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    American Axle Reports Progress Toward Strategic Goals

    Feb. 2, 2007
    Reported 2006 sales of $3.2 billion, reflecting a 9% year-over-year decline in AAM production volumes

    February 2, 2007 - American Axle & Manufacturing Holdings, Inc. (AAM) today reported its financial results for the fourth quarter and full year 2006. They included:

    • Full year sales of $3.2 billion, reflecting a 9% year-over-year decline in AAM production volumes
    • Non-GM sales of $758.5 million, or 24% of total net sales
    • Special charges of $181.4 million for a special attrition program (SAP) accepted by approximately 1,500 UAW represented associates at AAM's master agreement facilities and other related restructuring actions
    • Asset impairment charges of $196.5 million primarily associated with plans to idle AAM production capacity in the U.S. dedicated to the mid- size light truck product range
    • Net loss of $222.5 million, or $4.42 per share
    AAM's results in the fourth quarter of 2006 were a net loss of $188.6 million or $3.74 per share. This compares to earnings of $4.5 million or $0.09 per share in the fourth quarter of 2005. Full year 2006 results were a net loss of $4.42 per share as compared to earnings of $1.10 per share in 2005. AAM's results in 2006 reflect an overall 9% year-over-year decline in production volumes for the major North American light truck programs AAM currently supports.

    This includes an estimated 30% decrease in customer production volumes for AAM's mid-sized light truck product range as compared to 2005. Production volumes for the major full-size pickup truck and SUV programs AAM currently supports for General Motors and the Chrysler Group were relatively unchanged in 2006 as compared to 2005. "As the domestic automotive industry continues its rapid and unprecedented structural transformation, AAM took difficult, but necessary actions in 2006 to adjust our workforce and production capacity in the U.S. to meet the realities of the new global automotive market," said American Axle & Manufacturing Co-Founder, Chairman of the Board & CEO, Richard E. Dauch.

    "In 2006, we made significant progress on AAM's long-term strategic goals with the expansion of our product portfolio and new business backlog to support the growing all-wheel-drive passenger car and crossover vehicle market segment. We also launched important new products for General Motors, the Chrysler Group, SsangYong Motors, Hino, Jatco, Koyo and Harley-Davidson, while expanding our served markets and global manufacturing footprint into mainland Europe and Asia."

    AAM’s outlook for 2007:

    • AAM expects full year 2007 sales to increase to approximately $3.3 billion
    • AAM expects production volumes for the major North American light truck programs AAM currently supports to be approximately 2% lower as compared to 2006
    • AAM expects earnings to range from approximately $1.25 to $1.50 per share in 2007
    • AAM expects capital spending to range from $240 million to $250 million in 2007
    • AAM expects free positive cash flow to exceed $100 million in 2007