American Axle & Manufacturing Holdings Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>American Axle & Manufacturing Holdings Inc. filed its quarterly report (10-Q) on May 3, 2024, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

AMERICAN AXLE & MANUFACTURING HOLDINGS INC (DCH) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company name: AMERICAN AXLE & MANUFACTURING HOLDINGS INC. Central Index Key: 0001062231. Standard Industrial Classification: MOTOR VEHICLE PARTS & ACCESSORIES [3714]. Filing date: 2024-05-03.

Why It Matters

For investors and stakeholders tracking AMERICAN AXLE & MANUFACTURING HOLDINGS INC, this filing contains several important signals. This filing provides investors and analysts with the latest financial data for American Axle & Manufacturing Holdings Inc., crucial for assessing the company's performance and making informed investment decisions. The 10-Q report contains detailed financial statements, management's discussion and analysis, and risk factors, offering a comprehensive view of the company's operational and financial health during the first quarter of 2024.

Risk Assessment

Risk Level: medium — AMERICAN AXLE & MANUFACTURING HOLDINGS INC shows moderate risk based on this filing. The company operates in the automotive parts industry, which is subject to cyclical demand, supply chain disruptions, and intense competition, posing medium-term risks to its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand the company's current financial position and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• AMERICAN AXLE & MANUFACTURING HOLDINGS INC (company) — Filer name
• 0001062231 (company) — Central Index Key
• MOTOR VEHICLE PARTS & ACCESSORIES (company) — Standard Industrial Classification
• 3714 (company) — Standard Industrial Classification code
• DE (company) — State of Incorporation
• 1934 Act (regulator) — SEC Act
• 001-14303 (company) — SEC File Number
• 2024-05-03 (date) — Filing Date

FAQ

Industry Context

American Axle & Manufacturing Holdings Inc. operates within the automotive parts and accessories industry, a sector characterized by its cyclical nature and dependence on global vehicle production volumes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review management's discussion and analysis for insights into operational performance and strategic initiatives.
3. Assess the risk factors section for potential challenges and their impact on the company.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period data for comparison is available within this specific document extract.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AXL New York Stock Exchange

Filing Documents

• axl-20240331.htm (10-Q) — 1149KB
• exhibit101-formofperforman.htm (EX-10.1) — 96KB
• exhibit102-formofperforman.htm (EX-10.2) — 85KB
• exhibit22-q12024.htm (EX-22) — 16KB
• exhibit311-q12024.htm (EX-31.1) — 9KB
• exhibit312-q12024.htm (EX-31.2) — 10KB
• exhibit32-q12024.htm (EX-32) — 11KB
• 0001062231-24-000054.txt (&nbsp;) — 7131KB
• axl-20240331.xsd (EX-101.SCH) — 41KB
• axl-20240331_cal.xml (EX-101.CAL) — 67KB
• axl-20240331_def.xml (EX-101.DEF) — 311KB
• axl-20240331_lab.xml (EX-101.LAB) — 492KB
• axl-20240331_pre.xml (EX-101.PRE) — 388KB
• axl-20240331_htm.xml (XML) — 1151KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 Part I FINANCIAL INFORMATION 2 Item 1

Financial Statements

Financial Statements 2 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4

Controls and Procedures

Controls and Procedures 36 Part II OTHER INFORMATION 37 Item 1A

Risk Factors

Risk Factors 37 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5 Other Information 37 Item 6 Exhibits 38

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In this Quarterly Report on Form 10-Q (Quarterly Report), 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: global economic conditions, including the impact of inflation, recession or recessionary concerns, or slower growth in the markets in which we operate; reduced purchases of our products by General Motors Company (GM), Stellantis N.V. (Stellantis), Ford Motor Company (Ford) or other customers; our ability to respond to changes in technology, increased competition or pricing pressures; 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; reduced demand for our customers' products (particularly light trucks and sport utilit

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 2023 (in millions, except per share data) Net sales $ 1,606.9 $ 1,493.9 Cost of goods sold 1,408.4 1,333.3 Gross profit 198.5 160.6 Selling, general and administrative expenses 98.3 98.3 Amortization of intangible assets 20.7 21.4 Restructuring and acquisition-related costs 2.5 4.8 Operating income 77.0 36.1 Interest expense ( 49.0 ) ( 50.5 ) Interest income 8.3 5.9 Other income (expense) Unrealized gain (loss) on equity securities 0.1 ( 0.3 ) Other income (expense), net — 3.7 Income (loss) before income taxes 36.4 ( 5.1 ) Income tax expense 15.9 — Net income (loss) $ 20.5 $ ( 5.1 ) Basic earnings (loss) per share $ 0.17 $ ( 0.04 ) Diluted earnings (loss) per share $ 0.17 $ ( 0.04 ) See accompanying notes to condensed consolidated financial statements. 2 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (in millions) Net income (loss) $ 20.5 $ ( 5.1 ) Other comprehensive income (loss) Defined benefit plans, net of tax (a) ( 0.6 ) ( 0.7 ) Foreign currency translation adjustments ( 15.3 ) 8.8 Changes in cash flow hedges, net of tax (b) 10.8 2.5 Other comprehensive income (loss) ( 5.1 ) 10.6 Comprehensive income $ 15.4 $ 5.5 (a) Amounts are net of tax of $ 0.3 million for the three months ended March 31, 2024 and $ 0.5 million for the three months ended March 31, 2023. (b) Amounts are net of tax of $( 3.0 ) million for the three months ended March 31, 2024 and $ 1.8 million for the three months ended March 31, 2023. See accompanying notes to condensed consolidated financial statements. 3 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets (in

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View this 10-Q filing on SEC EDGAR