American Axle & Manufacturing Announces Earnings Outlook for Full Year 2004 DETROIT, Oct. 30 /PRNewswire-FirstCall/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today announced that it expects earnings results for the full year 2004 to approximate $4.00 per share, excluding the impact of expected one-time debt refinancing costs of approximately $0.26 per share. This compares to the current 2004 analyst consensus estimate of $3.87 per share and represents earnings growth of 10% versus the company's full year 2003 guidance of $3.65 per share. The company is also targeting $200 million in positive free cash flow for 2004 and a further improvement in its net debt to capital ratio to below 25% from 38.6% at the end of the third quarter of 2003. "We currently anticipate a slight increase in North American light vehicle builds for 2004 to 16.3 million units. While our unit volumes are also projected to increase next year, changes in product mix will offset net new business growth of approximately $100 million, resulting in a slight decrease in annual sales for AAM. In addition, through our focus on productivity and cost reduction we continue to project margin improvements in 2004 which will drive our projected 10% earnings growth," said American Axle & Manufacturing Co-Founder, Chairman of the Board & CEO Richard E. Dauch. "The continued strong cash flow generation and continued improvement of our capital structure will position AAM to provide a return to our shareholders and enable the company to fund strategic growth initiatives." AAM is a world leader in the manufacture, engineering, design and validation of driveline systems and related components and modules, chassis systems and forged products for light trucks, sport utility vehicles and passenger cars. In addition to its 14 locations in the United States (in Michigan, New York and Ohio), AAM also has offices and facilities in Brazil, England, Germany, Japan, Mexico and Scotland. This release contains both historical and forward-looking statements. All statements, including "Outlook," other than statements of historical fact are, or may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, operating costs, earnings estimates, EBITDA, sales and capital expenditures and are indicated by words or phrases such as "guidance," "expects," "continues," "anticipates," "plans," "intends," and similar words and phrases. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These statements are based on management's assumptions and beliefs in the light of information currently available to it and assume no significant changes in general economic trends, consumer confidence or other risk factors that may affect the forward-looking statements. American Axle & Manufacturing, Inc. (the "Company") expressly disclaims any current intention to update the information contained herein. Factors that may affect results include changes in business and economic conditions generally and in the Company's operating areas, the competitive environment in which the Company operates and other risks detailed from time to time in the Company's reports and filings available from the Securities and Exchange Commission. For more information: Media relations contact: Investor relations contact: Carrie L.P. Gray Richard F. (Rick) Dauch Director, Corporate Relations Vice President Investor Relations (313) 758-4880 (313) 758-4767 Or visit the AAM website at http://www.aam.com/ . DATASOURCE: American Axle & Manufacturing Holdings, Inc. CONTACT: Media relations contact: Carrie L.P. Gray, Director, Corporate Relations, +1-313-758-4880, , or Investor relations contact: Richard F. (Rick) Dauch, Vice President, Investor Relations, +1-313-758-4767, , both of American Axle & Manufacturing Holdings, Inc. Web site: http://www.aam.com/ Company News On-Call: http://www.prnewswire.com/comp/033813.html

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