American Axle & Manufacturing Holdings has increased its earnings guidance to $US3.00 per share for the full year 2002. This is an increase from previous guidance of $2.85 per share.
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The increase is due to AAM’s expectation that North American light vehicle builds will be approximately 16.1 million vehicles for the full year 2002. Additionally, the company expects to continue its focus on tight cost controls and margin improvements. The company also reiterates its expectation to generate over $100 million of free positive cash flow for the full year 2002.
“AAM is pleased to raise earnings guidance for the year 2002 at this time. Our sales to General Motors continue to increase and we are successfully producing driveline systems to support DaimlerChrysler’s launch of the heavy-duty Dodge Ram pickup trucks,” said AAM chairman and CEO Richard E. Dauch.
