American Axle's Strong Finish

American Axle & Manufacturing has to be one of the great comeback stories of Michigan manufacturing. The company announced a business backlog of $1.25 billion in December, a $100 million investment in its Michigan manufacturing facilities February 1, and then one week later finished 2012 with very strong year-end and fourth-quarter earnings  reports.

DETROIT, Feb. 8, 2013 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the fourth quarter and full year 2012. 

Fourth Quarter 2012 Results

• Fourth quarter 2012 sales of $736.7 million, up 21.6% on a year-over-year basis
• Non-GM sales grew by 16.6% on a year-over-year basis to $204.1 million
• Gross profit of $84.0 million, or 11.4% of sales
• Operating income of $18.6 million, or 2.5% of sales
• Net income of $319.9 million, or $4.21 per share, which includes the favorable impact of a $337.5 million benefit related to the reversal of our valuation allowance against our net federal deferred tax assets for entities in the United States
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization excluding the impact of curtailments, asset impairments, restructuring costs and special charges related to the closure of the Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility, and debt refinancing and redemption costs, to the extent applicable) of $64.5 million or approximately 9% of sales
• AAM's quarterly results reflect the impact of $9.7 million (or $0.13 per share) of debt refinancing and redemption costs and $6.2 million (or$0.08 per share) of restructuring costs related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility

Full Year 2012 Results     

• Full year 2012 sales of $2.93 billion, up 13.4% on a year-over-year basis
• Non-GM sales grew 11.6% on a year-over-year basis to $792.6 million
• Gross profit of $399.7 million, or 13.6% of sales
• Operating income of $156.4 million, or 5.3% of sales
• Net income of $367.7 million, or $4.87 per share
• Adjusted EBITDA of $346.7 million, or approximately 12% of sales
• AAM's full year results reflect the impact of $19.8 million (or $0.26 per share) of debt refinancing and redemption costs and $40.6 million(or $0.54 per share) of restructuring costs related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility

American Axle & Manufacturing is one of the great stories that is part of the manufacturing renaissance that we are seeing in Detroit, in Michigan and the Great Lakes region.

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