Financial Performance - Sales for Q3 2024 were $1.50 billion, a decrease from $1.55 billion in Q3 2023, primarily due to lower volumes on certain platforms [1] - Net income for Q3 2024 was $10.0 million, or $0.08 per share, compared to a net loss of $(17.4) million, or $(0.15) per share, in Q3 2023 [2] - Adjusted EBITDA for Q3 2024 was $174.4 million, or 11.6% of sales, up from $156.8 million, or 10.1% of sales, in Q3 2023 [3] - Adjusted earnings per share for Q3 2024 was $0.20, compared to an adjusted loss per share of $(0.11) in Q3 2023 [2] - Net cash provided by operating activities for Q3 2024 was $143.6 million, down from $178.3 million in Q3 2023 [3] - Adjusted free cash flow for Q3 2024 was $74.6 million, compared to $135.8 million in Q3 2023 [3] Full Year 2024 Financial Outlook - Full year 2024 sales are targeted in the range of $6.1 - $6.15 billion, slightly narrowed from the previous range of $6.1 - $6.3 billion [4] - Full year 2024 Adjusted EBITDA is targeted in the range of $715 - $745 million, compared to the previous range of $705 - $755 million [4] - Full year 2024 Adjusted free cash flow is targeted in the range of $200 - $220 million, compared to the previous range of $200 - $240 million [4] - Capital spending for 2024 is assumed to be approximately 4% of sales [4] Segment Performance - Driveline segment sales for Q3 2024 were $1,042.8 million, down from $1,061.2 million in Q3 2023 [23] - Metal Forming segment sales for Q3 2024 were $596.5 million, down from $624.8 million in Q3 2023 [23] - Driveline segment Adjusted EBITDA for Q3 2024 was $135.7 million, compared to $137.3 million in Q3 2023 [23] - Metal Forming segment Adjusted EBITDA for Q3 2024 was $38.7 million, up from $19.5 million in Q3 2023 [23] Non-GAAP Financial Measures - Adjusted EBITDA is defined as EBITDA excluding restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges, and non-recurring items [10][11] - Adjusted earnings per share is defined as diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges, and non-recurring items, including the tax effect thereon [10] - Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs and cash payments related to the Malvern fire, including payments for capital expenditures, net of recoveries [12]
AAM Reports Third Quarter 2024 Financial Results