American Axle Trims FY22 Sales Outlook As Q3 Adj. EPS Miss Estimates; Stock Down 16%
(RTTNews) - While reporting financial results for the third quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) trimmed its sales guidance for the full-year 2022.
For fiscal 2022, the company now projects sales in the range of $5.75 billion to $5.85 billion, down from the prior guidance range of $5.75 billion to $5.95 billion.
On average, eight analysts polled by Thomson Reuters expect the company to report sales of $5.84 billion for the year.
For the third quarter, the company reported net income of $26.5 million or $0.22 per share, compared to a net loss of $2.4 million or $0.02 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.27 per share, compared to $0.15 per share in the year-ago quarter.
Net sales for the quarter increased to $1.54 billion from $1.21 billion in the same quarter last year.
The Street was looking for earnings of $0.24 per share on sales of $1.47 billion for the quarter. Analysts' estimates typically exclude special items.
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