American Axle Boosts FY21 Sales Outlook As Q3 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Friday, automotive supplier American Axle & Manufacturing Holdings Inc. or AAM (AXL) raised its sales and North American light vehicle production guidance for the full-year 2021.

For fiscal 2021, the company now projects sales in the range of $5.15 billion to $5.25 billion on North American light vehicle production of approximately 13 million units, up from the prior guidance range between $5.3 billion and $5.5 billion on North American light vehicle production in the range of 14.4 million to 14.6 million units.

On average, analysts polled by Thomson Reuters expect the company to report sales of $5.14 billion for the year.

For the third quarter, the company reported a net loss of $2.4 million or $0.02 per share, compared to net income of $117.2 million or $0.99 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.15 per share, compared to $1.15 per share in the year-ago quarter.

Net sales for the quarter declined to $1.21 billion from $1.41 billion in the same quarter last year.

The Street was looking for earnings of $0.00 per share on sales of $1.18 billion for the quarter. Analysts' estimates typically exclude special items.