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American Axle lowers FY25 revenue view to $5.65B-$5.95B from $5.8B-$6.05B

Consensus is for FY25 revenue $5.82B. Lowers FY25 Adjusted EBITDA to $665M-$745M from $700M-$760M; Adjusted free cash flow to $165M-$215M from $200M-$230M. This target assumes capital spending of approximately 5% of sales. These targets are based on the following assumptions for 2025: North American light vehicle production of approximately 14.0M-15.1M units; AAM’s production estimates of key programs that we support; AAM’s outlook assumes the sale of AAM’s commercial vehicle axle business in India is completed by July 1; does not reflect any costs and expenses relating to the announced combination with Dowlais, which will impact actual results. Reflects guidance for AAM on a stand-alone pre-combination.

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