American Axle & Manufacturing Holdings AXL reported first-quarter 2024 adjusted earnings of 18 cents per share, which surpassed the Zacks Consensus Estimate of 1 cent. The corporate had incurred a loss per share of a penny within the year-ago quarter.
The corporate generated quarterly revenues of $1.61 billion, outpacing the Zacks Consensus Estimate of $1.51 billion. Revenues elevated 8% on a year-over-year foundation.
American Axle & Manufacturing Holdings, Inc. Value, Consensus and EPS Shock
American Axle & Manufacturing Holdings, Inc. price-consensus-eps-surprise-chart | American Axle & Manufacturing Holdings, Inc. Quote
Segmental Efficiency
Within the reported quarter, the Driveline phase recorded gross sales of $1.11 billion, up 9% 12 months over 12 months. The determine additionally surpassed our estimate of $1.05 billion. The phase registered adjusted EBITDA of $157.4 million, which elevated 37.9% on a year-over-year foundation and outpaced our estimate of $137 million.
The corporate’s Metallic Forming enterprise generated revenues of $644.1 million, which rose 4% from the year-ago quarter’s determine and beat our estimate of $591.1 million. The phase registered an adjusted EBITDA of $48.2 million, which declined 21.4% however outpaced our estimate of $33.5 million.
Monetary Place
American Axle’s first-quarter SG&A bills totaled $98.3 million, which remained unchanged from the year-ago quarter’s reported determine.
Internet money supplied by working actions was $17.8 million, down from $32.1 million within the year-ago interval.
Capital spending within the quarter was $44.9 million, down from $46.2 million reported within the year-ago interval.
Within the three months ended Mar 31, 2024, the corporate posted a destructive adjusted free money circulation of $21.4 million in contrast with a destructive $17.1 million recorded within the year-ago interval.
As of Mar 31, 2024, American Axle had money and money equivalents of $469.8 million in contrast with $519.9 million as of Dec 31, 2023.
Its web long-term debt was $2.74 billion, down from $2.75 billion as of Dec 31, 2023.
2024 Outlook
American Axle envisions revenues within the vary of $6.05-$6.35 billion. The corporate reported revenues of $6.08 billion in 2023.
Adjusted EBITDA is estimated within the band of $685-$750 million. AXL’s adjusted EBITDA was $693.3 million in 2023.
Adjusted free money circulation is predicted within the vary of $200-$240 million. The corporate reported an adjusted free money circulation of $219 million in 2023.
Zacks Rank & Different Key Picks
AXL presently carries a Zacks Rank #2 (Purchase).
Another top-ranked gamers within the auto house are Geely Car Holdings Restricted GELYY, Volvo VLVLY and Canoo Inc. GOEV, every sporting a Zacks Rank #1 (Sturdy Purchase) at current. You may see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 gross sales suggests year-over-year progress of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, prior to now 60 days.
The Zacks Consensus Estimate for VLVLY’s 2024 earnings suggests year-over-year progress of 0.43%. The EPS estimates for 2024 and 2025 have improved 5 cents and 11 cents, respectively, prior to now 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 gross sales and earnings suggests year-over-year progress of seven,722.3% and 68.24%, respectively. The EPS estimates for 2024 and 2025 have improved $4.27 and $4.71, respectively, prior to now 60 days.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
