American Axle & Manufacturing Holdings Inc. Q3 2024 Filing
Ticker: DCH · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1062231
Sentiment: neutral
Topics: 10-Q, quarterly-report, automotive-parts
Related Tickers: AXL
TL;DR
AXL filed its Q3 2024 10-Q. Financials and operations detailed.
AI Summary
American Axle & Manufacturing Holdings Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial performance and operational status. Specific financial figures and operational highlights are detailed within the report.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for American Axle & Manufacturing Holdings Inc., crucial for understanding the company's performance and future outlook in the automotive parts sector.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the automotive sector can be subject to cyclical economic pressures and supply chain disruptions.
Key Numbers
- 2024-01-01 to 2024-09-30 — Reporting Period (Nine months ended September 30, 2024)
Key Players & Entities
- AMERICAN AXLE & MANUFACTURING HOLDINGS INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241108 (date) — Filing Date
- DETROIT (location) — Business Address City
FAQ
What is the primary business of American Axle & Manufacturing Holdings Inc.?
American Axle & Manufacturing Holdings Inc. is in the MOTOR VEHICLE PARTS & ACCESSORIES industry, SIC code 3714.
What period does this 10-Q filing cover?
This 10-Q filing covers the period of report ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on November 8, 2024.
What is the company's state of incorporation?
The company's state of incorporation is Delaware (DE).
What is the company's fiscal year end?
The company's fiscal year ends on December 31 (1231).
Filing Stats: 4,711 words · 19 min read · ~16 pages · Grade level 8.8 · Accepted 2024-11-08 13:04:07
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share AXL New York Stock Exchange
Filing Documents
- axl-20240930.htm (10-Q) — 1588KB
- exhibit22-q32024.htm (EX-22) — 16KB
- exhibit311-q32024.htm (EX-31.1) — 9KB
- exhibit312-q32024.htm (EX-31.2) — 10KB
- exhibit32-q32024.htm (EX-32) — 11KB
- 0001062231-24-000094.txt ( ) — 8574KB
- axl-20240930.xsd (EX-101.SCH) — 44KB
- axl-20240930_cal.xml (EX-101.CAL) — 74KB
- axl-20240930_def.xml (EX-101.DEF) — 336KB
- axl-20240930_lab.xml (EX-101.LAB) — 542KB
- axl-20240930_pre.xml (EX-101.PRE) — 419KB
- axl-20240930_htm.xml (XML) — 1634KB
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 (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 8 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 30 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 44 Item 4
Controls and Procedures
Controls and Procedures 45 Part II OTHER INFORMATION 46 Item 1A
Risk Factors
Risk Factors 46 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 5 Other Information 46 Item 6 Exhibits 47
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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions, except per share data) Net sales $ 1,504.9 $ 1,551.9 $ 4,744.1 $ 4,616.5 Cost of goods sold 1,333.6 1,421.3 4,157.0 4,147.1 Gross profit 171.3 130.6 587.1 469.4 Selling, general and administrative expenses 94.6 81.8 298.1 271.2 Amortization of intangible assets 20.8 21.4 62.1 64.2 Impairment charge (Note 2) 12.0 — 12.0 — Restructuring and acquisition-related costs 2.2 3.5 9.7 16.2 Operating income 41.7 23.9 205.2 117.8 Interest expense ( 45.2 ) ( 50.8 ) ( 142.1 ) ( 151.5 ) Interest income 7.1 7.1 21.5 18.9 Other income (expense) Debt refinancing and redemption costs ( 0.2 ) ( 0.3 ) ( 0.5 ) ( 0.3 ) Loss on equity securities — ( 1.2 ) ( 0.1 ) ( 1.2 ) Other income (expense), net ( 5.5 ) 1.9 ( 14.3 ) 5.1 Income (loss) before income taxes ( 2.1 ) ( 19.4 ) 69.7 ( 11.2 ) Income tax expense (benefit) ( 12.1 ) ( 2.0 ) 21.0 3.3 Net income (loss) $ 10.0 $ ( 17.4 ) $ 48.7 $ ( 14.5 ) Basic earnings (loss) per share $ 0.08 $ ( 0.15 ) $ 0.40 $ ( 0.12 ) Diluted earnings (loss) per share $ 0.08 $ ( 0.15 ) $ 0.40 $ ( 0.12 ) 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions) Net income (loss) $ 10.0 $ ( 17.4 ) $ 48.7 $ ( 14.5 ) Other comprehensive income (loss) Defined benefit plans, net of tax (a) ( 0.6 ) ( 1.1 ) ( 1.8 ) ( 2.5 ) Foreign currency translation adjustments 21.6 ( 16.1 ) ( 8.0 ) ( 12.0 ) Changes in hedges, net of tax (b) ( 28.2 ) — ( 36.4 ) 19.8 Other comprehensive income (loss) ( 7.2 ) ( 17.2 ) ( 46.2 ) 5.3 Comprehensive income (loss) $