American Axle & Mfg Hldgs Inc Stock Price, News & Analysis

American Axle & Manufacturing (AAM) announced the passing of co-founder Mort Harris on May 7, 2021. AAM Chairman David C. Dauch expressed deep condolences, highlighting Harris's significant influence on the company's foundation. AAM was established in 1994 by Richard E. Dauch and Harris after acquiring the Final Drive and Forge business from GM. Today, AAM operates nearly 80 facilities globally with around 20,000 associates, focusing on quality and technology leadership as a top-tier automotive supplier.

American Axle & Manufacturing Holdings (AXL) reported Q1 2021 sales of $1.43 billion, up from $1.34 billion in Q1 2020. Net income reached $38.6 million or $0.33 per share, a significant turnaround from a net loss of $501.3 million in the previous year. Adjusted EBITDA was $262.9 million (18.4% of sales), despite a $64 million impact from semiconductor shortages. The company maintains its 2021 targets, projecting sales between $5.3 - $5.5 billion and adjusted EBITDA of $850 - $925 million.

American Axle & Manufacturing Holdings (AXL) received $5 million from the U.S. Department of Energy to enhance its Electric Drive Technology. The funding will support the development of a 3-in-1 electric drive unit that integrates power electronics, the electric motor, and gearbox for improved performance and cost-effectiveness. AAM aims to lead in sustainable propulsion systems for battery electric and hybrid vehicles, emphasizing the growing demand in various market segments.

American Axle & Manufacturing (AAM) and REE Automotive have partnered to develop an electric propulsion system for e-Mobility. This collaboration includes leveraging AAM's lightweight electric drive units and advanced integration capabilities into REE's innovative REEcorner technology, which offers a fully flat EV chassis for multiple commercial applications. Prototypes are expected by the end of 2021. The merger of REE with 10X Capital Venture Acquisition Corp (VCVC) is also underway, aiming for public listing.

American Axle & Manufacturing (AXL) highlights its high-performance Power Transfer Unit (PTU) featured in the new Ford Bronco® Sport SUV. The PTU, part of AAM's EcoTrac® Disconnecting AWD solutions, enhances vehicle handling and traction in challenging conditions. AAM provides both air-cooled and liquid-cooled PTUs for different Bronco Sport models, optimizing efficiency while reducing emissions. With over three million disconnecting AWD units supplied since 2013, AAM continues to lead in automotive driveline technology.

American Axle & Manufacturing Holdings, Inc. (AXL) will hold a conference call to discuss its Q1 2021 financial results on May 7, 2021, at 10:00 a.m. ET. A press release with the financial results will be issued before the market opens on the same day, available at www.aam.com. Investors can participate via phone or online webcast, with a replay available until May 14. AAM is a leading global automotive supplier, focusing on driveline and metal forming technologies with around 20,000 associates across 80 facilities in 17 countries.

American Axle & Manufacturing (AXL) will participate in the 2021 Bank of America Auto Summit, scheduled for March 31, 2021, at 12:30 p.m. ET. The event will take place virtually, with a live audio webcast accessible on AAM's Investor Relations page. A replay will also be available post-event. AAM, headquartered in Detroit, is a leading global tier 1 automotive supplier, employing approximately 20,000 associates across 80 facilities in 17 countries. For more details, visit www.aam.com.

American Axle & Manufacturing (AAM) will participate in the Wolfe Global Autos Conference on February 25, 2021, starting at 8:00 a.m. ET. CEO David C. Dauch will discuss recent business developments. A live audio webcast will be available on AAM's Investor Relations page, with a replay following the event. AAM, a leading global tier 1 automotive supplier, focuses on driveline and metal forming technologies, employing around 20,000 associates across nearly 80 facilities in 17 countries. More details can be found at aam.com.