AAM Reports First Quarter 2015 Financial Results
(Thomson Reuters ONE) -
Net income increases 58% on a year-over-year basis to $53.2 million, or $0.68
per share
Detroit, Michigan, May 1, 2015 -- American Axle & Manufacturing Holdings, Inc.
(AAM), which is traded as AXL on the NYSE, today reported its financial results
for the first quarter of 2015.
First Quarter 2015 Results
· First quarter 2015 sales of $969.1 million, up approximately 12.8% on
a year-over-year basis
· Non-GM sales grew over 14% on a year-over-year basis to $328.9 million
· Gross profit of $152.8 million, or 15.8% of sales
· Net income of $53.2 million, or $0.68 per share
· EBITDA (earnings before interest, taxes, depreciation and
amortization) of $137.5 million, or 14.2% of sales
AAM's net income in the first quarter of 2015 was $53.2 million, or $0.68 per
share as compared to net income of $33.6 million, or $0.44 per share, in the
first quarter of 2014.
"AAM is off to a great start in 2015, with increased North American production
volumes and improved operating efficiency driving sales growth and margin
expansion," said AAM's Chairman, President and Chief Executive Officer, David C.
Dauch. "We remain focused on leveraging AAM's technology leadership to develop
innovative new products to improve the fuel efficiency, safety, ride and
handling performance of our customers' vehicle programs, while delivering on our
plan to sustain strong free cash flow performance."
AAM's sales in the first quarter of 2015 increased approximately 12.8% to $969.1
million as compared to $858.8 million in the first quarter of 2014. Non-GM
sales grew 14.3% on a year-over-year basis to $328.9 million in the first
quarter of 2015 as compared to $287.8 million in the first quarter of 2014.
AAM's content-per-vehicle is measured by the dollar value of its product sales
supporting our customers' North American light truck and SUV programs. In the
first quarter of 2015, AAM's content-per-vehicle was $1,676 as compared to
$1,655 in the first quarter of 2014.
AAM's gross profit in the first quarter of 2015 was $152.8 million, or 15.8% of
sales, as compared to $121.9 million, or 14.2% of sales, in the first quarter of
2014.
In the first quarter of 2015, AAM's operating income increased by nearly $20
million to $84.3 million, or 8.7% of sales, as compared to $64.8 million, or
7.5% of sales, in the first quarter of 2014.
AAM's SG&A spending in the first quarter of 2015 was $68.5 million, or 7.1% of
sales, as compared to $57.1 million, or 6.6% of sales, in the first quarter of
2014. AAM's R&D spending in the first quarter of 2015 was $27.3 million as
compared to $25.8 million in the first quarter of 2014.
In the first quarter of 2015, AAM's net income was $53.2 million, or $0.68 per
share as compared to $33.6 million or $0.44 per share in the first quarter of
2014.
AAM defines EBITDA to be earnings before interest, taxes, depreciation and
amortization. In the first quarter of 2015, AAM's EBITDA increased by $25
million to $137.5 million, or 14.2% of sales, as compared to $112.5 million, or
13.1% of sales, in the first quarter of 2014.
AAM defines free cash flow to be net cash provided by (or used in) operating
activities less capital expenditures net of proceeds from the sale of property,
plant and equipment.
Net cash provided by operating activities for the first quarter of 2015 was $6.4
million. Capital spending, net of proceeds from the sale of property, plant and
equipment, for the first quarter of 2015 was $43.5 million. Reflecting the
impact of this activity, AAM's free cash flow was a use of $37.1 million for the
first quarter of 2015.
A conference call to review AAM's first quarter 2015 results is scheduled today
at 10:00 a.m. ET. Interested participants may listen to the live conference
call by logging onto AAM's investor web site at http://investor.aam.com or
calling (855) 681-2072 from the United States or (973) 200-3383 from outside the
United States. A replay will be available from 2:00 p.m. ET on May 1, 2015
until 5:00 p.m. ET May 8, 2015 by dialing (855) 859-2056 from the United States
or (404) 537-3406 from outside the United States. When prompted, callers should
enter conference reservation number 34605208.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles
generally accepted in the United States of America (GAAP) included within this
press release, AAM has provided certain information, which includes non-GAAP
financial measures. Such information is reconciled to its closest GAAP measure
in accordance with Securities and Exchange Commission rules and is included in
the attached supplemental data.
Management believes that these non-GAAP financial measures are useful to both
management and its stockholders in their analysis of the Company's business and
operating performance. Management also uses this information for operational
planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute
for any GAAP measure. Additionally, non-GAAP financial measures as presented by
AAM may not be comparable to similarly titled measures reported by other
companies.
AAM is a world leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and modules, chassis
systems, electric drive systems and metal-formed products for light trucks,
sport utility vehicles, passenger cars, crossover vehicles and commercial
vehicles. In addition to locations in the United States (Michigan, Ohio,
Pennsylvania and Indiana), AAM also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden
and Thailand.
In this earnings release, we make statements concerning our expectations,
beliefs, plans, objectives, goals, strategies, and future events or
performance. Such statements are "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and relate to
trends and events that may affect our future financial position and operating
results. The terms such as "will," "may," "could," "would," "plan," "believe,"
"expect," "anticipate," "intend," "project," "target," and similar words or
expressions, as well as statements in future tense, are intended to identify
forward-looking statements. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on information available at the
time those statements are made and/or management's good faith belief as of that
time with respect to future events and are subject to risks and may differ
materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but are
not limited to: reduced purchases of our products by General Motors Company
(GM), FCA US LLC, formerly known as Chrysler Group LLC (Chrysler), or other
customers; reduced demand for our customers' products (particularly light trucks
and sport utility vehicles (SUVs) produced by GM and Chrysler); our ability to
develop and produce new products that reflect market demand; lower-than-
anticipated market acceptance of new or existing products; our ability to
attract new customers and programs for new products; our ability to respond to
changes in technology, increased competition or pricing pressures; our ability
to achieve the level of cost reductions required to sustain global cost
competitiveness; supply shortages or price increases in raw materials, utilities
or other operating supplies for us or our customers as a result of natural
disasters or otherwise; our ability to successfully implement upgrades to our
enterprise resource planning systems; global economic conditions; risks inherent
in our international operations (including adverse changes in political
stability, taxes and other law changes, potential disruptions of production and
supply, and currency rate fluctuations); liabilities arising from warranty
claims, product recall or field actions, product liability and legal proceedings
to which we are or may become a party, or the impact of product recall or field
actions on our customers; our ability to maintain satisfactory labor relations
and avoid work stoppages; our suppliers', our customers' and their suppliers'
ability to maintain satisfactory labor relations and avoid work stoppages; our
ability or our customers' and suppliers' ability to successfully launch new
product programs on a timely basis; our ability to realize the expected revenues
from our new and incremental business backlog; negative or unexpected tax
consequences; price volatility in, or reduced availability of, fuel; our ability
to consummate and integrate acquisitions and joint ventures; our ability to
attract and retain key associates; our ability to protect our intellectual
property and successfully defend against assertions made against us;
availability of financing for working capital, capital expenditures, research
and development (R&D) or other general corporate purposes including
acquisitions, as well as our ability to comply with financial covenants; our
customers' and suppliers' availability of financing for working capital, capital
expenditures, R&D or other general corporate purposes; changes in liabilities
arising from pension and other postretirement benefit obligations; risks of
noncompliance with environmental laws and regulations or risks of environmental
issues that could result in unforeseen costs at our facilities; adverse changes
in laws, government regulations or market conditions affecting our products or
our customers' products (such as the Corporate Average Fuel Economy (CAFE)
regulations); our ability or our customers' and suppliers' ability to comply
with the Dodd-Frank Act and other regulatory requirements and the potential
costs of such compliance; 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 statement.
# # #
For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications & Marketing
(313) 758-4814
chris.son(at)aam.com
Vitalie Stelea
Manager Investor Relations
(313) 758-4635
vitalie.stelea(at)aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended
March 31,
-------------------------
2015 2014
----------- -------------
(in millions, except per
share data)
Net sales $ 969.1 $ 858.8
Cost of goods sold 816.3 736.9
----------- -------------
Gross profit 152.8 121.9
Selling, general and administrative expenses 68.5 57.1
----------- -------------
Operating income 84.3 64.8
Interest expense (25.1 ) (25.0 )
Investment income 0.8 0.3
Other income, net 2.4 0.5
----------- -------------
Income before income taxes 62.4 40.6
Income tax expense 9.2 7.0
----------- -------------
Net income $ 53.2 $ 33.6
----------- -------------
Diluted earnings per share $ 0.68 $ 0.44
----------- -------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended
March 31,
--------------------
2015 2014
---------- ---------
(in millions)
Net income $ 53.2 $ 33.6
Other comprehensive income (loss), net of tax
Defined benefit plans, net of tax 3.9 5.1
Foreign currency translation adjustments (31.5 ) 7.8
Change in derivatives (0.5 ) 0.9
---------- ---------
Other comprehensive income (loss) (28.1 ) 13.8
---------- ---------
---------- ---------
Comprehensive income $ 25.1 $ 47.4
---------- ---------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December
March 31, 31,
2015 2014
------------- ------------
(in millions)
ASSETS
Current Assets
Cash and cash equivalents $ 205.7 $ 249.2
Accounts receivable, net 668.0 532.7
Inventories, net 238.5 248.8
Prepaid expenses and other current assets 111.8 108.8
------------- ------------
Total current assets 1,224.0 1,139.5
Property, plant and equipment, net 1,040.0 1,061.1
Deferred income taxes 362.9 368.8
Goodwill 154.3 155.0
GM postretirement cost sharing asset 263.7 274.5
Other assets and deferred charges 262.9 260.3
------------- ------------
Total assets $ 3,307.8 $ 3,259.2
------------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt $ 13.9 $ 13.0
Accounts payable 489.8 444.3
Accrued compensation and benefits 102.4 109.1
Deferred revenue 22.0 22.1
Accrued expenses and other current liabilities 103.9 98.7
------------- ------------
Total current liabilities 732.0 687.2
Long-term debt 1,520.8 1,523.4
Deferred revenue 88.9 94.2
Postretirement benefits and other long-term
liabilities 823.8 841.0
------------- ------------
Total liabilities 3,165.5 3,145.8
Total stockholders' equity 142.3 113.4
------------- ------------
Total liabilities and stockholders' equity $ 3,307.8 $ 3,259.2
------------- ------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31,
---------------------
2015 2014
----------- ---------
(in millions)
Operating Activities
Net income $ 53.2 $ 33.6
Adjustments to reconcile net income to net cash
provided by (used in) operating activities
Depreciation and amortization 50.0 46.9
Other (96.8 ) (136.0 )
----------- ---------
Net cash provided by (used in) operating activities 6.4 (55.5 )
----------- ---------
Investing Activities
Purchases of property, plant & equipment (43.6 ) (47.9 )
Proceeds from sale of property, plant & equipment 0.1 7.9
----------- ---------
Net cash used in investing activities (43.5 ) (40.0 )
----------- ---------
Financing Activities
Net debt activity (1.2 ) 20.6
Debt issuance costs - (0.2 )
Purchase of treasury stock (0.3 ) (0.3 )
Employee stock option exercises 0.4 0.6
----------- ---------
Net cash provided by (used in) financing activities (1.1 ) 20.7
----------- ---------
Effect of exchange rate changes on cash (5.3 ) 0.4
----------- ---------
Net decrease in cash and cash equivalents (43.5 ) (74.4 )
Cash and cash equivalents at beginning of period 249.2 154.0
----------- ---------
Cash and cash equivalents at end of period $ 205.7 $ 79.6
----------- ---------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial
measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc.
business and operating performance.
Earnings before interest expense, income taxes, depreciation and amortization
(EBITDA)((a))
Three months ended
March 31,
-------------------------------------------------
2015 2014
----------- -------------------------------------
(in millions)
Net income $ 53.2 $ 33.6
Interest expense 25.1 25.0
Income tax expense 9.2 7.0
Depreciation and amortization 50.0 46.9
----------- -------------------------------------
EBITDA $ 137.5 $ 112.5
----------- -------------------------------------
Net debt((b) )to capital
------------- --------------
March December
31, 2015 31, 2014
------------- --------------
(in millions, except
percentages)
Total debt $ 1,534.7 $ 1,536.4
Less: cash and cash equivalents 205.7 249.2
------------- --------------
Net debt at end of period 1,329.0 1,287.2
Stockholders' equity 142.3 113.4
------------- --------------
Total invested capital at end of period $ 1,471.3 $ 1,400.6
------------- --------------
Net debt to capital((c)) 90.3 % 91.9 %
------------- --------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial
measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc.
business and operating performance.
Free Cash Flow((d))
Three months ended
March 31,
----------------------------------------
2015 2014
----------- ----------------------------
(in millions)
Net cash provided by (used in)
operating activities $ 6.4 $ (55.5 )
Less: Purchases of property, plant &
equipment, net
of proceeds from sale of property,
plant & equipment (43.5 ) (40.0 )
----------- ----------------------------
Free cash flow $ (37.1 ) $ (95.5 )
----------- ----------------------------
________________________________________
(a) We define EBITDA to be earnings before interest, taxes,
depreciation and amortization. We believe that EBITDA is a meaningful measure of
performance as it is commonly utilized by management and investors to analyze
operating performance and entity valuation. Our management, the investment
community and the banking institutions routinely use EBITDA, together with other
measures, to measure our operating performance relative to other Tier 1
automotive suppliers. EBITDA should not be construed as income from operations,
net income or cash flow from operating activities as determined under GAAP.
Other companies may calculate EBITDA differently.
(b) Net debt is equal to total debt less cash and cash equivalents.
(c) Net debt to capital is equal to net debt divided by the sum of
stockholders' equity and net debt. We believe that net debt to capital is a
meaningful measure of financial condition as it is commonly utilized by
management, investors and creditors to assess relative capital structure risk.
Other companies may calculate net debt to capital differently.
(d) We define free cash flow to be net cash provided by (or used in)
operating activities less capital expenditures net of proceeds from the sale of
property, plant and equipment. We believe free cash flow is a meaningful
measure as it is commonly utilized by management and investors to assess our
ability to generate cash flow from business operations to repay debt and return
capital to our stockholders. Free cash flow is also a key metric used in our
calculation of incentive compensation. Other companies may calculate free cash
flow differently.
Publishing_FINAL_1Q-FY15_Press Release:
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via GlobeNewswire
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