(RTTNews) - While reporting financial results for the fourth quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) initiated its sales guidance for the full-year 2022, in line with analysts'estimates. It also provided 2022-2024 new business backlog.
For fiscal 2022, the company now projects sales in the range of $5.6 billion to $5.9 billion, which includes an additional $150 - $200 million increase in index-related metal market customer pass-throughs and foreign currency versus 2021. North American light vehicle production is expected in a range of 14.8 million to 15.2 million units.
On average, nine analysts polled by Thomson Reuters expect the company to report sales of $5.79 billion for the year.
"In the pivot to electrification, AAM continues to bring the future faster with industry-leading electric drive technology and future electrification business awards that comprise approximately one-third of our new business backlog," said David Dauch, AAM's Chairman and CEO.
Providing 2022-2024 new business backlog details, AAM said its gross new and incremental business backlog launching from 2022-2024 is estimated at approximately $700 million in future annual sales.
AAM expects the launch cadence of the three-year backlog to be approximately $175 million in 2022, $325 million in 2023 and $200 million in 2024.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
