American Axle & Manufacturing Updates Earnings Outlook for First Quarter of 2005
09 Marzo 2005 - 2:00PM
PR Newswire (US)
American Axle & Manufacturing Updates Earnings Outlook for
First Quarter of 2005 DETROIT, March 9 /PRNewswire-FirstCall/ --
American Axle & Manufacturing Holdings, Inc. (AAM), which is
traded as AXL on the NYSE, today updated its earnings outlook for
the first quarter of 2005. AAM earlier provided earnings guidance
for the first quarter of 2005 based on the assumption that its
customers' production volumes for the major North American light
truck programs it currently supports would be 13% - 14% lower as
compared to the first quarter of 2004. Due to the impact of
additional production cuts taken by its customers, AAM now
estimates that such production volumes will be down 18% - 20% in
the quarter, as compared to the prior year. Based on this revised
production outlook, AAM now expects its earnings in the first
quarter of 2005 to range from $0.25 to $0.30 per share. "2005 will
be a challenging year for the entire domestic automotive industry.
The same is true for AAM," said American Axle & Manufacturing
Co- Founder, Chairman of the Board and CEO, Richard E. Dauch. "We
expect the production outlook for our major product programs to
improve once our customers work through a near-term inventory
correction. We are very pleased with the progress we have made in
growing our new business backlog to in excess of $1 billion in
future annual sales. We look forward to a successful launch of
these exciting new products supporting these future programs."
American Axle & Manufacturing is a world leader in the
manufacture, design, engineering, and validation of driveline
systems and related components and modules, chassis systems and
metal-formed products for 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. The internet address for AAM is:
http://www.aam.com/ . Investor conferences are webcast at:
http://investor.aam.com/medialist.cfm?companyid=AXL
investor_webcasts.html . The Company is speaking today at the Smith
Barney CitiGroup Industrial Conference in New York City. 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/ Company News On-Call:
http://www.prnewswire.com/comp/033813.html
Copyright