DETROIT, Nov. 1, 2013 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the third quarter 2013.
Third Quarter 2013 Results
- Third quarter 2013 sales of $820.8 million, up 16.8% on a year-over-year basis
- Non-GM sales grew 18.1% on a year-over-year basis to $234.7 million
- Gross profit of $125.3 million, or 15.3% of sales
- Operating income of $67.5 million, or 8.2% of sales
- Net income of $31.6 million, or $0.41 per share
- EBITDA (earnings before interest, taxes, depreciation and amortization) of $113.4 million or approximately 13.8% of sales
AAM's net income in the third quarter of 2013 was $31.6 million, or $0.41 per share. This compares to a net loss of $8.1 million, or $0.11 per share in the third quarter of 2012.
In the third quarter of 2013, AAM's results reflect the impact of a net charge of $5.3 million related to the acceleration of expense for stock-based compensation and other benefits earned and vested due to the passing of our Co-Founder and Executive Chairman of the Board of Directors. AAM's third quarter of 2013 results also include a charge of approximately$0.5 million for the proposed settlement of a National Labor Relations Board proceeding related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility in 2012.
In the third quarter of 2012, AAM's results reflected the impact of $10.1 million (or $0.14 per share) of debt refinancing and redemption cost and $3.2 million (or $0.04 per share) of restructuring costs related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility.
Net sales in the third quarter of 2013 increased approximately 16.8% on a year-over-year basis to $820.8 million as compared to $702.9 million in the third quarter of 2012. Non-GM sales were up 18.1% in the quarter to $234.7 million as compared to $198.8 million in the third quarter of 2012.
AAM's net sales in the first nine months of 2013 increased over 8.0% to $2.38 billion as compared to $2.19 billion in the first nine months of 2012. Non-GM sales in the first nine months of 2013 increased approximately 9.9% on a year-over-year basis to $646.6 million as compared to $588.5 million in the first nine months of 2012.
AAM's content-per-vehicle is measured by the dollar value of its product sales supporting our customers' North American light truck and SUV programs. In the third quarter of 2013, AAM's content-per-vehicle increased to $1,560 as compared to$1,466 in the third quarter of 2012 and $1,554 in the second quarter of 2013.
AAM's gross profit in the third quarter of 2013 increased 38.1% on a year-over-year basis to $125.3 million as compared to $90.7 million in the third quarter of 2012. Gross margin was 15.3% in the third quarter of 2013 as compared to 12.9% in the third quarter of 2012.
AAM's gross profit for the first nine months of 2013 increased 11.4% on a year-over-year basis to $351.8 million as compared to $315.7 million in the first nine months of 2012.
Gross margin was 14.8% in the first nine months of 2013 as compared to 14.4% in the first nine months of 2012.
AAM's SG&A expense in the third quarter of 2013 was $57.8 million, or 7.0% of sales, as compared to $60.6 million, or 8.6% of sales, in the third quarter of 2012. AAM's R&D expense in the third quarter of 2013 was $23.6 million as compared to $31.4 million in the third quarter of 2012.
In the first nine months of 2013, AAM's SG&A expense was $177.9 million, approximately the same as the first nine months of 2012. AAM's R&D expense decreased $10.9 million in the first nine months of 2013 on a year-over-year basis to $79.4 million as compared to $90.3 million in the first nine months of 2012.
In the third quarter of 2013, AAM's operating income more than doubled to $67.5 million as compared to $30.1 million in the third quarter of 2012. Operating margin was 8.2% in the third quarter of 2013 as compared to 4.3% in the third quarter of 2012.
AAM's operating income in the first nine months of 2013 increased 26.2% to $173.9 million as compared to $137.8 millionin the first nine months of 2012. Operating margin was 7.3% in the first nine months of 2013 as compared to 6.3% in the first nine months of 2012.
In the third quarter of 2013, AAM's net income was $31.6 million or $0.41 per share. This compares to a net loss of $8.1 million or $0.11 per share in the third quarter of 2012.
AAM defines EBITDA to be earnings before interest, taxes, depreciation and amortization. In the third quarter of 2013, AAM's EBITDA was $113.4 million or 13.8% of sales. In the first nine months of 2013, AAM's EBITDA was $291.1 millionor 12.3% of sales.
AAM defines free cash flow to be net cash provided by (used in) operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment.
Net cash provided by operating activities for the third quarter of 2013 was $69.1 million. Capital spending, net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment, for the third quarter of 2013 was$48.3 million. Reflecting the impact of this activity, AAM generated free cash flow of $20.8 million for the third quarter of 2013.
Net cash provided by operating activities for the first nine months of 2013 was $102.3 million. Capital spending, net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment, for the first nine months of 2013 was $148.9 million. Reflecting the impact of this activity, AAM's free cash flow was a use of $46.6 million in the first nine months of 2013.
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