NYSE$DCH
Dauch Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
AAM's financial performance was impacted by downtime at key customers, operational inefficiencies, and a UAW work stoppage, but the company generated strong free cash flow.
American Axle & Manufacturing Holdings reported sales of $1.55 billion and a net loss of $(17.4) million for Q3 2023. The company's performance was impacted by customer downtime, operational inefficiencies, and the UAW work stoppage, but it generated strong free cash flow and is focusing on electric propulsion technology.
- Sales reached $1.55 billion.
- Net loss was $(17.4) million, representing (1.1)% of sales.
- Adjusted EBITDA was $156.8 million, or 10.1% of sales.
- Adjusted free cash flow was $135.8 million.
Headline financials
Revenue & EPS history
American Axle · Revenue · Quarterly
$1.55B
Revenue by segment
American Axle · $1.69B total across 2 segments · Q3 2023
- Driveline$1.06B—62.9%
- Metal Forming$625M—37.1%
Forward guidance
AAM updated its full year 2023 financial targets, including sales in the range of $6.0 - $6.1 billion and Adjusted EBITDA in the range of $660 - $685 million.
Tailwinds
- Targeting sales in the range of $6.0 - $6.1 billion.
- Targeting Adjusted EBITDA in the range of $660 - $685 million.
- Targeting Adjusted free cash flow in the range of $200 - $215 million.
- Outlook assumes production begins to resume during the first week of November from the UAW work stoppage.
- Assumes capital spending of approximately 3.0% - 3.5% of sales.
Headwinds
- Outlook assumes an estimated work stoppage impact of $70 - $100 million in sales.
- Outlook assumes an estimated work stoppage impact of $25 - $40 million in adjusted EBITDA.
- The updated 2023 targets are based on the current macro operating environment.
- The updated 2023 targets are based on AAM's production estimates of key programs that we support.
- AAM's third quarter financial performance reflected greater than anticipated downtime at key customers, operational inefficiencies and the UAW work stoppage
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.8%
Avg return
Earnings day
-0.9%
Avg return
5 days after
+0.4%
Avg return
30 days after
51%
33 / 65 earnings
Positive
+32.2%
Q3 2019
Best reaction
-27.1%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +15.3% | +13.4% | +9.7% | |
| Q4 2025 | -14.0% | -15.5% | -38.6% | |
| Q3 2025 | +6.7% | +5.2% | +2.3% | |
| Q1 2025 | +4.8% | +8.7% | +15.5% | |
| Q4 2024 | +8.4% | +23.2% | -5.3% | |
| Q3 2024 | +7.9% | +4.7% | +6.6% | |
| Q2 2024 | -2.4% | -0.8% | -5.0% | |
| Q1 2024 | +4.6% | +6.6% | +4.4% | |
| Q4 2023 | -9.7% | -13.8% | -22.9% | |
| Q3 2023 | +5.4% | +2.0% | +13.2% | |
| Q2 2023 | -11.3% | -13.1% | -16.1% | |
| Q1 2023 | +8.0% | +5.5% | +8.3% | |
| Q4 2022 | -9.5% | -12.2% | -25.2% | |
| Q3 2022 | -10.3% | -15.6% | -5.5% | |
| Q2 2022 | +14.5% | +22.0% | +18.7% | |
| Q1 2022 | -5.5% | -5.1% | +23.6% | |
| Q4 2021 | -10.9% | +1.3% | +0.5% | |
| Q3 2021 | +2.0% | -0.7% | -5.8% | |
| Q2 2021 | -0.6% | -5.8% | -6.2% | |
| Q1 2021 | +6.0% | +2.9% | +26.3% | |
| Q4 2020 | -7.5% | -11.4% | +22.2% | |
| Q3 2020 | +4.2% | +2.4% | +24.9% | |
| Q2 2020 | -3.0% | -2.3% | +12.3% | |
| Q1 2020 | +31.9% | +15.0% | +105.4% | |
| Q4 2019 | -19.1% | -22.5% | -51.9% | |
| Q3 2019 | +32.2% | +24.5% | +17.9% | |
| Q2 2019 | -22.4% | -26.8% | -42.5% | |
| Q1 2019 | -7.7% | -12.0% | -29.5% | |
| Q4 2018 | +13.0% | +15.2% | -4.2% | |
| Q3 2018 | -27.1% | -17.8% | -20.8% | |
| Q2 2018 | +6.4% | +8.9% | +10.5% | |
| Q1 2018 | +3.8% | +4.0% | +9.8% | |
| Q4 2017 | -2.3% | -0.1% | -5.8% | |
| Q3 2017 | +1.9% | -2.6% | -2.5% | |
| Q2 2017 | -7.9% | -9.9% | -13.1% | |
| Q1 2017 | +7.5% | +6.3% | -6.6% | |
| Q4 2016 | -4.1% | -3.8% | -7.7% | |
| Q3 2016 | -17.8% | -17.3% | -4.9% | |
| Q2 2016 | +5.3% | +3.3% | +3.3% | |
| Q1 2016 | +5.8% | — | — | |
| Q4 2015 | +24.9% | — | — | |
| Q3 2015 | +6.6% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | -2.1% | — | — | |
| Q4 2014 | -2.3% | — | — | |
| Q3 2014 | +8.7% | — | — | |
| Q2 2014 | -2.2% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q3 2013 | -3.3% | — | — | |
| Q2 2013 | +4.4% | — | — | |
| Q1 2013 | +12.2% | — | — | |
| Q4 2012 | +5.0% | — | — | |
| Q3 2012 | -6.2% | — | — | |
| Q2 2012 | +4.5% | — | — | |
| Q1 2011 | -10.0% | — | — | |
| Q1 2012 | -10.0% | — | — | |
| Q1 2010 | -2.0% | — | — | |
| Q4 2009 | -2.0% | — | — | |
| Q4 2011 | -2.0% | — | — | |
| Q3 2011 | -3.5% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +10.2% | — | — | |
| Q2 2011 | +10.2% | — | — | |
| Q4 2010 | +10.2% | — | — |
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