American Axle & Manufacturing (AAM) booked a net loss in the first quarter of 2023 of US$5.1m, or $0.04 per share versus net income of $1m, or $0.01 per share in Q1 2022.
Q1 sales were $1.49bn versus $1.44bn, favourably impacted by the Tekfor acquisition.
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Adjusted EBITDA was $175.4m, or 11.7% of sales, compared to $196.1m, or 13.7% of sales, in Q1 2022.
“AAM’s financial performance in the first quarter reflects customer production shutdowns and continued supply chain volatility. That stated, we are managing what we can control,” said AAM chairman and CEO, David Dauch.
Outlook
Full year 2023 targets remain unchanged – sales in the range of $5.95bn-$6.25bn and adjusted EBITDA of $725m-$800m.
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By GlobalDataThis asseumed American light vehicle production of 14.5m-15.1m units.
