DETROIT, March 9 /PRNewswire-FirstCall/ -- American Axle & Manufacturing
Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today updated its
earnings outlook for the first quarter of 2005. AAM earlier provided earnings
guidance for the first quarter of 2005 based on the assumption that its
customers' production volumes for the major North American light truck
programs it currently supports would be 13% - 14% lower as compared to the
first quarter of 2004. Due to the impact of additional production cuts taken
by its customers, AAM now estimates that such production volumes will be down
18% - 20% in the quarter, as compared to the prior year. Based on this
revised production outlook, AAM now expects its earnings in the first quarter
of 2005 to range from $0.25 to $0.30 per share.
"2005 will be a challenging year for the entire domestic automotive
industry. The same is true for AAM," said American Axle & Manufacturing Co-
Founder, Chairman of the Board and CEO, Richard E. Dauch. "We expect the
production outlook for our major product programs to improve once our
customers work through a near-term inventory correction. We are very pleased
with the progress we have made in growing our new business backlog to in
excess of $1 billion in future annual sales. We look forward to a successful
launch of these exciting new products supporting these future programs."
American Axle & Manufacturing is a world leader in the manufacture,
design, engineering, and validation of driveline systems and related
components and modules, chassis systems and metal-formed products for trucks,
sport utility vehicles and passenger cars. In addition to its locations in
the United States (in Michigan, New York and Ohio), AAM also has offices or
facilities in Brazil, China, England, Germany, India, Japan, Mexico, Scotland
and South Korea.
The internet address for AAM is: http://www.aam.com . Investor
conferences are webcast at:
http://investor.aam.com/medialist.cfm?companyid=AXL investor_webcasts.html .
The Company is speaking today at the Smith Barney CitiGroup Industrial
Conference in New York City.
Certain statements contained in this press release are "forward-looking
statements" and relate to the Company's plans, projections or future
performance. Such statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and are based on our
current expectations, are inherently uncertain, are subject to risks and
should be viewed with caution. Actual results and experience may differ
materially from the forward-looking statements as a result of many factors,
including but not limited to: adverse changes in the economic conditions or
political stability of our principal markets (particularly North America,
Europe and South America); reduced demand of our customers' products,
particularly light trucks and SUVs produced by GM and DaimlerChrysler's heavy-
duty Dodge Ram full-size pickup trucks, or the Dodge Ram program; reduced
purchases of our products by GM, DaimlerChrysler or other customers; our
ability and our customers' ability to successfully launch new product
programs; our ability to respond to changes in technology or increased
competition; supply shortages or price fluctuations in raw materials,
utilities or other operating supplies; our ability to attract and retain key
associates; our ability to maintain satisfactory labor relations and avoid
work stoppages; risks of noncompliance with environmental regulations or risks
of environmental issues that could result in unforeseen costs at our
facilities; liabilities arising from legal proceedings to which we are or may
become a party or claims against us or our products; availability of financing
for working capital, capital expenditures, research and development or other
general corporate purposes; adverse changes in laws, government regulations or
market conditions affecting our products or our customers' products (including
the Corporate Average Fuel Economy regulations); and other unanticipated
events and conditions that may hinder our ability to compete. It is not
possible to foresee or identify all such factors and we make no commitment to
update any forward-looking statement or to disclose any facts, events or
circumstances after the date hereof that may affect the accuracy of any
forward-looking statements.
For more information ...
Carrie L.P. Gray Christopher M. Son
Director, Corporate Relations Director, Investor Relations
(313) 758-4880 (313) 758-4814
grayc@aam.com chris.son@aam.com
Or visit the AAM website at http://www.aam.com
SOURCE American Axle & Manufacturing Holdings, Inc.
 back to top
Related links:
http://www.aam.com
Company News On-Call:
http://www.prnewswire.com/comp/033813.html
CONTACT:
Carrie L.P. Gray, Director, Corporate
Relations, +1-313-758-4880, grayc@aam.com , or Christopher M.
Son, Director, Investor Relations, +1-313-758-4814,
chris.son@aam.com , both of American Axle & Manufacturing
Holdings, Inc.
|
