American Axle & Manufacturing (AAM), which owns automotive component manufacturer Metaldyne, has reported its financial results for Q1 2017 provided an updated 2017 financial outlook.
Q1 sales were US$1.05 billion, up from US$0.97 billion in Q1 of 2016, with a gross profit of US$210.7 million, or 20.1% of sales. AAM’s net income in Q1 2017 was US$78.4 million, or US$0.99 per share, as compared to net income of US$61.1 million, or US$0.78 per share, in Q1 2016.
‘AAM's record financial performance in the first quarter of 2017 sets the stage for the next chapter in our future,’ said David C. Dauch, AAM’s chairman and CEO. ‘As we implement our integration plans to achieve synergy targets related to the completed acquisition of MPG, we look forward to driving profitable growth, strong free cash flow generation and long-term shareholder value as a larger, more diverse company.’
AAM's full year 2017 financial outlook has been updated to include the impact of the Metaldyne acquisition, and the company is now targeting sales of approximately US$6.1 billion in 2017.
This story is reprinted from material from AAM, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.