American Axle & Manufacturing said sales in the second quarter of 2022 were US$1.44 billion versus $1.28 billion in Q2 2021.
“On a year over year basis, Q2 sales were favorably impacted by supply chain improvements, volume and mix, and the Tekfor acquisition, the supplier said.
“In addition, metal market pass-throughs to customers and foreign exchange added approximately $27 million in sales to the quarter.”
Net income rose to $22.9 million, or $0.19 per share, from $16 million and $0.13 per share in Q2 2021.
Adjusted earnings per share were $0.22 versus $0.29.
“AAM delivered solid second quarter financial results and cash flow conversion while operating in a volatile industry environment,” said chairman and CEO David Dauch.
Adjusted EBITDA was $195.1 million, or 13.6% of sales, compared to $222.6 million/17.3%.
AAM is targeting sales in the range of $5.75-$5.95 billion versus $5.6-$5.8 billion prior, adjusted EBITDA in the range of $790-$830 million versus $785-$830 million prior and adjusted free cash flow in the range of $300-$350 million; this assumes capital spending of 3.5%-4% of sales.
The updated financial outlook reflects acquisition of Tekfor Group effective June 1, 2022 with “cost synergies on track for 2023”.
The supplier expects 2022 North American light vehicle production of approximately 14.3-14.7 million units and “the current operating environment”.