American Axle & Manufacturing Confirms 2004 Earnings Estimate
13 Gennaio 2005 - 2:01PM
PR Newswire (US)
American Axle & Manufacturing Confirms 2004 Earnings Estimate
Achieves $200M target for net cash flow provided by operations
DETROIT, Jan. 13 /PRNewswire-FirstCall/ -- American Axle &
Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the
NYSE, today announced that it expects to report net income of
approximately $160 million, or approximately $3.00 per share, for
the year ended December 31, 2004. These results include the impact
of a one-time charge of $23.5 million or $0.29 per share related to
debt refinancing and redemption activities in the first quarter of
2004 and a charge of $10.0 million or $0.13 per share related to
lump-sum voluntary separation payments accepted by 186 hourly
associates in the fourth quarter of 2004. Excluding the impact of
these charges, AAM's earnings for the full year 2004 would have
approximated $3.40 per share. The company also announced that it
achieved its target of $200 million in net cash flow provided by
operations in 2004. AAM defines net cash flow provided by
operations to be cash flow provided by operating activities less
capital expenditures. After deducting $23.0 million of cash
dividends paid in 2004, AAM achieved positive free cash flow of
approximately $190 million for the year. "As we previously
reported, our sales were lower than expected in the second half of
2004 due to the impact of lower production volumes scheduled by our
customers. We also experienced the structural cost impact of higher
steel and other metallic prices," said American Axle &
Manufacturing Co-Founder, Chairman of the Board and CEO, Richard E.
Dauch. "Despite these challenges, we are pleased to report that AAM
met its earnings and cash flow guidance for the year 2004." AAM has
scheduled a conference call to review AAM's fourth quarter and full
year results on February 2, 2005 at 3:00 p.m. EST. Interested
participants may listen to the live conference call by logging onto
AAM's investor web site at http://investor.aam.com/ or calling
(877) 278-1452 from the United States or (706) 643-3736 from
outside the United States. AAM is a world leader in the
manufacture, engineering, design and validation of driveline
systems and related components and modules, chassis systems and
metal-formed products for light trucks, sport utility vehicles and
passenger cars. In addition to its locations in the United States
(in Michigan, New York and Ohio), AAM also has offices or
facilities in Brazil, China, England, Germany, India, Japan,
Mexico, Scotland and South Korea. Certain statements contained in
this press release are "forward-looking statements" and relate to
the Company's plans, projections or future performance. Such
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and are based on
our current expectations, are inherently uncertain, are subject to
risks and should be viewed with caution. Actual results and
experience may differ materially from the forward-looking
statements as a result of many factors, including but not limited
to: adverse changes in the economic conditions or political
stability of our principal markets (particularly North America,
Europe and South America); reduced demand of our customers'
products, particularly light trucks and SUVs produced by GM and
DaimlerChrysler's heavy- duty Dodge Ram full-size pickup trucks, or
the Dodge Ram program; reduced purchases of our products by GM,
DaimlerChrysler or other customers; our ability and our customers'
ability to successfully launch new product programs; our ability to
respond to changes in technology or increased competition; supply
shortages or price fluctuations in raw materials, utilities or
other operating supplies; our ability to attract and retain key
associates; our ability to maintain satisfactory labor relations
and avoid work stoppages; risks of noncompliance with environmental
regulations or risks of environmental issues that could result in
unforeseen costs at our facilities; liabilities arising from legal
proceedings to which we are or may become a party or claims against
us or our products; availability of financing for working capital,
capital expenditures, research and development or other general
corporate purposes; adverse changes in laws, government regulations
or market conditions affecting our products or our customers'
products (including the Corporate Average Fuel Economy
regulations); and other unanticipated events and conditions that
may hinder our ability to compete. It is not possible to foresee or
identify all such factors and we make no commitment to update any
forward-looking statement or to disclose any facts, events or
circumstances after the date hereof that may affect the accuracy of
any forward-looking statements. For more information ... Carrie
L.P. Gray Christopher M. Son Director, Corporate Relations
Director, Investor Relations (313) 758-4880 (313) 758-4814 Or visit
the AAM website at http://www.aam.com/ DATASOURCE: American Axle
& Manufacturing Holdings, Inc. CONTACT: Carrie L.P. Gray,
Director, Corporate Relations, +1-313-758-4880, , or Christopher M.
Son, Director, Investor Relations, +1-313-758-4814, , both of
American Axle & Manufacturing Holdings, Inc. Web site:
http://www.aam.com/ http://investor.aam.com/ Company News On-Call:
http://www.prnewswire.com/comp/033813.html
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