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America Axle Posts Fourth-Quarter, Full-Year Losses
American Axle & Manufacturing Holdings Inc. swung to a $362 million net loss in the final quarter of 2018, as revenue dipped 2% to $1.7 billion.
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American Axle & Manufacturing Holdings Inc. swung to a $362 million net loss in the final quarter of 2018, as revenue dipped 2% to $1.7 billion.
For the full year, AAM’s revenue grew 16% to $7.3 billion. But adjusted net income shifted to a $58 million loss from a $337 million profit in 2017.
The company notes that its fourth-quarter and full-year results were hurt by a non-cash goodwill impairment of $486 million related to its casting and powertrain operations.
AMM expects this year’s revenue will be between $7.2 billion and $7.3 billion. The company anticipates earnings before interest, taxes, depreciation and amortization will be unchanged at about $1.2 billion.
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