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American Axle & Manufacturing Holdings Inc. (AXL-3.66%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $6,124.9 million, a slight increase from $6,079.5 million in the previous year. The increase was primarily due to higher production volumes on certain vehicle programs.
Cost of goods sold decreased to $5,383.5 million from $5,455.2 million, reflecting a reduction in metal market pass-throughs and foreign exchange impacts.
The company reported a gross profit of $741.4 million, up from $624.3 million in the previous year. Gross margin improved to 12.1% from 10.3%.
Selling, general, and administrative expenses increased to $387.1 million from $366.9 million, primarily due to higher incentive compensation and professional fees.
Net income for the year was $35.0 million, compared to a net loss of $33.6 million in the previous year. Diluted earnings per share were $0.29.
American Axle announced a pending combination with Dowlais Group plc, valued at approximately $1.44 billion. The transaction is expected to close by the end of 2025, subject to regulatory approvals.
The company also entered into an agreement to sell its commercial vehicle axle business in India for $65 million, expected to close in the first half of 2025.
American Axle continues to focus on diversifying its customer base and expanding its product portfolio, with significant investments in electric and hybrid driveline technologies.
The filing details various financial agreements, including a new Term Loan B Facility and additional financing arrangements related to the pending Dowlais acquisition.
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. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.