Shares of automotive and mobility supplier American Axle (NYSE:AXL) are tanking today after it announced a loss for the fourth quarter.
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Revenue increased 12.1% year-over-year to $1.39 billion and was in line with the Street’s expectations. Net loss per share at $0.07 though was a surprise versus analysts’ expectations of a net profit per share of $0.01. During the quarter, the company saw favorable volume and mix as well as a contribution from the Tekfor acquisition.
Looking ahead, for 2023, AXL expects sales in the range of $5.95 billion and $6.25 billion. Adjusted EBITDA is anticipated between $725 million and $800 million.
Overall, Wall Street has a consensus price target of $9.67 on AXL, implying a 3.8% potential downside in the stock. That’s after a nearly 14% jump in AXL shares over the past month.
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