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AXL > SEC Filings for AXL > Form 8-K on 26-Oct-2012All Recent SEC Filings

Show all filings for AMERICAN AXLE & MANUFACTURING HOLDINGS INC

Form 8-K for AMERICAN AXLE & MANUFACTURING HOLDINGS INC


26-Oct-2012

Results of Operations and Financial Condition, Regulat


Item 2.02 Results of Operations and Financial Condition

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.



Item 7.01 Regulation FD Disclosure

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.

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.




Item 9.01 Financial Statements and Exhibits
Exhibit No. Description

99.1 Press release dated October 26, 2012


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