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Quotes & Info
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| AXL > SEC Filings for AXL > Form 8-K on 26-Oct-2012 | All Recent SEC Filings |
26-Oct-2012
Results of Operations and Financial Condition, Regulat
On October 26, 2012 American Axle & Manufacturing Holdings, Inc., (the "Company" or "AAM") issued a press release regarding AAM's financial results for the three and nine months ended September 30, 2012. A copy of this press release is furnished as Exhibit 99.1.
AAM's 2012 Outlook
• AAM expects full year sales in 2012 to exceed $2.9 billion. This sales
projection is based on the anticipated launch schedule of programs in
AAM's new business backlog and the assumption that the U.S. Seasonally
Adjusted Annual Rate of sales ("SAAR") is approximately 14 million vehicle
units in 2012.
• AAM expects to be profitable and to generate adjusted earnings before interest expense, income taxes and depreciation and amortization (Adjusted EBITDA) as a percentage of sales of approximately 12.5% in 2012.
? AAM defines Adjusted EBITDA to be earnings before interest, taxes,
depreciation and amortization excluding the impact of curtailment
gains, asset impairments, restructuring costs and special charges
related to the closure of the Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility, and debt refinancing and
redemption costs, to the extent applicable. AAM believes that EBITDA
and adjusted EBITDA are meaningful measures of performance as they
are commonly utilized by management and investors to analyze
operating performance and entity valuation. Our management, the
investment community and the banking institutions routinely use
these terms, together with other measures, to measure our operating
performance relative to other Tier 1 automotive suppliers. EBITDA
and adjusted 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 and
adjusted EBITDA differently.
• AAM expects full year capital spending in 2012 to be in the range of 6.0%
to 6.5% of sales to support AAM's $1.2 billion new business backlog,
launching between 2012 - 2014.
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Cautionary Statements
In this Current Report on Form 8-K, 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," and similar words of 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 the current sovereign debt
crisis in the Euro-zone; reduced purchases of our products by General Motors
Company (GM), Chrysler Group LLC (Chrysler) or other customers; reduced demand
for our customers' products (particularly light trucks and SUVs produced by GM
and Chrysler); liabilities arising from warranty claims, product recall, product
liability and legal proceedings to which we are or may become a party; our
ability to realize the expected revenues from our new business backlog; our
ability or our customers' and suppliers' ability to successfully launch new
product programs on a timely basis; our ability to achieve the level of cost
reductions required to sustain global cost competitiveness; our ability to
attract new customers and programs for new products; 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 respond
to changes in technology, increased competition or pricing pressures; price
volatility in, or reduced availability of, fuel; 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 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; 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);
availability of financing for working capital, capital expenditures, R&D or
other general
corporate purposes, including 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; 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); changes in liabilities arising from pension and other postretirement benefit obligations; our ability to consummate and integrate acquisitions and joint ventures; risks of noncompliance with environmental laws and regulations or risks of environmental issues that could result in unforeseen costs at our facilities; our ability to attract and retain key associates; 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.
99.1 Press release dated October 26, 2012
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