AXL American Axle and Manufacturing Holdings Inc

American Axle and Manufacturing Inc. (AXL) posted a decline in profit to $38.3 million or 50 cents per share in the third quarter of the year from $38.8 million or 52 cents per share in the third quarter of 2010 (all excluding special items). However, the profit was higher than the Zacks Consensus Estimate by a penny.

Net sales in the quarter increased inched up 5% to $647.6 million from $618.2 million in the third quarter of 2010. 

American Axle’s content-per-vehicle – dollar value of its product sales supporting General Motor’s (GM) North American light truck and SUV programs and Chrysler's heavy duty Dodge Ram pickup trucks – rose to $1,466 from $1,458 in the third quarter of 2010.

The company progressed well in diversifying its customer base during the quarter. The company’s non-GM sales increased 18% on a year-over-year basis to $173.9 million (27% of total sales) during the quarter. 

Gross profit dipped to $103.5 million or 16.0% of sales from $113.9 million or 18.4% of sales.  Meanwhile, operating income was $44.5 million or 6.9% of sales compared with $60.7 million or 9.8% in the year-ago quarter.

The company's three-year backlog of new business launching from 2012 to 2014 increased to $1.1 billion in future annual sales. Its new business backlog launching from 2012–2014 is more than 15% higher than the previous backlog for 2011–2013.

American Axle had cash and cash equivalents of $114.4 million as of September 30, 2011, down from $244.6 million as of December 31, 2010. Long-term debt was flat at $1.05 billion as of September 30, 2011 compared with $1.01 billion as of December 31, 2010.

In the first nine months of 2011, American Axle had an operating net cash outflow of $65.4 million compared with an inflow of $193.5 million in the same period of 2010. Meanwhile, capital expenditures (net) increased to $103.1 million from $60.5 million a year ago. Consequently, free cash flow was $168.5 million (negative) in the period under study compared with $133.0 million (positive) in the 2010-period.

As of September 30, 2011, the company’s total available liquidity was about $400 million, consisting of available cash and borrowing capacity on its global credit facilities

American Axle is a leading supplier of driveline systems, modules and components for the light vehicle market. The company makes axles, driveshafts and chassis components for light trucks, sport utility vehicles and passenger cars.

Currently, it retains a Zacks #3 Rank on its stock, which translates to a short-term “Hold” rating and we reiterate our long-term recommendation of “Neutral” on the stock.

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