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Actionable news in AXL: AMERICAN AXLE & MANUFACTURING HOLDINGS Inc,

American Axle & Manufacturing: Aam Reports Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Quarterly net income increases by more than 38% on a year-over-year basis to

$60.9 million

per share

DETROIT, October 30, 2015 -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the third quarter 2015.

Third Quarter 2015 Results

Third quarter 2015 sales of

$971.6 million

Non-GM sales grew

$321.6 million

Gross profit of $

158.3 million

of sales

Operating income of $

92.8 million

Net income of

EBITDA (earnings before interest , taxes, depreciation and amortization) of

$149.2 million

AAM's net income in the third quarter of 2015 was

per share. This compares to a net income of

$44.0 million

per share in the third quarter of 2014.

“AAM’s financial results in the third quarter of 2015 reflect strong operating cash flow generation and profitability driven by solid production volumes across many of our major product programs supporting the North American light vehicle segment and continued operational execution,“ said AAM’s Chairman & Chief Executive Officer, David C. Dauch. "As we progress towards our 2015 financial targets, our team remains committed to improving our capital structure while leveraging AAM’s technology leadership to develop innovative solutions that will allow us to profitably grow while exploring strategic growth opportunities.”

Net sales in the third quarter of 2015 increased

as compared to

$950.8 million

in the third quarter of 2014. Non-GM sales were up

in the quarter to

as compared to $296.8 million in the third quarter of 2014.

AAM's net sales in the first nine months of 2015 increased by

$2.94 billion

$2.76 billion

in the first nine months of 2014. Non-GM sales in the first nine months of 2015 increased

$993.6 million

as compared to $882.7 million in the first nine months of 2014.

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 2015, AAM's content-per-vehicle was

$1,622

as compared to $1,676 in the third quarter of 2014 and

$1,637

in the second quarter of 2015.

AAM's gross profit in the third quarter of 2015 increased

$158.3 million

$140.7 million

in the third quarter of 2014. Gross margin was

in the third quarter of 2015 as compared to

AAM's gross profit for the first nine months of 2015 increased

$475.6 million

$411.6 million

in the first nine months of 2014. Gross margin was

in the first nine months of 2015 as compared to

AAM's SG&A expense in the third quarter of 2015 was

$65.5 million

of sales, as compared to

$64.0 million

, or 6.7% of sales, in the third quarter of 2014. AAM's R&D expense in the third quarter of 2015 was

$25.8 million

$26.4 million

In the first nine months of 2015, AAM's SG&A expense was

$204.6 million

$182.6 million

, or

of sales, for the first nine months of 2014. AAM's R&D expense increased

$6.0 million

in the first nine months of 2015 on a year-over-year basis to

$82.6 million

$76.6 million

in the first nine months of 2014.

In the third quarter of 2015, AAM's operating income increased

$92.8 million

$76.7 million

in the third quarter of 2014. Operating margin was

AAM's operating income in the first nine months of 2015 increased by

$42.0 million

$271.0 million

$229.0 million

in the first nine months of 2014. Operating margin was

In the third quarter of 2015, AAM's net income was

per share. This compares to net income of

per share in the third quarter of 2014. AAM’s net income in the first nine months of 2015 was

$172.7 million

per share as compared to

$129.8 million

per share in the first nine months of 2014.

AAM defines EBITDA to be earnings before interest, income taxes, depreciation and amortization. In the third quarter of 2015, AAM's EBITDA was

$127.7 million

of sales, in the third quarter of 2014. In the first nine months of 2015, AAM's EBITDA was

$433.6 million

$376.9 million

of sales, in the first nine months of 2014.

AAM defines free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment.

Net cash provided by operating activities for the third quarter of 2015 was

$113.8 million

. Capital spending, net of proceeds from the sale of property, plant and equipment for the third quarter of 2015 was

$40.6 million

. Reflecting the impact of this activity, AAM generated free cash flow of

$73.2 million

for the third quarter of 2015.

Net cash provided by operating activities for the first nine months of 2015 was

$268.1 million

. Capital spending, net of proceeds from the sale of property, plant and equipment for the first nine months of 2015 was

$131.9 million

$136.2 million

in the first nine months of 2015.

A conference call to review AAM's third quarter 2015 results is scheduled today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM's investor web site at http://investor.aam.com or calling (855) 681-2072 from the United States or (973) 200-3383 from outside the United States. A replay will be available from 1:00 p.m. ET on October 30, 2015...


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