American Axle & Manufacturing Holdings, Inc. (AAM) said sales in the first quarter of 2018 increased to US$1.86bn from $1.05bn in Q1 2017.
Net income was $89.4m, or $0.78 per share versus $78.4m, or $0.99 per share.
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Adjusted EBITDA was $317.0m, or 17.1% of sales, versus $183.6m, or 17.5% of sales, in the first quarter of 2017.
In April 2018, AAM sold the aftermarket business of its powertrain business unit to Hidden Harbor Capital Partners. Cash from the sale of the non-core assets totalled approximately $50m. The impact of this sale will be booked in the second quarter.
AAM confirmed its full year 2018 financial outlook:
- Sales of approximately $7bn
- Adjusted EBITDA margin in the range of 17.5% to 18.0% of sales
"AAM's first quarter financial performance was highlighted by continued strength in our end markets, realisation of our new business backlog and operational excellence on a global basis," said chairman and CEO, David Dauch.
"We are off to a great start in achieving our 2018 financial targets while continuing to focus on critical launch and acquisition integration activities during the year."
