AAM Reports Third Quarter 2013 Financial Results
Detroit, Michigan, November 1, 2013-- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the third quarter 2013.
Third Quarter 2013 Results
Third quarter 2013 sales of $820.8 million, up 16.8% on a year-over-year basis
Non-GM sales grew 18.1% on a year-over-year basis to $234.7 million
Gross profit of $125.3 million, or 15.3% of sales
Operating income of $67.5 million, or 8.2% of sales
Net income of $31.6 million, or $0.41 per share
EBITDA (earnings before interest, taxes, depreciation and amortization) of $113.4 million or approximately 13.8% of sales
AAM`s net income in the third quarter of 2013 was $31.6 million, or $0.41 per share. This compares to a net loss of $8.1 million, or $0.11 per share in the third quarter of 2012.
In the third quarter of 2013, AAM`s results reflect the impact of a net charge of $5.3 million related to the acceleration of expense for stock-based compensation and other benefits earned and vested due to the passing of our Co-Founder and Executive Chairman of the Board of Directors. AAM`s third quarter of 2013 results also include a charge of approximately $0.5 million for the proposed settlement of a National Labor Relations Board proceeding related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility in 2012.
In the third quarter of 2012, AAM`s results reflected the impact of $10.1 million (or $0.14 per share) of debt refinancing and redemption cost and $3.2 million (or $0.04 per share) of restructuring costs related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility.
"AAM`s financial results in the third quarter of 2013 were highlighted by solid sales growth, improved profit margin performance and positive free cash flow," said David C. Dauch, AAM`s Chairman, President & Chief Executive Officer. "For the remainder of 2013, we are focused on successfully launching AAM`s industry-first EcoTracTM Disconnecting All Wheel Drive system, as well as continuing to deliver positive financial results by executing our aligned business strategy, which is built upon the foundational principles of quality, operational excellence and technology leadership."
Net sales in the third quarter of 2013 increased approximately 16.8% on a year-over-year basis to $820.8 million as compared to $702.9 million in the third quarter of 2012. Non-GM sales were up 18.1% in the quarter to $234.7 million as compared to $198.8 million in the third quarter of 2012.
AAM`s net sales in the first nine months of 2013 increased over 8.0% to $2.38 billion as compared to $2.19 billion in the first nine months of 2012. Non-GM sales in the first nine months of 2013 increased approximately 9.9% on a year-over-year basis to $646.6 million as compared to $588.5 million in the first nine months of 2012.
AAM`s content-per-vehicle is measured by the dollar value of its product sales supporting our customers` North American light truck and SUV programs. In the third quarter of 2013, AAM`s content-per-vehicle increased to $1,560 as compared to $1,466 in the third quarter of 2012 and $1,554 in the second quarter of 2013.
AAM`s gross profit in the third quarter of 2013 increased 38.1% on a year-over-year basis to $125.3 million as compared to $90.7 million in the third quarter of 2012. Gross margin was 15.3% in the third quarter of 2013 as compared to 12.9% in the third quarter of 2012.
AAM`s gross profit for the first nine months of 2013 increased 11.4% on a year-over-year basis to $351.8 million as compared to $315.7 million in the first nine months of 2012. Gross margin was 14.8% in the first nine months of 2013 as compared to 14.4% in the first nine months of 2012.
AAM`s SG&A expense in the third quarter of 2013 was $57.8 million, or 7.0% of sales, as compared to $60.6 million, or 8.6% of sales, in the third quarter of 2012. AAM`s R&D expense in the third quarter of 2013 was $23.6 million as compared to $31.4 million in the third quarter of 2012.
In the first nine months of 2013, AAM`s SG&A expense was $177.9 million, approximately the same as the first nine months of 2012. AAM`s R&D expense decreased $10.9 million in the first nine months of 2013 on a year-over-year basis to $79.4 million as compared to $90.3 million in the first nine months of 2012.
In the third quarter of 2013, AAM`s operating income more than doubled to $67.5 million as compared to $30.1 million in the third quarter of 2012. Operating margin was 8.2% in the third quarter of 2013 as compared to 4.3% in the third quarter of 2012.
AAM`s operating income in the first nine months of 2013 increased 26.2% to $173.9 million as compared to $137.8 million in the first nine months of 2012. Operating margin was 7.3% in the first nine months of 2013 as compared to 6.3% in the first nine months of 2012.
In the third quarter of 2013, AAM`s net income was $31.6 million or $0.41 per share. This compares to a net loss of $8.1 million or $0.11 per share in the third quarter of 2012.
AAM defines EBITDA to be earnings before interest, taxes, depreciation and amortization. In the third quarter of 2013, AAM`s EBITDA was $113.4 million or 13.8% of sales. In the first nine months of 2013, AAM`s EBITDA was $291.1 million or 12.3% of sales.
AAM defines free cash flow to be net cash provided by (used in) operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment.
Net cash provided by operating activities for the third quarter of 2013 was $69.1 million. Capital spending, net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment, for the third quarter of 2013 was $48.3 million. Reflecting the impact of this activity, AAM generated free cash flow of $20.8 million for the third quarter of 2013.
Net cash provided by operating activities for the first nine months of 2013 was $102.3 million. Capital spending, net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment, for the first nine months of 2013 was $148.9 million. Reflecting the impact of this activity, AAM`s free cash flow was a use of $46.6 million in the first nine months of 2013.
A conference call to review AAM`s third quarter 2013 results is scheduled today at 10:00 a.m. ET. Interested participants may listen to the live conference call by logging onto AAM`s investor web site at http://investor.aam.com or calling (855) 681-2072 from the United States or (973) 200-3383 from outside the United States. A replay will be available from 2:00 p.m. ET on November 1, 2013 until 5:00 p.m. ET November 8, 2013 by dialing (855) 859-2056 from the United States or (404) 537-3406 from outside the United States. When prompted, callers should enter conference reservation number 85771783.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this press release, AAM has provided certain information, which includes non-GAAP financial measures. Such information is reconciled to its closest GAAP measure in accordance with Securities and Exchange Commission rules and is included in the attached supplemental data.
Management believes that these non-GAAP financial measures are useful to both management and its stockholders in their analysis of the Company`s business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures reported by other companies.
AAM is a world leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles, passenger cars, crossover vehicles and commercial vehicles. In addition to locations in the United States (Michigan, Ohio, Pennsylvania and Indiana), AAM also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.
In this earnings release, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as "will," "may," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "project," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management`s good faith belief as of that time with respect to future events and are subject to risks and may differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: global economic conditions, including the impact of the continuing market weakness in the Euro-zone; reduced purchases of our products by General Motors Company (GM), Chrysler Group LLC (Chrysler) or other customers; reduced demand for our customers` products (particularly light trucks and sport utility vehicles (SUVs) produced by GM and Chrysler); our ability or our customers` and suppliers` ability to successfully launch new product programs on a timely basis; our ability to realize the expected revenues from our new and incremental business backlog; our ability to respond to changes in technology, increased competition or pricing pressures; supply shortages or price increases in raw materials, utilities or other operating supplies for us or our customers as a result of natural disasters or otherwise; liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party; our ability to achieve the level of cost reductions required to sustain global cost competitiveness; our ability to attract new customers and programs for new products; price volatility in, or reduced availability of, fuel; our ability to develop and produce new products that reflect market demand; lower-than-anticipated market acceptance of new or existing products; risks inherent in our international operations (including adverse changes in political stability, taxes and other law changes, potential disruptions of production and supply, and currency rate fluctuations); our ability to maintain satisfactory labor relations and avoid work stoppages; our suppliers`, our customers` and their suppliers` ability to maintain satisfactory labor relations and avoid work stoppages; availability of financing for working capital, capital expenditures, research and development (R&D) or other general corporate purposes, including our ability to comply with financial covenants; our customers` and suppliers` availability of financing for working capital, capital expenditures, R&D or other general corporate purposes; adverse changes in laws, government regulations or market conditions affecting our products or our customers` products (such as the Corporate Average Fuel Economy (CAFE) regulations); changes in liabilities arising from pension and other postretirement benefit obligations; our ability to attract and retain key associates; risks of noncompliance with environmental laws and regulations or risks of environmental issues that could result in unforeseen costs at our facilities; our ability or our customers` and suppliers` ability to comply with the Dodd-Frank Act and other regulatory requirements and the potential costs of such compliance; our ability to consummate and integrate acquisitions and joint ventures; and other unanticipated events and conditions that may hinder our ability to compete. It is not possible to foresee or identify all such factors and we make no commitment to update any forward-looking statement or to disclose any facts, events or circumstances after the date hereof that may affect the accuracy of any forward-looking statement.
# # #
For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications and Marketing
(313) 758-4814
chris.son@aam.com
Liz Ventimiglia
Manager, Investor Relations
(313) 758-4635
liz.ventimiglia@aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions, except per share data) | (in millions, except per share data) | ||||||||||||||
Net sales | $ | 820.8 | $ | 702.9 | $ | 2,376.0 | $ | 2,194.2 | |||||||
Cost of goods sold | 695.5 | 612.2 | 2,024.2 | 1,878.5 | |||||||||||
Gross profit | 125.3 | 90.7 | 351.8 | 315.7 | |||||||||||
Selling, general and administrative expenses | 57.8 | 60.6 | 177.9 | 177.9 | |||||||||||
Operating income | 67.5 | 30.1 | 173.9 | 137.8 | |||||||||||
Interest expense | (30.0 | ) | (25.3 | ) | (87.9 | ) | (72.7 | ) | |||||||
Investment income | 0.1 | 0.2 | 0.4 | 0.6 | |||||||||||
Other income (expense) | |||||||||||||||
Debt refinancing and redemption costs | - | (10.1 | ) | (11.2 | ) | (10.1 | ) | ||||||||
Other, net | 0.1 | (2.2 | ) | (1.4 | ) | (4.0 | ) | ||||||||
Income (loss) before income taxes | 37.7 | (7.3 | ) | 73.8 | 51.6 | ||||||||||
Income tax expense | 6.1 | 0.9 | 9.1 | 4.8 | |||||||||||
Net income (loss) | 31.6 | (8.2 | ) | 64.7 | 46.8 | ||||||||||
Net loss attributable to noncontrolling interests | - | 0.1 | - | 1.0 | |||||||||||
Net income (loss) attributable to AAM | $ | 31.6 | $ | (8.1 | ) | $ | 64.7 | $ | 47.8 | ||||||
Diluted earnings (loss) per share | $ | 0.41 | $ | (0.11 | ) | $ | 0.84 | $ | 0.63 | ||||||
Diluted shares outstanding | 77.0 | 74.9 | 76.7 | 75.2 | |||||||||||
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Net income (loss) | $ | 31.6 | $ | (8.2 | ) | $ | 64.7 | $ | 46.8 | ||||||
Other comprehensive income (loss), net of tax | |||||||||||||||
Defined benefit plans, net of tax | 15.1 | (102.7 | ) | 15.7 | (117.2 | ) | |||||||||
Foreign currency translation adjustments | 2.5 | 4.9 | (14.3 | ) | (7.1 | ) | |||||||||
Change in derivatives | (0.6 | ) | 2.2 | (2.2 | ) | 7.6 | |||||||||
Other comprehensive income (loss ) | 17.0 | (95.6 | ) | (0.8 | ) | (116.7 | ) | ||||||||
Comprehensive income (loss) | 48.6 | (103.8 | ) | 63.9 | (69.9 | ) | |||||||||
Net loss attributable to noncontrolling interests | - | 0.1 | - | 1.0 | |||||||||||
Foreign currency translation adjustments related to noncontrolling interests | - | - | - | 0.2 | |||||||||||
Comprehensive income (loss) attributable to AAM | $ | 48.6 | $ | (103.7 | ) | $ | 63.9 | $ | (69.1 | ) | |||||
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, | December 31, 2012 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 118.6 | $ | 62.4 | |||
Accounts receivable, net | 596.9 | 463.4 | |||||
Inventories, net | 251.5 | 224.3 | |||||
Prepaid expenses and other current assets | 124.7 | 122.0 | |||||
Total current assets | 1,091.7 | 872.1 | |||||
Property, plant and equipment, net | 1,041.8 | 1,009.7 | |||||
Deferred income taxes | 360.0 | 366.1 | |||||
Goodwill | 156.5 | 156.4 | |||||
GM postretirement cost sharing asset | 251.2 | 259.7 | |||||
Other assets and deferred charges | 217.3 | 202.0 | |||||
Total assets | $ | 3,118.5 | $ | 2,866.0 | |||
LIABILITIES AND STOCKHOLDERS` DEFICIT | |||||||
Liabilities and Stockholders` Deficit | |||||||
Accounts payable | $ | 485.0 | $ | 396.1 | |||
Accrued compensation and benefits | 102.0 | 84.9 | |||||
Deferred revenue | 14.5 | 17.2 | |||||
Accrued expenses and other current liabilities | 102.6 | 102.6 | |||||
Total current liabilities | 704.1 | 600.8 | |||||
Long-term debt | 1,572.6 | 1,454.1 | |||||
Deferred revenue | 76.7 | 82.2 | |||||
Postretirement benefits and other long-term liabilities | 811.9 | 849.7 | |||||
Total liabilities | 3,165.3 | 2,986.8 | |||||
Total stockholders` deficit | (46.8 | ) | (120.8 | ) | |||
Total liabilities and stockholders` deficit | $ | 3,118.5 | $ | 2,866.0 | |||
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Operating Activities | ||||||||||||||||
Net income (loss) | $ | 31.6 | $ | (8.2 | ) | $ | 64.7 | $ | 46.8 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||||||||||
Depreciation and amortization | 45.7 | 38.7 | 129.4 | 112.4 | ||||||||||||
Other | (8.2 | ) | (251.7 | ) | (91.8 | ) | (355.8 | ) | ||||||||
Net cash provided by (used in) operating activities | 69.1 | (221.2 | ) | 102.3 | (196.6 | ) | ||||||||||
Investing Activities | ||||||||||||||||
Purchases of property, plant & equipment | (56.7 | ) | (50.8 | ) | (178.2 | ) | (143.7 | ) | ||||||||
Proceeds from sale of property, plant & equipment | 0.9 | 1.0 | 5.8 | 2.2 | ||||||||||||
Proceeds from sale-leaseback of equipment | 7.5 | - | 23.5 | - | ||||||||||||
Net cash used in investing activities | (48.3 | ) | (49.8 | ) | (148.9 | ) | (141.5 | ) | ||||||||
Financing Activities | ||||||||||||||||
Net increase in long-term debt | 25.1 | 404.3 | 115.8 | 397.0 | ||||||||||||
Debt issuance costs | (6.3 | ) | (10.1 | ) | (12.9 | ) | (10.1 | ) | ||||||||
Purchase of noncontrolling interest | - | - | - | (4.0 | ) | |||||||||||
Employee stock option exercises | - | - | 0.8 | 0.1 | ||||||||||||
Purchase of treasury stock | (0.3 | ) | - | (0.4 | ) | (5.9 | ) | |||||||||
Net cash provided by financing activities | 18.5 | 394.2 | 103.3 | 377.1 | ||||||||||||
Effect of exchange rate changes on cash | 0.4 | 0.6 | (0.5 | ) | 0.8 | |||||||||||
Net increase in cash and cash equivalents | 39.7 | 123.8 | 56.2 | 39.8 | ||||||||||||
Cash and cash equivalents at beginning of period | 78.9 | 85.2 | 62.4 | 169.2 | ||||||||||||
Cash and cash equivalents at end of period | $ | 118.6 | $ | 209.0 | $ | 118.6 | $ | 209.0 | ||||||||
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business and operating performance.
Earnings before interest expense, income taxes and depreciation and amortization (EBITDA) and adjusted EBITDA(a)
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
Net income (loss) attributable to AAM | $ | 31.6 | $ | (8.1 | ) | $ | 64.7 | $ | 47.8 | ||||||
Interest expense | 30.0 | 25.3 | 87.9 | 72.7 | |||||||||||
Income tax expense | 6.1 | 0.9 | 9.1 | 4.8 | |||||||||||
Depreciation and amortization | 45.7 | 38.7 | 129.4 | 112.4 | |||||||||||
EBITDA | 113.4 | 56.8 | 291.1 | 237.7 | |||||||||||
Debt refinancing and redemption costs | - | 10.1 | 11.2 | 10.1 | |||||||||||
Other special charges, curtailment gains and restructuring costs(b) | 5.8 | 3.2 | 5.8 | 34.4 | |||||||||||
ADJUSTED EBITDA | $ | 119.2 | $ | 70.1 | $ | 308.1 | $ | 282.2 | |||||||
Net debt(c) to capital
September 30, 2013 | December 31, 2012 | ||||||
(in millions, except percentages) | |||||||
Total debt | $ | 1,572.6 | $ | 1,454.1 | |||
Less: cash and cash equivalents | 118.6 | 62.4 | |||||
Net debt at end of period | 1,454.0 | 1,391.7 | |||||
Stockholders` deficit | (46.8 | ) | (120.8 | ) | |||
Total invested capital at end of period | $ | 1,407.2 | $ | 1,270.9 | |||
Net debt to capital(d) | 103.3 | % | 109.5 | % | |||
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business and operating performance.
Free Cash Flow(e)
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
Net cash provided by (used in) operating activities | $ | 69.1 | $ | (221.2 | ) | $ | 102.3 | $ | (196.6 | ) | |||||
Less: Purchases of property, plant & equipment, net of proceeds from sale of property, plant & equipment and sale-leaseback of equipment | (48.3 | ) | (49.8 | ) | (148.9 | ) | (141.5 | ) | |||||||
Free cash flow | $ | 20.8 | $ | (271.0 | ) | $ | (46.6 | ) | $ | (338.1 | ) | ||||
________________________________________
We define EBITDA to be earnings before interest, taxes, depreciation and amortization. For 2013, Adjusted EBITDA is defined as EBITDA excluding the impact of debt refinancing and redemption costs and other special charges and restructuring costs. For 2012, Adjusted EBITDA is defined as EBITDA excluding the impact of curtailment gains, restructuring costs and special charges related to the closure of the Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility, and debt refinancing and redemption costs. We believe that EBITDA and adjusted EBITDA are meaningful measures of performance as they are commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. EBITDA and adjusted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and adjusted EBITDA differently.
Special charges of $5.8 million for the three and nine months ended September 30, 2013 primarily relate to a net charge of $5.3 million related to the acceleration of expense for stock-based compensation and other benefits earned and vested due to the passing of our Co-Founder and Executive Chairman of the Board of Directors and $0.5 million for the proposed settlement of a National Labor Relations Board proceeding related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility. Special charges and restructuring costs of $3.2 million for three months ended September 30, 2012 and $34.4 million for the nine months ended September 30, 2012 primarily related to the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility. This special charge activity included $28.7 million of expense related to pension and postretirement benefits to be provided to certain eligible UAW associates as a result of the Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility plant closures, $27.5 million of expense primarily related to asset redeployment and other restructuring costs associated with the closures of Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility and a $21.8 million postretirement benefit curtailment gain recorded in the first quarter of 2012.
Net debt is equal to total debt less cash and cash equivalents.
Net debt to capital is equal to net debt divided by the sum of stockholders` deficit and net debt. We believe that net debt to capital is a meaningful measure of financial condition as it is commonly utilized by management, investors and creditors to assess relative capital structure risk. Other companies may calculate net debt to capital differently.
We define free cash flow as net cash provided by (used in) operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment and the sale-leaseback of equipment. For purposes of calculating free cash flow, AAM excludes the impact of purchase buyouts of leased equipment, if any. We believe free cash flow is a meaningful measure as it is commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow is also a key metric used in our calculation of incentive compensation. Other companies may calculate free cash flow differently.
AAM Reports Third Quarter 2013 Financial Results
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Source: American Axle & Manufacturing Holdings, Inc via Thomson Reuters ONE
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