1. AAM reported solid EBITDA growth in 2024, reaching $749.2 million. 2. Fourth quarter sales decreased to $1.38 billion, down from $1.46 billion in 2023. 3. Net income for 2024 was $35.0 million, reversing a loss from 2023. 4. Adjusted free cash flow increased to $230.3 million, compared to $219.0 million in 2023. 5. Strong outlook for 2025 targets Adjusted EBITDA growth between $700-$760 million.
AAM's improved EBITDA and cash flow suggest positive operational momentum.
The article reveals substantial financial improvements, which can influence investor confidence in AXL.
Sustained EBITDA growth indicates a solid foundation for future earnings.
DETROIT, Feb. 14, 2025 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the fourth quarter and full year 2024.
"AAM delivered strong full year Adjusted EBITDA growth driven in large part by operational performance," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "As we look to 2025, AAM will remain focused on optimization of our core business while closing on our announced combination with the Dowlais Group."
AAM's sales in the fourth quarter of 2024 were $1.38 billion as compared to $1.46 billion in the fourth quarter of 2023. Sales for the fourth quarter of 2024 were negatively impacted by volume and mix. AAM's sales for full year 2024 were $6.12 billion as compared to $6.08 billion for full year 2023.
AAM's net loss in the fourth quarter of 2024 was $(13.7) million, or $(0.12) per share, as compared to net loss of $(19.1) million, or $(0.16) per share in the fourth quarter of 2023. AAM's net income for full year 2024 was $35.0 million, or $0.29 per share, as compared to net loss of $(33.6) million, or $(0.29) per share, for full year 2023. AAM's Adjusted loss per share in the fourth quarter of 2024 was $(0.06) as compared to Adjusted loss per share of $(0.09) in the fourth quarter of 2023. AAM's Adjusted earnings per share for full year 2024 was $0.51 as compared to Adjusted loss per share of $(0.09) for full year 2023.
In the fourth quarter of 2024, AAM's Adjusted EBITDA was $160.8 million, or 11.6% of sales, as compared to $169.5 million, or 11.6% of sales, in the fourth quarter of 2023. For full year 2024, AAM's Adjusted EBITDA was $749.2 million, or 12.2% of sales, as compared to $693.3 million, or 11.4% of sales, in 2023.
AAM's net cash provided by operating activities for the fourth quarter of 2024 was $151.2 million as compared to $52.9 million for the fourth quarter of 2023. AAM's net cash provided by operating activities for full year 2024 was $455.4 million as compared to $396.1 million for full year 2023.
AAM's Adjusted free cash flow for the fourth quarter of 2024 was $79.2 million as compared to $4.5 million for the fourth quarter of 2023. AAM's Adjusted free cash flow for full year 2024 was $230.3 million as compared to $219.0 million for full year 2023.
AAM's full year 2025 financial targets are as follows:
A conference call to review AAM's fourth quarter results is scheduled today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM's investor web site at http://investor.aam.com or calling (877) 883-0383 from the United States or (412) 902-6506 from outside the United States with access code 0198702. A replay will be available one hour after the call is complete until February 21, 2025 by dialing (877) 344-7529 from the United States or (412) 317-0088 from outside the United States. When prompted, callers should enter replay access code 2688905.
In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this press release, AAM has provided certain information, which includes non-GAAP financial measures such as Adjusted EBITDA, Adjusted earnings per share and Adjusted free cash flow. Such information is reconciled to its most directly comparable GAAP measure in accordance with Securities and Exchange Commission rules and is included in the attached supplemental data.
As a leading global Tier 1 Automotive and Mobility Supplier, AAM (NYSE: AXL) designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid and internal combustion vehicles. Headquartered in Detroit, with over 75 facilities in 16 countries, AAM is bringing the future faster for a safer and more sustainable tomorrow. To learn more, visit aam.com.
In this earnings release, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results.
This press release may be deemed to be solicitation material in respect of AAM's combination with Dowlais Group (the "Combination"), including the issuance of AAM's shares of common stock in respect of the Combination.
The statements in this press release setting out targets for Adjusted EBITDA and Adjusted free cash flow of AAM for FY25 constitute profit forecasts of AAM for the purposes of Rule 28.1(a) of the UK Takeover Code (Code).
In accordance with Rule 28.1(c)(i) of the Code, the AAM directors confirm that, as at the date of this press release, the AAM FY25 Profit Forecast is valid and has been properly compiled on the basis of the assumptions stated in AAM's RNS announcement on or around the date of this press release.
Investor Contact: David H. Lim, Head of Investor Relations (313) 758-2006
Media Contact: Christopher M. Son, Vice President, Marketing & Communications (313) 758-4814
Or visit the AAM website at www.aam.com.