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American shaft and manufacture (New York Stock Exchange:AXL) shares were lower on Friday after posting a surprise loss in the fourth quarter.
While $1.39 billion in revenue for the quarter met expectations, the loss of $0.07 for the fourth quarter fell short of gains of $0.01 estimate per share. Cost of goods sold increased to $1.23 billion from $1.095 billion in the prior year.
“AAM delivered strong cash flow performance in 2022 while navigating customer production schedule volatility and ongoing supply chain challenges,” said Chief Executive Officer David C. Dauch. technology that resulted in an expanding electrification business mix within our new $725 million order book.”
Going forward, management is targeting sales in the range of $5.95 to $6.25 billion compared to an analyst consensus of $5.98 billion. An adjusted EBITDA forecast in the range of $725 million to $800 million compares with a consensus of $799.9 million.
American Axle (AXL) shares plunged 8.46% in pre-market trading on Friday.
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