AAM Reports Third Quarter 2025 Financial Results
American Axle & Manufacturing (NYSE: AXL) reported third quarter 2025 results with sales of $1.51 billion, net income of $9.2 million (0.6% of sales) and diluted EPS of $0.07. Adjusted EBITDA was $194.7 million (12.9% of sales) and adjusted EPS was $0.16. Net cash provided by operating activities was $143.3 million and adjusted free cash flow was $98.1 million. Management updated full-year 2025 targets: sales $5.8–$5.9B, Adjusted EBITDA $710–$745M, and Adjusted free cash flow $180–$210M (assumes ~5% capex of sales and excludes combination costs with Dowlais).
The company said margin expansion drove year‑over‑year improvement and reiterated forward‑looking assumptions for 2025 production and program estimates.
American Axle & Manufacturing (NYSE: AXL) ha riportato i risultati del terzo trimestre 2025 con vendite di 1,51 miliardi di dollari, utile netto di $9.2 milioni (0,6% delle vendite) e utile per azione diluito di $0.07. L'EBITDA rettificato è stato $194.7 milioni (12,9% delle vendite) e l’utile per azione rettificato è stato $0.16. Il flusso di cassa netto fornito dalle attività operative è stato $143.3 milioni e il flusso di cassa libero rettificato è stato $98.1 milioni. La direzione ha aggiornato gli obiettivi per l'intero 2025: vendite $5.8–$5.9B, EBITDA rettificato $710–$745M, e flusso di cassa libero rettificato $180–$210M (si assume circa il 5% di capex sul fatturato ed esclusi i costi di fusione con Dowlais).
L'azienda ha detto che l'espansione dei margini ha guidato il miglioramento anno su anno e ha ribadito le ipotesi forward-looking per la produzione e le stime del programma per il 2025.
American Axle & Manufacturing (NYSE: AXL) presentó los resultados del tercer trimestre de 2025 con ventas de $1.51 mil millones, beneficio neto de $9.2 millones (0,6% de las ventas) y beneficio por acción diluido de $0.07. El EBITDA ajustado fue de $194.7 millones (12,9% de las ventas) y las ganancias por acción ajustadas fueron $0.16. El flujo de efectivo neto proporcionado por las actividades operativas fue de $143.3 millones y el flujo de caja libre ajustado fue de $98.1 millones. La gerencia actualizó las metas para todo 2025: ventas de $5.8–$5.9 mil millones, EBITDA ajustado $710–$745 millones, y flujo de caja libre ajustado $180–$210 millones (asume ~5% de capex de las ventas y excluye costos de fusión con Dowlais).
La compañía dijo que la expansión de márgenes impulsó la mejora interanual y reiteró las hipótesis prospectivas para la producción de 2025 y las estimaciones del programa.
American Axle & Manufacturing (NYSE: AXL) 2025년 3분기 실적 발표: 매출 15.1억 달러, 순이익 $9.2백만 (매출의 0.6%) 및 희석 주당순이익 $0.07. 조정 EBITDA는 $194.7백만(매출의 12.9%)였고 조정 주당순이익은 $0.16였다. 운영활동으로 인한 순현금흐름은 $143.3백만이고 조정된 자유현금흐름은 $98.1백만이었다. 경영진은 2025년 연간 목표를 업데이트했습니다: 매출 $5.8–$5.9B, 조정 EBITDA $710–$745M, 그리고 조정된 자유현금흐름 $180–$210M (매출의 약 5%의 capex 가정, Dowlais 합병 비용 제외).
회사는 마진 확장이 전년 대비 개선을 주도했다고 말했고 2025년 생산 및 프로그램 추정에 대한 전망 가정을 재확인했습니다.
American Axle & Manufacturing (NYSE: AXL) a publié les résultats du troisième trimestre 2025 avec des ventes de 1,51 milliard de dollars, un résultat net de $9,2 millions (0,6 % des ventes) et un bénéfice par action dilué de $0,07. L’EBITDA ajusté s’élevait à $194,7 millions (12,9 % des ventes) et le BPA ajusté était de $0,16. Le flux de trésorerie net provenant des activités opérationnelles était de $143,3 millions et le flux de trésorerie libre ajusté était de $98,1 millions. La direction a révisé les objectifs pour l’ensemble de 2025 : ventes $5,8–$5,9 Md, EBITDA ajusté $710–$745 M, et flux de trésorerie libre ajusté $180–$210 M (suppose environ 5 % de capex sur les ventes et exclut les coûts de fusion avec Dowlais).
L’entreprise a déclaré que l’expansion des marges a conduit à une amélioration d’année en année et a réaffirmé les hypothèses prospectives pour la production et les estimations du programme pour 2025.
American Axle & Manufacturing (NYSE: AXL) hat die Ergebnisse des dritten Quartals 2025 gemeldet: Umsatz 1,51 Mrd. USD, Nettogewinn von $9,2 Millionen (0,6% des Umsatzes) und verdünnter Gewinn je Aktie von $0,07. Bereinigtes EBITDA betrug $194,7 Millionen (12,9% des Umsatzes) und bereinigter Gewinn je Aktie war $0,16. Von den operativen Aktivitäten erzielter Nettocashflow betrug $143,3 Millionen und bereinigter freier Cashflow $98,1 Millionen. Das Management aktualisierte die Jahresziele 2025: Umsatz $5,8–$5,9 Mrd., bereinigtes EBITDA $710–$745 Mio, und bereinigter freier Cashflow $180–$210 Mio (angenommen ca. 5% Capex des Umsatzes und ohne Fusionskosten mit Dowlais).
Das Unternehmen sagte, Margenausweitung habe zu einer jahresübergreifenden Verbesserung geführt und bestätigte die Annahmen für die Produktion und Programm-Schätzungen für 2025.
أمريكان أكسل آند مانوفكتشوريج (NYSE: AXL) أصدرت نتائج الربع الثالث من 2025 مع مبيعات قدرها 1.51 مليار دولار، وصافي دخل قدره $9.2 مليون (0.6% من المبيعات) وهوامش الربح المخفف للسهم مقداره $0.07. كان EBITDA المعدل $194.7 مليون (12.9% من المبيعات) وتبعه ربحية السهم المعدلة قدرها $0.16. النقد الصافي المُولَّد من الأنشطة التشغيلية كان $143.3 مليون والتدفق النقدي الحر المعدل كان $98.1 مليون. حدّدت الإدارة أهدافها لعام 2025 ككل: المبيعات $5.8–$5.9 مليار، EBITDA المعدل $710–$745 مليون، و التدفق النقدي الحر المعدل $180–$210 مليون (افتراض نحو 5% من النفقات الرأسمالية من المبيعات واستبعاد تكاليف الاندماج مع Dowlais).
وقالت الشركة إن توسع الهامش قد قاد إلى تحسن على أساس سنوي وأعاد تأكيد الافتراضات المستقبلية للإنتاج وتقديرات البرنامج لعام 2025.
- Adjusted EBITDA of $194.7M (12.9% of sales)
- Adjusted free cash flow of $98.1M (+31.6% vs prior quarter basis)
- Updated FY25 targets: Adjusted EBITDA $710–$745M and Adjusted FCF $180–$210M
- Adjusted EPS down to $0.16 from $0.20 year‑ago
- Net income declined to $9.2M from $10.0M year‑ago
- Restructuring and acquisition costs of $21.4M in the quarter
Insights
Mixed quarter: margin expansion on higher Adjusted EBITDA but earnings per share and net income slightly lower; cash flow improved.
AAM grew Adjusted EBITDA to
Operating cash provided was strong at
Key dependencies and risks include the progress and costs of the Dowlais combination, the company’s ability to sustain the higher Adjusted EBITDA margin, and assumptions such as North American light vehicle production of
Strong Year-Over-Year Margin Growth
Third Quarter 2025 Results
- Sales of
$1.51 billion - Net income of
$9.2 million 0.6% of sales - Adjusted EBITDA of
$194.7 million 12.9% of sales - Diluted earnings per share of
$0.07 $0.16 - Net cash provided by operating activities of
$143.3 million $98.1 million
"AAM delivered strong year-over-year margin growth driven by performance," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "Furthermore, we continue to make great progress to close our combination with Dowlais, positioning us well for a bright future as a premier global driveline and metal forming supplier with significant size, scale, and value creation potential."
AAM's sales in the third quarter of 2025 were
AAM's net income in the third quarter of 2025 was
Adjusted earnings per share in the third quarter of 2025 was
In the third quarter of 2025, Adjusted EBITDA was
AAM's net cash provided by operating activities for the third quarter of 2025 was
AAM's Adjusted free cash flow for the third quarter of 2025 was
AAM's 2025 Updated Financial Outlook
AAM's full year 2025 financial targets are as follows:
- AAM is targeting sales in the range of
$5.8 $5.9 billion $5.75 $5.95 billion - AAM is targeting Adjusted EBITDA in the range of
$710 $745 million $695 $745 million - AAM is targeting Adjusted free cash flow in the range of
$180 $210 million $175 $215 million 5% of sales.
These targets are based on the following assumptions for 2025:
- North American light vehicle production of approximately 15.1 million units.
- AAM's production estimates of key programs that we support.
- Excludes costs and expenses associated with the announced combination with Dowlais. Reflects AAM on a stand-alone pre-combination basis only.
- No changes to USMCA.
- Mitigation of a majority of incremental tariff costs.
Third Quarter
2025 Conference Call Information
A conference call to review AAM's third quarter results is scheduled for today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM's investor web site at http://investor.aam.com or calling (877) 883-0383 from
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in
Certain of the forward-looking financial measures included in this earnings release are provided on a non-GAAP basis. A reconciliation of non-GAAP forward-looking financial measures to the most directly comparable forward-looking financial measures calculated and presented in accordance with GAAP has been provided. The amounts in these reconciliations are based on our current estimates and actual results may differ materially from these forward-looking estimates for many reasons, including potential event driven transactional and other non-core operating items and their related effects in any future period, the magnitude of which may be significant.
Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of AAM's business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures reported by other companies.
Definition of Non-GAAP Financial Measures
AAM defines Adjusted earnings per share to be diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our business combination with Dowlais, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges, and non-recurring items, including the tax effect thereon.
AAM defines EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our business combination with Dowlais, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items.
AAM defines free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and from government grants. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs.
Company Description
As a leading global Tier 1 Automotive and Mobility Supplier, AAM (NYSE: AXL) designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid and internal combustion vehicles. Headquartered in
Forward-Looking Statements
In this earnings release, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as "will," "may," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "project," "target," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and may differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: global economic conditions, including the impact of inflation, recession or recessionary concerns, or slower growth in the markets in which we operate; reduced purchases of our products by General Motors Company (GM), Stellantis N.V. (Stellantis), Ford Motor Company (Ford) or other customers; our ability to respond to changes in technology, increased competition or pricing pressures; our ability to develop and produce new products that reflect market demand; lower-than-anticipated market acceptance of new or existing products; our ability to attract new customers and programs for new products; reduced demand for our customers' products (particularly light trucks and sport utility vehicles (SUVs) produced by GM, Stellantis and Ford); our ability to consummate strategic initiatives and successfully integrate acquisitions and joint ventures; risks inherent in our global operations (including tariffs and the potential consequences thereof to us, our suppliers, and our customers and their suppliers, adverse changes in trade agreements, such as
Profit Forecasts and Estimates
The statements in this press release setting out targets for Adjusted EBITDA and Adjusted free cash flow of AAM for FY25 (together, the "FY25 Updated Profit Forecast") constitute profit forecasts of AAM for the purposes of Rule 28.1(a) of the
Other than the FY25 Updated Profit Forecast, nothing in this press release (including any statement of estimated cost savings or synergies) is intended, or is to be construed, as a profit forecast or profit estimate for any period or is to be interpreted to mean that earnings or earnings per share of AAM or Dowlais for the current or future financial years will necessarily match or exceed the published earnings or earnings per share of AAM or Dowlais, as appropriate.
AAM Directors' Confirmation
In accordance with Rule 28.1(c)(i) of the Code, the AAM directors confirm that, as at the date of this press release, the FY25 Updated Profit Forecast is valid and has been properly compiled on the basis of the assumptions stated in AAM's
For more information:
Investor Contact
David H. Lim
Head of Investor Relations
(313) 758-2006
david.lim@aam.com
Media Contact
Christopher M. Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Or visit the AAM website at www.aam.com.
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AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in millions, except per share data) |
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Net sales |
$ 1,505.3 |
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$ 1,504.9 |
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$ 4,452.8 |
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$ 4,744.1 |
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Cost of goods sold |
1,316.3 |
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1,333.6 |
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3,889.2 |
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4,157.0 |
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Gross profit |
189.0 |
|
171.3 |
|
563.6 |
|
587.1 |
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Selling, general and administrative expenses |
98.8 |
|
94.6 |
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290.5 |
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298.1 |
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Amortization of intangible assets |
20.4 |
|
20.8 |
|
61.4 |
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62.1 |
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Impairment charge |
— |
|
12.0 |
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8.0 |
|
12.0 |
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Restructuring and acquisition-related costs |
21.4 |
|
2.2 |
|
57.6 |
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9.7 |
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Operating income |
48.4 |
|
41.7 |
|
146.1 |
|
205.2 |
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|
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|
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Interest expense |
(42.7) |
|
(45.2) |
|
(128.7) |
|
(142.1) |
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Interest income |
7.0 |
|
7.1 |
|
18.2 |
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21.5 |
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|
|
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Other income (expense): |
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Debt refinancing and redemption costs |
— |
|
(0.2) |
|
(3.3) |
|
(0.5) |
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Gain (loss) on Business Combination Derivative |
(16.0) |
|
— |
|
52.2 |
|
— |
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Loss on equity securities |
— |
|
— |
|
— |
|
(0.1) |
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Other income (expense), net |
1.6 |
|
(5.5) |
|
2.3 |
|
(14.3) |
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|
|
|
|
|
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Income (loss) before income taxes |
(1.7) |
|
(2.1) |
|
86.8 |
|
69.7 |
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|
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|
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Income tax expense (benefit) |
(10.9) |
|
(12.1) |
|
31.2 |
|
21.0 |
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Net income |
$ 9.2 |
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$ 10.0 |
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$ 55.6 |
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$ 48.7 |
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Diluted earnings per share |
$ 0.07 |
|
$ 0.08 |
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$ 0.45 |
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$ 0.40 |
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AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
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September 30, 2025 |
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December 31, 2024 |
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(Unaudited) |
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ASSETS |
(in millions) |
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Current assets |
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Cash and cash equivalents |
$ 714.1 |
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$ 552.9 |
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Accounts receivable, net |
857.2 |
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709.1 |
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Inventories, net |
442.4 |
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442.5 |
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Prepaid expenses and other |
238.3 |
|
152.2 |
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Current assets held-for-sale |
— |
|
58.1 |
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Total current assets |
2,252.0 |
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1,914.8 |
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Property, plant and equipment, net |
1,608.3 |
|
1,622.8 |
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Deferred income taxes |
223.0 |
|
199.5 |
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Goodwill |
174.5 |
|
172.0 |
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Other intangible assets, net |
395.5 |
|
456.7 |
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GM postretirement cost sharing asset |
112.6 |
|
111.7 |
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Operating lease right-of-use assets |
103.4 |
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110.3 |
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Other assets and deferred charges |
473.9 |
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472.1 |
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Total assets |
$ 5,343.2 |
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$ 5,059.9 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities |
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Current portion of long-term debt |
$ 22.3 |
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$ 47.9 |
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Accounts payable |
798.8 |
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700.5 |
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Accrued compensation and benefits |
219.3 |
|
193.0 |
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Deferred revenue |
35.5 |
|
14.2 |
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Current portion of operating lease liabilities |
22.3 |
|
22.8 |
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Accrued expenses and other |
171.2 |
|
172.4 |
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Current liabilities held-for-sale |
— |
|
24.4 |
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Total current liabilities |
1,269.4 |
|
1,175.2 |
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Long-term debt, net |
2,594.0 |
|
2,576.9 |
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Deferred revenue |
22.0 |
|
37.0 |
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Deferred income taxes |
19.2 |
|
11.8 |
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Long-term portion of operating lease liabilities |
83.5 |
|
89.9 |
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Postretirement benefits and other long-term liabilities |
636.7 |
|
606.3 |
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Total liabilities |
4,624.8 |
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4,497.1 |
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Total stockholders' equity |
718.4 |
|
562.8 |
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Total liabilities and stockholders' equity |
$ 5,343.2 |
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$ 5,059.9 |
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AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in millions) |
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Operating activities |
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Net income |
$ 9.2 |
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$ 10.0 |
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$ 55.6 |
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$ 48.7 |
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Adjustments to reconcile net income to net cash provided by |
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Depreciation and amortization |
116.3 |
|
116.9 |
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342.0 |
|
354.3 |
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Other |
17.8 |
|
16.7 |
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(106.5) |
|
(98.8) |
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Net cash provided by operating activities |
143.3 |
|
143.6 |
|
291.1 |
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304.2 |
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Investing activities |
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Purchases of property, plant and equipment |
(64.1) |
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(73.2) |
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(190.7) |
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(170.0) |
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Proceeds from sale of property, plant and equipment |
0.3 |
|
0.3 |
|
5.3 |
|
3.6 |
|
Acquisition of business, net of cash acquired |
(0.6) |
|
(5.4) |
|
(1.9) |
|
(6.7) |
|
Proceeds from sale of business, net |
58.1 |
|
— |
|
58.1 |
|
— |
|
Proceeds from disposition of affiliates |
— |
|
— |
|
30.1 |
|
— |
|
Proceeds from government grants |
— |
|
— |
|
— |
|
2.0 |
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Other |
(3.4) |
|
(1.0) |
|
(9.2) |
|
(3.1) |
|
Net cash used in investing activities |
(9.7) |
|
(79.3) |
|
(108.3) |
|
(174.2) |
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|
|
|
|
|
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Financing activities |
|
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Net debt activity |
(1.0) |
|
(44.5) |
|
(17.6) |
|
(93.9) |
|
Other |
(4.5) |
|
(3.0) |
|
(17.9) |
|
(12.1) |
|
Net cash used in financing activities |
(5.5) |
|
(47.5) |
|
(35.5) |
|
(106.0) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
(0.5) |
|
5.8 |
|
13.9 |
|
(1.4) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
127.6 |
|
22.6 |
|
161.2 |
|
22.6 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
586.5 |
|
519.9 |
|
552.9 |
|
519.9 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ 714.1 |
|
$ 542.5 |
|
$ 714.1 |
|
$ 542.5 |
|
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. SUPPLEMENTAL DATA (Unaudited) |
|||||||
|
|
|||||||
|
The supplemental data presented below is a reconciliation of certain financial measures which is intended to facilitate analysis of American Axle & Manufacturing Holdings, Inc.'s business and operating performance. |
|||||||
|
|
|||||||
|
Earnings before interest expense, income taxes and depreciation and amortization (EBITDA) and Adjusted EBITDA (a) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(in millions) |
||||||
|
|
|
|
|
|
|
|
|
|
Net income |
$ 9.2 |
|
$ 10.0 |
|
$ 55.6 |
|
$ 48.7 |
|
Interest expense |
42.7 |
|
45.2 |
|
128.7 |
|
142.1 |
|
Income tax expense (benefit) |
(10.9) |
|
(12.1) |
|
31.2 |
|
21.0 |
|
Depreciation and amortization |
116.3 |
|
116.9 |
|
342.0 |
|
354.3 |
|
EBITDA |
157.3 |
|
160.0 |
|
557.5 |
|
566.1 |
|
Restructuring and acquisition-related costs |
21.4 |
|
2.2 |
|
57.6 |
|
9.7 |
|
Debt refinancing and redemption costs |
— |
|
0.2 |
|
3.3 |
|
0.5 |
|
Loss (gain) on Business Combination Derivative |
16.0 |
|
— |
|
(52.2) |
|
— |
|
Impairment charges |
— |
|
12.0 |
|
8.0 |
|
12.0 |
|
Loss on equity securities |
— |
|
— |
|
— |
|
0.1 |
|
Adjusted EBITDA |
$ 194.7 |
|
$ 174.4 |
|
$ 574.2 |
|
$ 588.4 |
|
Adjusted earnings per share (b) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Diluted earnings per share |
$ 0.07 |
|
$ 0.08 |
|
$ 0.45 |
|
$ 0.40 |
|
Restructuring and acquisition-related costs |
0.18 |
|
0.02 |
|
0.47 |
|
0.08 |
|
Debt refinancing and redemption costs |
— |
|
— |
|
0.03 |
|
— |
|
Impairment charges |
— |
|
0.10 |
|
0.06 |
|
0.10 |
|
Loss (gain) on Business Combination Derivative |
0.13 |
|
— |
|
(0.42) |
|
— |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
Discrete tax impact from enactment of tax law |
(0.18) |
|
— |
|
(0.18) |
|
— |
|
Tax effect of adjustments |
(0.04) |
|
— |
|
0.05 |
|
(0.01) |
|
Adjusted earnings per share |
$ 0.16 |
|
$ 0.20 |
|
$ 0.46 |
|
$ 0.57 |
|
|
|
Adjusted earnings per share are based on weighted average diluted shares outstanding of 124.3 million and 122.2 million for the three months ended September 30, 2025 and 2024 respectively, and 123.7 million and 121.7 million for the nine months ended September 30, 2025 and 2024 respectively. |
|
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. SUPPLEMENTAL DATA (Unaudited) |
|||||||
|
|
|||||||
|
The supplemental data presented below is a reconciliation of certain financial measures which is intended to facilitate analysis of American Axle & Manufacturing Holdings, Inc.'s business and operating performance. |
|||||||
|
|
|||||||
|
Free cash flow and Adjusted free cash flow (c) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(in millions) |
||||||
|
Net cash provided by operating activities |
$ 143.3 |
|
$ 143.6 |
|
$ 291.1 |
|
$ 304.2 |
|
Less: Capital expenditures net of proceeds from the sale of |
(63.8) |
|
(72.9) |
|
(185.4) |
|
(164.4) |
|
Free cash flow |
$ 79.5 |
|
$ 70.7 |
|
$ 105.7 |
|
$ 139.8 |
|
Cash payments for restructuring and acquisition-related costs |
18.6 |
|
3.9 |
|
37.2 |
|
11.3 |
|
Adjusted free cash flow |
$ 98.1 |
|
$ 74.6 |
|
$ 142.9 |
|
$ 151.1 |
|
Segment Financial Information |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
September 30, |
|
September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(in millions) |
||||||
|
Segment Sales |
|
|
|
|
|
|
|
|
Driveline |
$ 1,051.1 |
|
$ 1,042.8 |
|
$ 3,091.0 |
|
$ 3,273.7 |
|
Metal Forming |
595.0 |
|
596.5 |
|
1,769.2 |
|
1,893.7 |
|
Total Sales |
1,646.1 |
|
1,639.3 |
|
4,860.2 |
|
5,167.4 |
|
Intersegment Sales |
(140.8) |
|
(134.4) |
|
(407.4) |
|
(423.3) |
|
Net External Sales |
$ 1,505.3 |
|
$ 1,504.9 |
|
$ 4,452.8 |
|
$ 4,744.1 |
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA(a) |
|
|
|
|
|
|
|
|
Driveline |
$ 156.8 |
|
$ 135.7 |
|
$ 431.0 |
|
$ 444.9 |
|
Metal Forming |
37.9 |
|
38.7 |
|
143.2 |
|
143.5 |
|
Total Segment Adjusted EBITDA |
$ 194.7 |
|
$ 174.4 |
|
$ 574.2 |
|
$ 588.4 |
|
Full Year 2025 Financial Outlook |
|||
|
|
|||
|
The supplemental data presented below is a reconciliation of certain financial measures which is intended to facilitate analysis of American Axle & Manufacturing Holdings, Inc.'s business and operating performance. |
|||
|
|
|||
|
|
Adjusted EBITDA |
||
|
|
Low End |
|
High End |
|
|
(in millions) |
||
|
Net income |
$ — |
|
$ 10 |
|
Interest expense |
205 |
|
205 |
|
Income tax expense |
— |
|
25 |
|
Depreciation and amortization |
460 |
|
460 |
|
Full year 2025 targeted EBITDA |
665 |
|
700 |
|
Restructuring-related costs |
45 |
|
45 |
|
Dowlais acquisition-related costs |
55 |
|
55 |
|
Other, principally Business Combination Derivative |
(55) |
|
(55) |
|
Full year 2025 targeted Adjusted EBITDA |
$ 710 |
|
$ 745 |
|
|
Adjusted Free Cash Flow |
||
|
|
Low End |
|
High End |
|
|
(in millions) |
||
|
Net cash provided by operating activities |
$ 395 |
|
$ 425 |
|
Capital expenditures net of proceeds from the sale of property, |
(280) |
|
(280) |
|
Full year 2025 targeted Free Cash Flow |
115 |
|
145 |
|
Cash payments for restructuring-related costs |
20 |
|
20 |
|
Cash payments for Dowlais acquisition-related costs |
45 |
|
45 |
|
Full year 2025 targeted Adjusted Free Cash Flow |
$ 180 |
|
$ 210 |
|
|
|
|
|
|
|
(a) |
We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our business combination with Dowlais, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items. We believe that EBITDA and Adjusted EBITDA are meaningful measures of performance as they are commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and banking institutions routinely use EBITDA and Adjusted EBITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. We also use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. EBITDA and Adjusted EBITDA are also key metrics used in our calculation of incentive compensation. EBITDA and Adjusted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently. |
|
|
|
|
(b) |
We define Adjusted earnings per share to be diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our business combination with Dowlais, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items, including the tax effect thereon. We believe Adjusted earnings per share is a meaningful measure as it is commonly utilized by management and investors in assessing ongoing financial performance that provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of core operating performance and which may obscure underlying business results and trends. Other companies may calculate Adjusted earnings per share differently. |
|
|
|
|
(c) |
We define free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and from government grants. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs. We believe free cash flow and Adjusted free cash flow are meaningful measures as they are commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow and Adjusted free cash flow are also key metrics used in our calculation of incentive compensation. Other companies may calculate free cash flow and Adjusted free cash flow differently. |
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SOURCE American Axle & Manufacturing Holdings, Inc.
FAQ
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