Achieves record
quarterly Non-GM sales of $280 million, up over 37% on a
year-over-year basis
Detroit, Michigan, February 7, 2014-- American
Axle & Manufacturing Holdings, Inc. (AAM), which is traded as
AXL on the NYSE, today reported its financial results for the
fourth quarter and full year 2013.
Fourth Quarter 2013
Results
-
Fourth quarter 2013 sales of $831.3 million, up
approximately 13% on a year-over-year basis
-
Non-GM sales grew over 37.2% on a year-over-year
basis to $280.1 million
-
Gross profit of $126.9 million, or 15.3% of sales
-
Net income of $29.8 million, or $0.39 per share
-
AAM's quarterly results reflect the impact of
$25.6 million (or $0.32 per share) of debt refinancing and
redemption costs
-
Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization, excluding the impact of debt
refinancing and redemption costs) of $113.7 million, or 13.7% of
sales
-
Free cash flow (net cash provided by operating
activities less capital expenditures net of proceeds from the sale
of property, plant and equipment and the sale-leaseback of
equipment) of $50.9 million
Full Year 2013
Results
-
Full year 2013 sales of $3.21 billion, up
approximately 9.4% on a year-over-year basis
-
Non-GM sales grew 16.9% on a year-over-year basis
to $926.7 million
-
Gross profit of $478.7 million, or 14.9% of sales
-
Net income of $94.5 million, or $1.23 per share
-
AAM's full year results reflect the impact of
$36.8 million (or $0.46 per share) of debt refinancing and
redemption costs and $5.8 million (or $0.07 per share) of other
special items
-
Adjusted EBITDA of $421.8 million, or 13.2% of
sales
-
Free cash flow of $4.3 million
AAM's net income in the fourth quarter of 2013 was
$29.8 million, or $0.39 per share. In the fourth quarter of 2013,
AAM's results reflect the impact of $25.6 million (or $0.32 per
share) of debt refinancing and redemption costs. This compares to
net income of $319.9 million, or $4.21 per share, in the fourth
quarter of 2012 which includes the favorable impact of a $337.5
million benefit (or $4.44 per share) related to the reversal of our
valuation allowance against our net federal deferred tax assets for
entities in the United States.
In the fourth quarter of 2012, AAM's results
reflect the impact of $9.7 million (or $0.13 per share) of debt
refinancing and redemption costs and $6.2 million (or $0.08 per
share) of restructuring costs related to the closure of our Detroit
Manufacturing Complex and Cheektowaga Manufacturing Facility.
For the full year 2013, AAM's net income was of
$94.5 million, or $1.23 per share. This compares to net income of
$367.7 million, or $4.87 per share in 2012.
On a full year basis in 2013, AAM incurred $36.8
million (or $0.46 per share) of debt refinancing and redemption
costs and $5.8 million (or $0.07 per share) of other special
items.
On a full year basis in 2012, AAM incurred $19.8
million (or $0.26 per share) of debt refinancing and redemption
costs and $40.6 million (or $0.54 per share) of restructuring costs
related to the closure of our Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility.
"In 2013, AAM's financial performance was
highlighted by sales growth that outpaced the industry and
profitability that solidly rebounded versus our 2012 performance.
AAM's foundational commitments to quality and operational
excellence paved the way for these improved results, while our
focus on technology leadership resulted in the expansion and
diversification of our customer base and product portfolio on a
global basis," said AAM's Chairman, President and Chief Executive
Officer, David C. Dauch. "As we look to the future, we remain
focused on optimizing our profitable growth opportunities through
our global expansion, improving the diversification of our
business, and achieving solid financial performance by executing
our aligned business strategy. We are committed to achieving
excellence in everything we do with the ultimate goal of making AAM
a leader in every key market that we serve."
Net sales in the fourth quarter of 2013 increased
approximately 12.8% to $831.3 million as compared to $736.7 million
in the fourth quarter of 2012. Non-GM sales grew 37.2% on a
year-over-year basis to $280.1 million in the fourth quarter of
2013 as compared to $204.1 million in the fourth quarter of
2012.
AAM's content-per-vehicle is measured by the
dollar value of its product sales supporting our customers' North
American light truck and SUV programs. In the fourth quarter of
2013, AAM's content-per-vehicle was $1,579 as compared to $1,514 in
the fourth quarter of 2012. For the full year 2013, AAM's
content-per-vehicle was $1,550 as compared to $1,473 in 2012.
Net sales for the full year 2013 increased by 9.4%
to $3.21 billion as compared to $2.93 billion in 2012. Non-GM
sales grew 16.9% on a year-over-year basis to $926.7 million in
2013 as compared to $792.6 million in 2012.
AAM's gross profit in the fourth quarter of 2013
was $126.9 million, or 15.3% of sales. For the full year
2013, AAM's gross profit was $478.7 million, or 14.9% of sales.
In the fourth quarter of 2013, AAM's operating
income was $66.4 million, or 8.0% of sales. For the full year
2013, AAM's operating income was $240.3 million, or 7.5% of sales.
AAM's SG&A spending in the fourth quarter of
2013 was $60.5 million, or 7.3% of sales, as compared to $65.4
million, or 8.9% of sales, in the fourth quarter of 2012.
AAM's R&D spending in the fourth quarter of 2013 was
$24.0 million as compared to $33.1 million in the fourth quarter of
2012.
AAM's SG&A spending for the full year 2013 was
$238.4 million, or 7.4% of sales, as compared to $243.3 million, or
8.3% of sales, for the full year 2012. AAM's R&D spending
for the full year 2013 was $103.4 million as compared to $123.4
million in 2012.
In the fourth quarter of 2013, AAM's net income
was $29.8 million, or 3.6% of sales. Diluted earnings per
share (EPS) were $0.39 per share in the fourth quarter of 2013.
For the full year 2013, AAM's net income was $94.5 million,
or 2.9% of sales. Diluted earnings per share (EPS) were $1.23
per share for the full year 2013.
For 2013, AAM defines Adjusted EBITDA to be
earnings before interest, taxes, depreciation and amortization
excluding the impact of debt refinancing and redemption costs and
other special charges and restructuring costs. In the fourth
quarter of 2013, AAM's Adjusted EBITDA was $113.7 million or 13.7%
of sales. For the full year 2013, AAM's Adjusted EBITDA was $421.8
million, or 13.2% of sales.
AAM defines free cash flow to be net cash provided
by (or used in) operating activities less capital expenditures net
of proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment.
Net cash provided by operating activities for the
full year 2013 was $223.0 million. Capital spending, net of
proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment, for the full year 2013 was $218.7
million. Reflecting the impact of this activity, AAM
generated positive free cash flow of $4.3 million for the full year
2013.
AAM's free cash flow for the full year 2013
reflects the impact of cash payments for debt refinancing and
redemption activities of approximately $36.8 million.
A conference call to review AAM's fourth quarter
and full year 2013 results is scheduled today at 10:00 AM ET.
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) 681-2072 from the United
States or (973) 200-3383 from outside the United States. A
replay will be available from 2:00 p.m. ET on February 7, 2014
until 5:00 p.m. ET February 14, 2014 by dialing (855) 859-2056 from
the United States or (404) 537-3406 from outside the United States.
When prompted, callers should enter conference reservation
number 34605135.
Non-GAAP Financial
Information
In addition to the results reported in accordance
with accounting principles generally accepted in the United States
of America (GAAP) included within this press release, AAM has
provided certain information, which includes non-GAAP financial
measures. Such information is reconciled to its closest GAAP
measure in accordance with Securities and Exchange Commission rules
and is included in the attached supplemental data.
Management believes that these non-GAAP financial
measures are useful to both management and its stockholders in
their analysis of the Company's business and operating performance.
Management also uses this information for operational
planning and decision-making purposes.
Non-GAAP financial measures are not and should not
be considered a substitute for any GAAP measure.
Additionally, non-GAAP financial measures as presented by AAM
may not be comparable to similarly titled measures reported by
other companies.
AAM is a world leader in the manufacture,
engineering, design and validation of driveline and drivetrain
systems and related components and modules, chassis systems and
metal-formed products for light trucks, sport utility vehicles,
passenger cars, crossover vehicles and commercial vehicles.
In addition to locations in the United States (Michigan,
Ohio, Pennsylvania and Indiana), AAM also has offices or facilities
in Brazil, China, Germany, India, Japan, Luxembourg, Mexico,
Poland, Scotland, South Korea, Sweden and Thailand.
In this earnings release, we
make statements concerning our expectations, beliefs, plans,
objectives, goals, strategies, and future events or performance.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and relate
to trends and events that may affect our future financial position
and operating results. The terms such as "will," "may," "could,"
"would," "plan," "believe," "expect," "anticipate," "intend,"
"project," and similar words or expressions, as well as statements
in future tense, are intended to identify forward-looking
statements. Forward-looking statements should not be read as
a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward-looking
statements are based on information available at the time those
statements are made and/or management's good faith belief as of
that time with respect to future events and are subject to risks
and may differ materially from those expressed in or suggested by
the forward-looking statements. Important factors that could cause
such differences include, but are not limited to: reduced purchases
of our products by General Motors Company (GM), Chrysler Group LLC
(Chrysler) or other customers; reduced demand for our customers'
products (particularly light trucks and sport utility vehicles
(SUVs) produced by GM and Chrysler); our ability or our customers'
and suppliers' ability to successfully launch new product programs
on a timely basis; our ability to realize the expected revenues
from our new and incremental business backlog; our ability to
develop and produce new products that reflect market demand;
lower-than-anticipated market acceptance of new or existing
products; our ability to attract new customers and programs for new
products; our ability to respond to changes in technology,
increased competition or pricing pressures; our ability to achieve
the level of cost reductions required to sustain global cost
competitiveness; supply shortages or price increases in raw
materials, utilities or other operating supplies for us or our
customers as a result of natural disasters or otherwise; global
economic conditions, including the impact of the continued market
weakness in the Euro-zone; risks inherent in our international
operations (including adverse changes in political stability, taxes
and other law changes, potential disruptions of production and
supply, and currency rate fluctuations); liabilities arising from
warranty claims, product recall or field actions, product liability
and legal proceedings to which we are or may become a party; price
volatility in, or reduced availability of, fuel; our ability to
successfully implement upgrades to our enterprise resource planning
systems; our ability to maintain satisfactory labor relations and
avoid work stoppages; our suppliers', our customers' and their
suppliers' ability to maintain satisfactory labor relations and
avoid work stoppages; our ability to attract and retain key
associates; availability of financing for working capital, capital
expenditures, research and development (R&D) or other general
corporate purposes, including our ability to comply with financial
covenants; our customers' and suppliers' availability of financing
for working capital, capital expenditures, R&D or other general
corporate purposes; changes in liabilities arising from pension and
other postretirement benefit obligations; risks of noncompliance
with environmental laws and regulations or risks of environmental
issues that could result in unforeseen costs at our facilities;
adverse changes in laws, government regulations or market
conditions affecting our products or our customers' products (such
as the Corporate Average Fuel Economy (CAFE) regulations); our
ability to consummate and integrate acquisitions and joint
ventures; our ability or our customers' and suppliers' ability to
comply with the Dodd-Frank Act and other regulatory requirements
and the potential costs of such compliance; 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 statement.
# # #
For more
information...
Christopher M.
Son
Director, Investor
Relations,
Corporate Communications &
Marketing
(313)
758-4814
chris.son@aam.com
Danielle
Landolt
Manager, Marketing &
Communications
(313)
758-4589
danielle.landolt@aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
Three
months ended |
|
Twelve
months ended |
|
December
31, |
|
December
31, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(in millions,
except per share data) |
|
(in millions,
except per share data) |
|
|
|
|
|
|
|
|
Net sales |
$ |
831.3 |
|
|
$ |
736.7 |
|
|
$ |
3,207.3 |
|
|
$ |
2,930.9 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
704.4 |
|
|
652.7 |
|
|
2,728.6 |
|
|
2,531.2 |
|
|
|
|
|
|
|
|
|
Gross profit |
126.9 |
|
|
84.0 |
|
|
478.7 |
|
|
399.7 |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
60.5 |
|
|
65.4 |
|
|
238.4 |
|
|
243.3 |
|
|
|
|
|
|
|
|
|
Operating income |
66.4 |
|
|
18.6 |
|
|
240.3 |
|
|
156.4 |
|
|
|
|
|
|
|
|
|
Interest expense |
(28.0 |
) |
|
(28.9 |
) |
|
(115.9 |
) |
|
(101.6 |
) |
|
|
|
|
|
|
|
|
Investment income |
0.2 |
|
|
- |
|
|
0.6 |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
Debt refinancing and redemption costs |
(25.6 |
) |
|
(9.7 |
) |
|
(36.8 |
) |
|
(19.8 |
) |
Other, net |
(0.5 |
) |
|
(0.1 |
) |
|
(1.9 |
) |
|
(4.1 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
12.5 |
|
|
(20.1 |
) |
|
86.3 |
|
|
31.5 |
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
(17.3 |
) |
|
(340.0 |
) |
|
(8.2 |
) |
|
(335.2 |
) |
|
|
|
|
|
|
|
|
Net income |
29.8 |
|
|
319.9 |
|
|
94.5 |
|
|
366.7 |
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
- |
|
|
- |
|
|
- |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
Net income attributable to AAM |
$ |
29.8 |
|
|
$ |
319.9 |
|
|
$ |
94.5 |
|
|
$ |
367.7 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.39 |
|
|
$ |
4.21 |
|
|
$ |
1.23 |
|
|
$ |
4.87 |
|
|
|
|
|
|
|
|
|
Diluted shares outstanding |
77.0 |
|
|
76.0 |
|
|
76.8 |
|
|
75.4 |
|
|
|
|
|
|
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
Three
months ended |
|
Twelve
months ended |
|
December
31, |
|
December
31, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(in
millions) |
|
|
|
|
|
|
|
|
Net income |
$ |
29.8 |
|
|
$ |
319.9 |
|
|
$ |
94.5 |
|
|
$ |
366.7 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
Defined benefit plans, net of tax |
60.9 |
|
|
58.3 |
|
|
76.6 |
|
|
(58.9 |
) |
Foreign currency translation adjustments |
(11.9 |
) |
|
(2.3 |
) |
|
(26.2 |
) |
|
(9.4 |
) |
Change in derivatives |
0.2 |
|
|
0.2 |
|
|
(2.0 |
) |
|
7.8 |
|
Other comprehensive income (loss ) |
49.2 |
|
|
56.2 |
|
|
48.4 |
|
|
(60.5 |
) |
|
|
|
|
|
|
|
|
Comprehensive income |
79.0 |
|
|
376.1 |
|
|
142.9 |
|
|
306.2 |
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
- |
|
|
- |
|
|
- |
|
|
1.0 |
|
Foreign currency translation adjustments related to
noncontrolling interests |
- |
|
|
0.1 |
|
|
- |
|
|
0.3 |
|
Comprehensive income attributable to AAM |
$ |
79.0 |
|
|
$ |
376.0 |
|
|
$ |
142.9 |
|
|
$ |
306.9 |
|
|
|
|
|
|
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
|
December 31,
2013 |
|
December 31, 2012 |
|
(in
millions) |
ASSETS |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
154.0 |
|
|
$ |
62.4 |
|
Accounts receivable, net |
458.5 |
|
|
463.4 |
|
Inventories, net |
261.8 |
|
|
224.3 |
|
Deferred income taxes |
36.4 |
|
|
34.9 |
|
Prepaid expenses and other current assets |
87.1 |
|
|
87.1 |
|
Total current assets |
997.8 |
|
|
872.1 |
|
|
|
|
|
Property, plant and equipment, net |
1,058.5 |
|
|
1,009.7 |
|
Deferred income taxes |
341.8 |
|
|
366.1 |
|
Goodwill |
156.4 |
|
|
156.4 |
|
GM postretirement cost sharing asset |
242.0 |
|
|
259.7 |
|
Other assets and deferred charges |
232.5 |
|
|
202.0 |
|
Total assets |
$ |
3,029.0 |
|
|
$ |
2,866.0 |
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
445.8 |
|
|
$ |
396.1 |
|
Accrued compensation and benefits |
110.1 |
|
|
84.9 |
|
Deferred revenue |
17.0 |
|
|
17.2 |
|
Deferred income taxes |
0.1 |
|
|
1.4 |
|
Accrued expenses and other current liabilities |
94.1 |
|
|
101.2 |
|
Total current liabilities |
667.1 |
|
|
600.8 |
|
|
|
|
|
Long-term debt |
1,559.1 |
|
|
1,454.1 |
|
Deferred income taxes |
9.8 |
|
|
9.5 |
|
Deferred revenue |
76.4 |
|
|
82.2 |
|
Postretirement benefits and other long-term liabilities |
683.0 |
|
|
840.2 |
|
Total liabilities |
2,995.4 |
|
|
2,986.8 |
|
|
|
|
|
Total stockholders' equity (deficit) |
33.6 |
|
|
(120.8 |
) |
Total liabilities and stockholders'
equity (deficit) |
$ |
3,029.0 |
|
|
$ |
2,866.0 |
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Twelve
months ended |
|
|
December
31, |
|
December
31, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
(in
millions) |
|
(in
millions) |
Operating Activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
29.8 |
|
|
$ |
319.9 |
|
|
$ |
94.5 |
|
|
$ |
366.7 |
|
Adjustments to reconcile net income to net cash provided by
(used in) operating activities |
|
|
|
|
|
|
|
|
Asset impairments and related indirect activity |
|
- |
|
|
5.8 |
|
|
- |
|
|
5.8 |
|
Depreciation and amortization |
|
47.6 |
|
|
39.8 |
|
|
177.0 |
|
|
152.2 |
|
Other |
|
43.3 |
|
|
(344.4 |
) |
|
(48.5 |
) |
|
(700.2 |
) |
Net cash provided by (used in)
operating activities |
|
120.7 |
|
|
21.1 |
|
|
223.0 |
|
|
(175.5 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment |
|
(73.7 |
) |
|
(63.9 |
) |
|
(251.9 |
) |
|
(207.6 |
) |
Proceeds from sale of property, plant & equipment |
|
3.3 |
|
|
7.9 |
|
|
9.1 |
|
|
10.1 |
|
Proceeds from sale-leaseback of equipment |
|
0.6 |
|
|
12.1 |
|
|
24.1 |
|
|
12.1 |
|
Net cash used in investing
activities |
|
(69.8 |
) |
|
(43.9 |
) |
|
(218.7 |
) |
|
(185.4 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Net increase (decrease) in long-term debt |
|
(11.0 |
) |
|
(123.1 |
) |
|
104.8 |
|
|
273.9 |
|
Debt issuance costs |
|
(3.8 |
) |
|
(0.5 |
) |
|
(16.7 |
) |
|
(10.6 |
) |
Purchase of treasury stock |
|
- |
|
|
- |
|
|
(0.4 |
) |
|
(5.9 |
) |
Purchase of noncontrolling interest |
|
- |
|
|
- |
|
|
- |
|
|
(4.0 |
) |
Employee stock option exercises |
|
0.3 |
|
|
- |
|
|
1.1 |
|
|
0.1 |
|
Net cash provided by (used in)
financing activities |
|
(14.5 |
) |
|
(123.6 |
) |
|
88.8 |
|
|
253.5 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
(1.0 |
) |
|
(0.2 |
) |
|
(1.5 |
) |
|
0.6 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and
cash equivalents |
|
35.4 |
|
|
(146.6 |
) |
|
91.6 |
|
|
(106.8 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
118.6 |
|
|
209.0 |
|
|
62.4 |
|
|
169.2 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of
period |
|
$ |
154.0 |
|
|
$ |
62.4 |
|
|
$ |
154.0 |
|
|
$ |
62.4 |
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a
reconciliation of certain financial measures which is
intended
to facilitate analysis of American Axle & Manufacturing
Holdings, Inc. business and operating performance.
Earnings
before interest expense, income taxes and depreciation and
amortization (EBITDA) and adjusted EBITDA(a)
|
Three
months ended |
|
Twelve
months ended |
|
December
31, |
|
December
31, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(in
millions) |
|
(in
millions) |
|
|
|
|
|
|
|
|
Net income attributable to AAM |
$ |
29.8 |
|
|
$ |
319.9 |
|
|
$ |
94.5 |
|
|
$ |
367.7 |
|
Interest expense |
28.0 |
|
|
28.9 |
|
|
115.9 |
|
|
101.6 |
|
Income tax benefit |
(17.3 |
) |
|
(340.0 |
) |
|
(8.2 |
) |
|
(335.2 |
) |
Depreciation and amortization |
47.6 |
|
|
39.8 |
|
|
177.0 |
|
|
152.2 |
|
|
|
|
|
|
|
|
|
EBITDA |
88.1 |
|
|
48.6 |
|
|
379.2 |
|
|
286.3 |
|
|
|
|
|
|
|
|
|
Debt refinancing and redemption costs |
25.6 |
|
|
9.7 |
|
|
36.8 |
|
|
19.8 |
|
Other special charges, curtailment gains and restructuring
costs(b) |
- |
|
|
6.2 |
|
|
5.8 |
|
|
40.6 |
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
113.7 |
|
|
$ |
64.5 |
|
|
$ |
421.8 |
|
|
$ |
346.7 |
|
Net
debt(c) to
capital
|
December 31, 2013 |
|
December 31, 2012 |
|
(in millions,
except percentages) |
|
|
|
|
Total debt |
$ |
1,559.1 |
|
|
$ |
1,454.1 |
|
Less: cash and cash equivalents |
154.0 |
|
|
62.4 |
|
|
|
|
|
Net debt at end of period |
1,405.1 |
|
|
1,391.7 |
|
|
|
|
|
Stockholders' equity (deficit) |
33.6 |
|
|
(120.8 |
) |
|
|
|
|
Total invested capital at end of
period |
$ |
1,438.7 |
|
|
$ |
1,270.9 |
|
|
|
|
|
Net debt to capital(d) |
97.7 |
% |
|
109.5 |
% |
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented
below is a reconciliation of certain financial measures which is
intended
to facilitate analysis of American Axle & Manufacturing
Holdings, Inc. business and operating performance.
Free Cash
Flow(e)
|
Three
months ended |
|
Twelve
months ended |
|
December
31, |
|
December
31, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(in
millions) |
|
(in
millions) |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
120.7 |
|
|
$ |
21.1 |
|
|
$ |
223.0 |
|
|
$ |
(175.5 |
) |
|
|
|
|
|
|
|
|
Less: Purchases of property, plant & equipment, net of
proceeds from sale of property, plant & equipment and
sale-leaseback of equipment |
(69.8 |
) |
|
(43.9 |
) |
|
(218.7 |
) |
|
(185.4 |
) |
|
|
|
|
|
|
|
|
Free cash flow |
$ |
50.9 |
|
|
$ |
(22.8 |
) |
|
$ |
4.3 |
|
|
$ |
(360.9 |
) |
________________________________________
-
We define EBITDA to be earnings before interest,
taxes, depreciation and amortization. For 2013, Adjusted EBITDA is
defined as EBITDA excluding the impact of debt refinancing and
redemption costs and other special charges and restructuring costs.
For 2012, Adjusted EBITDA is defined as EBITDA excluding the impact
of curtailment gains, restructuring costs and special charges
related to the closure of the Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility, and debt refinancing and
redemption costs. We believe that EBITDA and adjusted EBITDA are
meaningful measures of performance as they are commonly utilized by
management and investors to analyze operating performance and
entity valuation. Our management, the investment community
and the banking institutions routinely use EBITDA, together with
other measures, to measure our operating performance relative to
other Tier 1 automotive suppliers. EBITDA and adjusted EBITDA
should not be construed as income from operations, net income or
cash flow from operating activities as determined under GAAP.
Other companies may calculate EBITDA and adjusted EBITDA
differently.
-
Special charges of $5.8 million for the twelve
months ended December 31, 2013 primarily relate to a net charge of
$5.3 million related to the acceleration of expense for
stock-based compensation and other benefits earned and vested due
to the passing of our Co-Founder and Executive Chairman of the
Board of Directors and $0.5 million for the settlement of a
National Labor Relations Board proceeding related to the closure of
our Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility. Special charges and restructuring costs of $6.2 million
for three months ended December 31, 2012 and $40.6 million for the
twelve months ended December 31, 2012 primarily related to the
closure of our Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility. This special charge activity included
$28.7 million of expense related to pension and postretirement
benefits to be provided to certain eligible UAW associates as a
result of the Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility plant closures, $33.7 million of expense
primarily related to asset impairments, asset redeployment and
other restructuring costs associated with the closures of Detroit
Manufacturing Complex and Cheektowaga Manufacturing Facility and a
$21.8 million postretirement benefit curtailment gain recorded in
the first quarter of 2012.
-
Net debt is equal to total debt less cash and cash
equivalents.
-
Net debt to capital is equal to net debt divided
by the sum of stockholders' equity (deficit) and net debt. We
believe that net debt to capital is a meaningful measure of
financial condition as it is commonly utilized by management,
investors and creditors to assess relative capital structure risk.
Other companies may calculate net debt to capital
differently.
-
We define free cash flow as net cash provided by
(used in) operating activities less capital expenditures net of
proceeds from the sale of property, plant and equipment and the
sale-leaseback of equipment. For purposes of calculating free
cash flow, AAM excludes the impact of purchase buyouts of leased
equipment, if any. We believe free cash flow is a meaningful
measure as it is commonly utilized by management and investors to
assess our ability to generate cash flow from business operations
to repay debt and return capital to our stockholders. Free
cash flow is also a key metric used in our calculation of incentive
compensation. Other companies may calculate free cash flow
differently.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via
Globenewswire
HUG#1759990
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