American Axle Trims FY22 Sales Outlook As Q3 Adj. EPS Miss Estimates; Stock Down 16%

RTTNews | 861 days ago
Stocktwits
American Axle Trims FY22 Sales Outlook As Q3 Adj. EPS Miss Estimates; Stock Down 16%

(RTTNews) - While reporting financial results for the third quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) trimmed its sales guidance for the full-year 2022.

For fiscal 2022, the company now projects sales in the range of $5.75 billion to $5.85 billion, down from the prior guidance range of $5.75 billion to $5.95 billion.

On average, eight analysts polled by Thomson Reuters expect the company to report sales of $5.84 billion for the year.

For the third quarter, the company reported net income of $26.5 million or $0.22 per share, compared to a net loss of $2.4 million or $0.02 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.27 per share, compared to $0.15 per share in the year-ago quarter.

Net sales for the quarter increased to $1.54 billion from $1.21 billion in the same quarter last year.

The Street was looking for earnings of $0.24 per share on sales of $1.47 billion for the quarter. Analysts' estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Tags: AXL
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UK Economy Contracts Unexpectedly On Weaker Production

UK Economy Contracts Unexpectedly On Weaker Production

The UK economy logged an unexpected contraction at the start of the year on a sharp fall in production, official data revealed on Friday. Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December, the Office for National Statistics reported. GDP was expected to grow 0.1 percent.
RTTNews | 4h 59min ago
Asian Shares Advance As US Shutdown Worries Ease

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Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.
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