AAM Reports 2nd Quarter 2022 Financial Results.

DETROIT: American Axle & Manufacturing Holdings, Inc. (AAM), ( NYSE: AXL) today reported its financial results for the second quarter 2022.

Second Quarter 2022 Results

Sales of $1.44 billion

Net income of $22.9 million, or 1.6% of sales

Adjusted EBITDA of $195.1 million, or 13.6% of sales

Diluted earnings per share of $0.19; Adjusted earnings per share of $0.22

Net cash provided by operating activities of $146.7 million; Adjusted free cash flow of $114.3 million

"AAM delivered solid second quarter financial results and cash flow conversion while operating in a volatile industry environment," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "In addition, we are excited to close on our recent Tekfor acquisition and begin the integration process. We also remain focused on our future to be the supplier of choice in electric propulsion while maintaining our leadership position in our existing product segments."

AAM's sales in the second quarter of 2022 were $1.44 billion as compared to $1.28 billion in the second quarter of 2021. AAM estimates, on a year-over-year basis, sales for the second quarter of 2022 were favorably impacted by supply chain improvements, volume and mix, and the Tekfor acquisition. In addition, metal market pass-throughs to customers and foreign exchange added approximately $27 million in sales to the quarter.

AAM's net income in the second quarter of 2022 was $22.9 million, or $0.19 per share, as compared to $16.0 million, or $0.13 per share in the second quarter of 2021. Adjusted earnings per share in the second quarter of 2022 was $0.22 compared to $0.29 in the second quarter of 2021.

In the second quarter of 2022, Adjusted EBITDA was $195.1 million, or 13.6% of...