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Stock Market & Financial Investment News

News Breaks
January 16, 2013
11:31 EDTAXLAmerican Axle: 2H12 performance negatively impacted by global launch activity
Information from slides presentation prepared for Deutsche Bank Global Automotive Conference.
News For AXL From The Last 14 Days
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February 24, 2015
07:30 EDTAXLJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 24 at 7:40 am; not all company presentations may be webcasted. Webcast Link
February 23, 2015
10:19 EDTAXLAmerican Axle expects 2015 market conditions to be positive
Expects to have a bias towards the high end of range for light vehicles sales guidance of 16.5M-17M in 2015. Comments taken from Q4 earnings conference call.
09:54 EDTAXLAmerican Axle targets FY15-FY17 annual sales to grow at CAGR in excess of 5%
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09:52 EDTAXLAmerican Axle sees FY15 revenue $4B-$4.1B, consensus $4.07B
This sales projection is based on the anticipated launch schedule of programs in AAM's new and incremental business backlog and the assumption that the U.S. Seasonally Adjusted Annual Rate of sales is in the range of 16.5M-17M light vehicle units for the full year 2015. Sees FY15 ABITDA $550M-$575M. Sees FY15 free cash flow $175M-$200M. Sees FY15 CapEx to be 5% of sales in 2015.
08:14 EDTAXLAmerican Axle reports Q4 EPS 17c, may not compare to consensus 54c
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08:04 EDTAXLAmerican Axle reports Q4 non-GAM sales up 13% to $317.2M
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08:04 EDTAXLAmerican Axle reports Q4 net income 17c, not comparable to consensus 54c
Reports Q4 revenue $939.5M, consensus $924.29M. In the fourth quarter, AAM's results reflect the impact of a non-cash charge of $35.5M related to the 2014 Pension Payout Offer. This compares to net income of $29.8M, or 39c per share, in the fourth quarter of 2013.
07:52 EDTAXLAmerican Axle to amend 10-Q for period ended September 30, 2014
American Axle said in a filing that on February 19, the Audit Committee of the Board of Directors of American Axle & Manufacturing Holdings, after discussion with management and the companyís independent registered public accounting firm, Deloitte & Touche LLP, concluded that the financial statements contained in the companyís Quarterly Report on Form 10-Q for the period ended September 30, 2014, as previously filed with the SEC on October 31, 2014, should no longer be relied upon. American Axle says "In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4M were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. While management determined that it was necessary to restate the September 30, 2014 interim period and revise managementís conclusion regarding the effectiveness of disclosure controls and procedures as a result of a material weakness in internal controls over financial reporting, the effect of correcting these errors was not material to opening accumulated deficit as of January 1, 2012. The cumulative impact of the error was a decrease of $6.9M in opening accumulated deficit as of January 1, 2012.As a result of the foregoing, AAM will amend our Form 10-Q for the interim period ended September 30, 2014 to restate our previously issued financial statements. The Form 10-Q/A will be filed on February 23, 2015."

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