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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
American Axle Boosts FY22 Sales Outlook; Q2 Results Top Estimates
American Axle & Manufacturing Investing $10 Mln In Global Strategic Mobility
American Axle Sees FY23 Sales In Line With View; Q4 Adj. EPS Miss Estimates
American Axle Confirms Not Engaged In Any Discussions To Sell Company
Taiwan Shares May Head South Again On Wednesday
Singapore Bourse May Extend Losing Streak
Malaysia Shares May See Renewed Consolidation
