AAM records Q1 net loss of US$501m

AAM has posted a first-quarter net loss of US$501.3m, while sales fell to US$1.34bn compared to US$1.72bn the previous year.

AAM has posted a first-quarter net loss of US$501.3m, while sales fell to US$1.34bn compared to US$1.72bn the previous year.

"AAM delivered strong operating performance and free cash flow generation in the first quarter of 2020 despite the unfavourable impact of COVID-19 on global light vehicle production," said AAM chairman and CEO, David Dauch.

"We expect this unprecedented health crisis and related effect on global light vehicle production and consumer demand to further impact AAM's financial results in the second quarter of 2020.

"As we begin to resume our global operations, we are focused on securing a safe and healthy workplace for our associates while utilising our variable cost structure to mitigate the steep decline in global production volumes.

"In addition, we will continue to work with our supply base to meet customer requirements and structurally adjust our operations to the new market demand."

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As a result of the unexpected disruption in light vehicle production and economic uncertainty due to the impact of the COVID-19 pandemic, AAM withdrew its 2020 financial outlook on 25 March, 2020.

Due to continued uncertainty, the supplier is not issuing revised 2020 financial targets at this time.