American Axle & Manufacturing Reconfirms 2004 Earnings Outlook at $4.00 Per Share
30 Aprile 2004 - 3:00PM
PR Newswire (US)
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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