AAM Reports First Quarter 2023 Financial Results.

DETROIT: American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the first quarter 2023.

First Quarter 2023 Results

Sales of $1.49 billion

Net loss of $(5.1) million, or (0.3)% of sales

Adjusted EBITDA of $175.4 million, or 11.7% of sales

Diluted loss per share of $(0.04); Adjusted loss per share of $(0.01)

Net cash provided by operating activities of $32.1 million; Adjusted free cash flow of $(17.1) million

"AAM's financial performance in the first quarter reflects customer production shutdowns and continued supply chain volatility. That stated, we are managing what we can control," said AAM's Chairman and Chief Executive Officer, David C. Dauch. "Our cutting-edge electric propulsion technology and our heritage in beam axles continue to provide a solid foundation for our future. As we announced today, AAM has been selected by Stellantis to supply electric beam axles for a future electric vehicle program."

AAM's sales in the first quarter of 2023 were $1.49 billion as compared to $1.44 billion in the first quarter of 2022. Sales for the first quarter of 2023 were favorably impacted by the Tekfor acquisition.

AAM's net loss in the first quarter of 2023 was $(5.1) million, or $(0.04) per share, as compared to net income of $1.0 million, or $0.01 per share in the first quarter of 2022.

Adjusted loss per share in the first quarter of 2023 was $(0.01) compared to Adjusted earnings per share of $0.19 in the first quarter of 2022.

In the first quarter of 2023, Adjusted EBITDA was $175.4 million, or 11.7% of sales, as compared to $196.1 million, or 13.7% of sales, in the first quarter of 2022.

AAM's...