, beating the analyst consensus estimate of $1.525 billion.
Sales for the first quarter were favorably impacted by volume and mix.
Adjusted EPS of $0.18 beat the analyst consensus of $0.02.
Gross profit rose 23.6% Y/Y to $198.5 million, with the margin expanding 170 basis points to 12.4%.
Selling, general and administrative expenses remained flat Y/Y to $98.3 million.
Operating margin was 4.8%, and operating income for the quarter rose 113.3% to $77 million.
Cash provided by operating activities during the quarter totaled $17.8 million versus $32.1 million in the prior year.
The company held $469.8 million in cash and equivalents as of March-end.
Chairman and CEO David C. Dauch said, “Longer term, as the industry reassesses propulsion solutions, AAM will continue to develop a strong and agnostic product portfolio for both our Driveline and Metal Forming businesses to support the industry’s powertrain needs.”
Outlook Reaffirmed: American Axle sees FY24 sales of $6.05 billion – $6.35 billion versus the consensus of $6.205 billion.
The company expects FY24 adjusted EBITDA of $685 million – $750 million.
Price Action: AXL shares are trading higher by 4.51% at $7.65 at the last check Friday.
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