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American Axle Sees FY23 Sales In Line With View; Q4 Adj. EPS Miss Estimates
(RTTNews) - While reporting financial results for the fourth quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) initiated its sales guidance for the full-year 2023.
For fiscal 2023, the company now projects sales in the range of $5.95 billion to $6.25 billion.
On average, eight analysts polled by Thomson Reuters expect the company to report sales of $5.98 billion for the year.
For the fourth quarter, the company reported net income attributable to AAM of $13.9 million or $0.11 per share, compared to a net loss of $46.3 million or $0.41 per share in the prior-year quarter.
Excluding items, adjusted loss for the quarter were $0.07 per share, compared to adjusted loss of $0.09 per share in the year-ago quarter.
Net sales for the quarter increased to $1.39 billion from $1.24 billion in the same quarter last year.
The Street was looking for earnings of $0.01 per share on sales of $1.39 billion for the quarter. Analysts' estimates typically exclude special items.
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