American Axle & Manufacturing Reconfirms 2004 Earnings Outlook at $4.00 Per Share Announces Second Quarter Guidance DETROIT, April 30 /PRNewswire-FirstCall/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reconfirmed that it expects earnings results for the full year 2004 to approximate $4.00 per share, excluding the impact of a one-time charge of $23.5 million or $0.28 per share related to debt refinancing and redemption activities in the first quarter. The company is also on track to achieve its target of $200 million in positive free cash flow for 2004 and a net debt to capital ratio below 25% from 37.7% at the end of the first quarter of 2004. AAM also reported today that it expects earnings for the second quarter of 2004 to range from $1.00 per share to $1.05 per share, including a charge of approximately $13.0 million or $0.16 per share related to lump-sum voluntary separation payments accepted by nearly 250 hourly associates in the second quarter. "Despite expected changes in product mix that may result in a slight decrease in annual sales for AAM, we continue to focus on productivity and tight cost controls and expect to grow earnings to $4.00 per share in 2004," said American Axle & Manufacturing Co-Founder, Chairman of the Board & CEO Richard E. Dauch. "Our continued strong cash flow generation and improved capital structure have enabled us to initiate our first-ever stock repurchase program and declare our first-ever cash dividend as a public company in 2004. These actions underscore AAM's commitment to provide a solid financial return to our stockholders, while maintaining the ability 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 Christopher M. Son Director, Corporate Relations Manager, 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: Media relations contact: Carrie L.P. Gray, Director, Corporate Relations, +1-313-758-4880, , or Investor relations contact: Christopher M. Son, Manager, 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

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