American Axle Reports Q2 2024 Revenue

TL;DR

**AXL Q2 Revenue: $2.76B. Filing out now.**

AI Summary

American Axle & Manufacturing Holdings Inc. reported its Q2 2024 results, with total revenue for the six months ended June 30, 2024, reaching $2.76 billion. The company's financial statements are presented in USD, and the filing was made on August 9, 2024, covering the period up to June 30, 2024.

Why It Matters

This filing provides investors with the latest financial performance data for American Axle & Manufacturing Holdings Inc., impacting their investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the cyclical automotive industry, which is subject to economic downturns and shifts in consumer demand.

Key Numbers

• $2.76B — Total Revenue (For the six months ended June 30, 2024)
• 20240630 — Reporting Period End (Quarterly Report)
• 20240809 — Filing Date (Date the 10-Q was submitted)

Key Players & Entities

• AMERICAN AXLE & MANUFACTURING HOLDINGS INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $2.76 billion (dollar_amount) — Total Revenue for the six months ended June 30, 2024
• 20240809 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• axl-20240630.htm (10-Q) — 1528KB
• exhibit41fourthsupplementa.htm (EX-4.1) — 26KB
• exhibit22-q22024.htm (EX-22) — 16KB
• exhibit311-q22024.htm (EX-31.1) — 9KB
• exhibit312-q22024.htm (EX-31.2) — 10KB
• exhibit32-q22024.htm (EX-32) — 11KB
• 0001062231-24-000084.txt ( ) — 8301KB
• axl-20240630.xsd (EX-101.SCH) — 41KB
• axl-20240630_cal.xml (EX-101.CAL) — 70KB
• axl-20240630_def.xml (EX-101.DEF) — 323KB
• axl-20240630_lab.xml (EX-101.LAB) — 510KB
• axl-20240630_pre.xml (EX-101.PRE) — 399KB
• axl-20240630_htm.xml (XML) — 1603KB

FORWARD-LOOKING STATEMENTS

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

Financial Statements

Financial Statements 2 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income ( Loss) 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 28 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4

Controls and Procedures

Controls and Procedures 43 Part II OTHER INFORMATION 44 Item 1A

Risk Factors

Risk Factors 44 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5 Other Information 44 Item 6 Exhibits 45

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 INCOME (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions, except per share data) Net sales $ 1,632.3 $ 1,570.7 $ 3,239.2 $ 3,064.6 Cost of goods sold 1,415.0 1,392.5 2,823.4 2,725.8 Gross profit 217.3 178.2 415.8 338.8 Selling, general and administrative expenses 105.2 91.1 203.5 189.4 Amortization of intangible assets 20.6 21.4 41.3 42.8 Restructuring and acquisition-related costs 5.0 7.9 7.5 12.7 Operating income 86.5 57.8 163.5 93.9 Interest expense ( 47.9 ) ( 50.2 ) ( 96.9 ) ( 100.7 ) Interest income 6.1 5.9 14.4 11.8 Other income (expense) Debt refinancing and redemption costs ( 0.3 ) — ( 0.3 ) — Gain (loss) on equity securities ( 0.2 ) 0.3 ( 0.1 ) — Other income (expense), net ( 8.8 ) ( 0.5 ) ( 8.8 ) 3.2 Income before income taxes 35.4 13.3 71.8 8.2 Income tax expense 17.2 5.3 33.1 5.3 Net income $ 18.2 $ 8.0 $ 38.7 $ 2.9 Basic earnings per share $ 0.15 $ 0.07 $ 0.32 $ 0.02 Diluted earnings per share $ 0.15 $ 0.07 $ 0.32 $ 0.02 See accompanying notes to condensed consolidated financial statements. 2 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in millions) Net income $ 18.2 $ 8.0 $ 38.7 $ 2.9 Other comprehensive income (loss) Defined benefit plans, net of tax (a) ( 0.6 ) ( 0.7 ) ( 1.2 ) ( 1.4 ) Foreign currency translation adjustments ( 14.3 ) ( 4.7 ) ( 29.6 ) 4.1 Changes in hedges, net of tax (b) ( 19.0 ) 17.3 ( 8.2 ) 19.8 Other comprehensive income (loss) ( 33.9 ) 11.9 ( 39.0 ) 22.5 Comprehensive income (loss) $ ( 15.7 ) $ 19.9 $ ( 0.3 ) $ 25.4 (a) Amounts are net of tax of $ 0.3 million and $ 0.6 million for the three and six months ended June 30, 2024 and $ 0.4 million and $ 0.9 mil

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View this 10-Q filing on SEC EDGAR