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American Axle & Manufacturing Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net sales of $1,504.9 million for the quarter, a decrease from $1,551.9 million in the same quarter of the previous year. This decline is attributed to lower production volumes and the effect of metal market pass-throughs.
Cost of goods sold for the quarter was $1,333.6 million, down from $1,421.3 million in the same quarter of the previous year. The decrease is primarily due to lower production volumes and improved operating performance.
The company reported a gross profit of $171.3 million for the quarter, compared to $130.6 million in the previous year, with the increase attributed to improved operating performance.
Selling, general, and administrative expenses increased to $94.6 million from $81.8 million, primarily due to increased compensation-related expenses.
Net income for the quarter was $10.0 million, compared to a net loss of $17.4 million in the previous year. Diluted earnings per share were $0.08, compared to a diluted loss per share of $0.15 in the previous year.
Cash provided by operating activities was $304.2 million, while cash used in investing and financing activities was $174.2 million and $106.0 million, respectively.
American Axle had a working capital of $841.3 million as of September 30, 2024. The company anticipates its operating cash flow, available cash, and credit facilities will be sufficient to meet its liquidity needs.
The filing also details various financial agreements, including a refinancing facility agreement for a new Term Loan B Facility of $648.0 million.
American Axle does not anticipate cash dividend payments to common stockholders in the near future.
The company identified an impairment charge of $12.0 million related to the classification of certain assets as held-for-sale.
American Axle continues to focus on developing its electrification product portfolio and managing its global operations efficiently.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Axle & Manufacturing Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.