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American Axle & Manufacturing Holdings I Reports Operating Results (10-Q)

April 29, 2011 | About:
10qk

10qk

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American Axle & Manufacturing Holdings I (AXL) filed Quarterly Report for the period ended 2011-03-31.

American Axle & Manufact. has a market cap of $948.9 million; its shares were traded at around $12.6 with a P/E ratio of 8 and P/S ratio of 0.4.

Highlight of Business Operations:

Interest Expense and Investment Income Interest expense was $21.3 million in the first quarter of 2011 as compared to $22.7 million in the first quarter of 2010. Investment income was $0.3 million in the first quarter of 2011 as compared to $0.4 million in the first quarter of 2010.

Net Income Attributable to AAM and Earnings Per Share (EPS) Net income attributable to AAM was $37.7 million in the first quarter of 2011 as compared to $16.3 million in the first quarter of 2010. Diluted EPS was $0.50 in the first quarter of 2011 as compared to $0.22 in the first quarter of 2010. Net income attributable to AAM and EPS for the first quarters of 2011 and 2010 were primarily impacted by the factors discussed in Gross Profit and SG&A above.

Cash paid for special charges In the first quarter of 2011, we made cash payments of $2.0 million for special charges primarily related to leased assets that are permanently idled. In the first quarter of 2010, we made cash payments of $16.6 million which primarily relate to hourly and salaried workforce reductions initiated prior to 2010. We expect to make payments of approximately $8 million during the remainder of 2011 and $5 million in 2012 related to the remaining restructuring accrual.

Investing Activities Capital expenditures were $31.5 million in the first quarter of 2011 as compared to $18.8 million in the first quarter of 2010. We expect our capital spending in 2011 to be in the range of $150 million to $160 million, which includes support for our significant global program launches in 2011 and 2012 within our new business backlog.

In the first quarter of 2011, we received $1.5 million of proceeds related to the sale of property, plant and equipment. Included in these proceeds is $0.6 million that represents an upfront deposit on the sale of equipment we completed in April 2011. We expect to receive the remaining $5.5 million during the remainder of 2011 and record a gain on the sale of equipment of $6.1 million in the second quarter of 2011.

Financing Activities In the first quarter of 2011, net cash used in financing activities was $1.2 million as compared to $58.9 million in the first quarter of 2010. Total long-term debt outstanding decreased $2.6 million in the first quarter of 2011 to $1,007.4 million as compared to $1,010.0 million at year-end 2010.

Read the The complete Report

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