AAM’s third-quarter sales and profits up, sales rumors debunked

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AAM’s sales in the third quarter of 2022 reached $1.54 billion compared to $1.21 billion in the third quarter of 2021.

Third-quarter sales were “favorably impacted” by the recent acquisition of Tekfor, as well as volume and mix, the supplier said in a statement.

Net income was $26.5 million, or $0.22 per share, an improvement from net loss of $2.4 million, or $(0.02) per share a year ago.

Adjusted EBITDA was $198.4 million, or 12.9% of sales, compared to $183.2 million (15.1%).

Updated outlook

The vendor is now targeting sales of between $5.75 and $5.85 billion compared to $5.75 and $5.95 billion previously. Adjusted EBITDA is set at $745-765 million from the previous $790-830 million.

AAM said in a statement, “In addition to normal production seasonality, we expect the fourth quarter operating environment to be similar to the third quarter, including continued higher volatility than expected in truck production.”

Separately, the commercial vehicle transmission specialist previously dismissed media reports that it was in sales talks.

“While our long-standing policy has been not to publicly comment on market rumors and media speculation, we believe it is important to state that we are not engaged in any discussions to sell the business and that we do not are not otherwise for sale,” he said. in a report.

“In the normal course of executing our strategic plan, we continuously monitor market conditions and assess industry developments and regularly review strategic opportunities that best serve the interests of the company (including our customers and associates) and its shareholders.”

No further comments would be issued.

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