American Axle & Manufacturing Updates Outlook for 2004
09 Settembre 2004 - 3:00PM
PR Newswire (US)
American Axle & Manufacturing Updates Outlook for 2004 DETROIT,
Sept. 9 /PRNewswire-FirstCall/ -- American Axle & Manufacturing
Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today
announced an update to its earnings outlook for 2004. Due to the
impact of lower production volumes scheduled by its customers for
the rest of the year and the higher net cost of its purchased metal
market commodities, AAM now expects full year 2004 earnings to
range from $3.40 per share to $3.50 per share, excluding the impact
of the one-time charge of $23.5 million or $0.28 per share related
to debt refinancing and redemption activities in the first quarter
of 2004. AAM also announced that it expects to achieve its
previously announced estimate of approximately $200 million in
positive free cash flow for 2004. "Although we are optimistic about
the overall state of the economy, the impact of higher oil, steel
and metallic prices has slowed the pace of the general recovery and
softened our customers' production schedules in the second half of
2004. We continue to have success in our quality and productivity
initiatives and will deliver solid earnings and cash flow
performance in 2004," said American Axle & Manufacturing
Co-Founder, Chairman of the Board & CEO Richard E. Dauch. "We
are pleased that our significant and growing R&D effort is
paying off in the form of new contracts that will enable AAM to
serve new customers and new markets with exciting new products.
Coupled with the initiation of our quarterly dividend and stock
repurchase program earlier in the year, AAM has made great progress
toward achieving its strategic objectives in 2004." 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 forged products for
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, India, Japan, Mexico and Scotland. 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, Inc. CONTACT: Carrie L.P. Gray, Director,
Corporate Relations, +1-313-758-4880, or , or Christopher M. Son,
Director, Investor Relations, +1-313-758-4814, or , both of
American Axle & Manufacturing, Inc. Web site:
http://www.aam.com/ Company News On-Call:
http://www.prnewswire.com/comp/033813.html
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