American Axle & Manufacturing Holdings I (AXL, Financial) filed Quarterly Report for the period ended 2011-06-30.
American Axle & Manufacturing Holdings Inc. has a market cap of $794.3 million; its shares were traded at around $10.54 with a P/E ratio of 5.8 and P/S ratio of 0.4.
Interest Expense and Investment Income Interest expense was $20.5 million in the second quarter of 2011 as compared to $22.6 million in the second quarter of 2010. Investment income was $0.3 million in the second quarter of 2011 as compared to $0.6 million in the second quarter of 2010.
Gross profit in the first six months of 2010 includes the adverse impact of an arbitration ruling related to the transfer of certain production from the Detroit Manufacturing Complex (DMC) to another AAM facility for which we recorded a charge of $5.3 million for wages and benefits owed to certain UAW represented associates at the DMC. Gross profit in the first six months of 2010 also includes net special charges of $1.7 million related to $8.7 million of asset impairment and related charges at our Salem Manufacturing Facility, net of $7.0 million of adjustments to previously recorded estimates for SUB and idled leased asset accruals.
Selling, General and Administrative Expenses (SG&A) SG&A (including research and development (R&D)) was $115.5 million or 8.7% of net sales in the first six months of 2011 as compared to $93.8 million or 8.7% of net sales in the first six months of 2010. R&D increased by $15.9 million to $53.6 million in the first six months of 2011 as compared to $37.7 million in the first six months of 2010. The increase in SG&A in the first six months of 2011 primarily reflects increased R&D spending, including costs related to e-AAM, a joint venture we formed in the fourth quarter of 2010 to develop and commercialize electric AWD hybrid driveline systems for passenger cars and crossover vehicles.
Cash paid for special charges In the first six months of 2011, we made cash payments of $4.1 million for special charges primarily related to leased assets that are permanently idled. In the first six months of 2010, we made cash payments of $22.5 million which primarily related to hourly and salaried workforce reductions initiated prior to 2010. We expect to make payments of approximately $6 million during the remainder of 2011 and $5 million in 2012 related to the remaining restructuring accrual.
Financing Activities In the first six months of 2011, net cash used in financing activities was $48.2 million as compared to $61.0 million in the first six months of 2010. Total long-term debt outstanding decreased $45.4 million in the first six months of 2011 to $964.6 million as compared to $1,010.0 million at year-end 2010, primarily as a result of using cash flow from operations to redeem 10% of our 9.25% Notes outstanding during the second quarter of 2011.
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American Axle & Manufacturing Holdings Inc. has a market cap of $794.3 million; its shares were traded at around $10.54 with a P/E ratio of 5.8 and P/S ratio of 0.4.
Highlight of Business Operations:
Selling, General and Administrative Expenses (SG&A) SG&A (including research and development (R&D)) was $58.8 million or 8.6% of net sales in the second quarter of 2011 as compared to $48.5 million or 8.7% of net sales in the second quarter of 2010. R&D increased by $8.7 million to $27.3 million in the second quarter of 2011 as compared to $18.6 million in the second quarter of 2010. The increase in SG&A in the second quarter of 2011 primarily reflects increased R&D spending, including costs related to e-AAM Driveline Systems AB (e-AAM), a joint venture we formed in the fourth quarter of 2010 to develop and commercialize electric AWD hybrid driveline systems for passenger cars and crossover vehicles.Interest Expense and Investment Income Interest expense was $20.5 million in the second quarter of 2011 as compared to $22.6 million in the second quarter of 2010. Investment income was $0.3 million in the second quarter of 2011 as compared to $0.6 million in the second quarter of 2010.
Gross profit in the first six months of 2010 includes the adverse impact of an arbitration ruling related to the transfer of certain production from the Detroit Manufacturing Complex (DMC) to another AAM facility for which we recorded a charge of $5.3 million for wages and benefits owed to certain UAW represented associates at the DMC. Gross profit in the first six months of 2010 also includes net special charges of $1.7 million related to $8.7 million of asset impairment and related charges at our Salem Manufacturing Facility, net of $7.0 million of adjustments to previously recorded estimates for SUB and idled leased asset accruals.
Selling, General and Administrative Expenses (SG&A) SG&A (including research and development (R&D)) was $115.5 million or 8.7% of net sales in the first six months of 2011 as compared to $93.8 million or 8.7% of net sales in the first six months of 2010. R&D increased by $15.9 million to $53.6 million in the first six months of 2011 as compared to $37.7 million in the first six months of 2010. The increase in SG&A in the first six months of 2011 primarily reflects increased R&D spending, including costs related to e-AAM, a joint venture we formed in the fourth quarter of 2010 to develop and commercialize electric AWD hybrid driveline systems for passenger cars and crossover vehicles.
Cash paid for special charges In the first six months of 2011, we made cash payments of $4.1 million for special charges primarily related to leased assets that are permanently idled. In the first six months of 2010, we made cash payments of $22.5 million which primarily related to hourly and salaried workforce reductions initiated prior to 2010. We expect to make payments of approximately $6 million during the remainder of 2011 and $5 million in 2012 related to the remaining restructuring accrual.
Financing Activities In the first six months of 2011, net cash used in financing activities was $48.2 million as compared to $61.0 million in the first six months of 2010. Total long-term debt outstanding decreased $45.4 million in the first six months of 2011 to $964.6 million as compared to $1,010.0 million at year-end 2010, primarily as a result of using cash flow from operations to redeem 10% of our 9.25% Notes outstanding during the second quarter of 2011.
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