DETROIT, July 31, 2015 /PRNewswire/ -- American Axle
& Manufacturing Holdings, Inc. (AAM), which is traded as AXL on
the NYSE, today reported its financial results for the second
quarter of 2015.
Second Quarter 2015 Results
- Second quarter 2015 sales of $1.0
billion, up 6.0% on a year-over-year basis
- Non-GM sales grew 15.1% on a year-over-year basis to
$343.1 million
- Gross profit of $164.5 million,
or 16.4% of sales
- Net income of $58.6 million,
or $0.75 per share
- EBITDA (earnings before interest, income taxes, depreciation
and amortization) of $146.9 million,
or 14.6% of sales
- Free cash flow (net cash provided by operating activities less
capital expenditures net of proceeds from the sale of property,
plant, and equipment) of $100.1
million
AAM's net income in the second quarter of 2015 was $58.6 million, or $0.75 per share as compared to net income of
$52.2 million, or $0.67 per share, in the second quarter of
2014.
"AAM's second quarter financial performance was highlighted by
quarterly records for sales and profit dollars, driven by sales
growth that continues to outpace the industry and strong
operational performance," said AAM's Chairman, President &
Chief Executive Officer, David C.
Dauch. "AAM remains focused on flawlessly launching new
customer programs in the second half of 2015, many of which feature
AAM's advanced product technologies designed to increase fuel
efficiency, advance lightweighting initiatives and improve safety,
ride and handling performance. These innovative solutions strongly
position us to expand and diversify AAM's customer base and product
portfolio, while continuing to deliver excellent profit and cash
flow performance for the benefit of all key stakeholders."
AAM's sales in the second quarter of 2015 increased
approximately 6.0% to $1.0 billion as
compared to $946.9 million in the
second quarter of 2014. Non-GM sales grew 15.1% on a
year-over-year basis to $343.1
million in the second quarter of 2015 as compared to
$298.1 million in the second quarter
of 2014.
AAM's net sales in the first half of 2015 increased
approximately 9.3% to $1.97 billion
as compared to $1.81 billion in the
first half of 2014. Non-GM sales in the first half of 2015
increased approximately 15% on a year-over-year basis to
$672.0 million as compared to
$585.9 million in the first half of
2014.
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 second quarter of 2015, AAM's
content-per-vehicle was $1,637 as
compared to $1,640 in the second
quarter of 2014.
AAM's gross profit in the second quarter of 2015 was
$164.5 million, or 16.4% of sales, as
compared to $149.0 million, or 15.7%
of sales, in the second quarter of 2014.
AAM's gross profit for the first half of 2015 was $317.3 million as compared to $270.9 million in the first half of 2014.
Gross margin was 16.1% in the first half of 2015 as compared to
15.0% in the first half of 2014.
In the second quarter of 2015, AAM's operating income was
$93.9 million, or 9.4% of sales, as
compared to $87.5 million, or 9.2% of
sales, in the second quarter of 2014.
AAM's operating income in the first half of 2015 was
$178.2 million as compared to
$152.3 million in the first half of
2014. Operating margin was 9.0% in the first half of 2015 as
compared to 8.4% in the first half of 2014.
AAM's SG&A spending in the second quarter of 2015 was
$70.6 million, or 7.0% of sales, as
compared to $61.5 million, or 6.5% of
sales, in the second quarter of 2014. AAM's R&D spending
in the second quarter of 2015 was $29.5
million as compared to $24.4
million in the second quarter of 2014.
In the first half of 2015, AAM's SG&A spending was
$139.1 million as compared to
$118.6 million in the first half of
2014. AAM's R&D spending in the first half of 2015 was
$56.8 million as compared to
$50.2 million in the first half of
2014.
In the second quarter of 2015, AAM's net income was $58.6 million, or $0.75 per share as compared to $52.2 million, or $0.67 per share in the second quarter of 2014.
AAM's net income in the first half of 2015 was $111.8 million, or $1.43 per share as compared to $85.8 million, or $1.11 per share in the first half of 2014.
AAM defines EBITDA to be earnings before interest, income taxes,
depreciation and amortization. In the second quarter of 2015,
AAM's EBITDA increased over $10 million to
$146.9 million, or 14.6% of sales, as compared to
$136.7 million, or 14.4% of sales, in
the second quarter of 2014.
AAM defines free cash flow to be net cash provided by operating
activities less capital expenditures net of proceeds from the sale
of property, plant and equipment.
Net cash provided by operating activities for the second quarter
of 2015 was $147.9 million.
Capital spending, net of proceeds from the sale of property, plant
and equipment, for the second quarter of 2015 was $47.8 million. Reflecting the impact of
this activity, AAM generated free cash flow of $100.1 million for the second quarter of
2015.
A conference call to review AAM's second quarter 2015 results is
scheduled today at 10:00 AM 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 Noon ET on July 31,
2015 until 5:00 p.m. ET
August 7, 2015 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 34605437.
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, electric drive 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,"
"target," 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: reduced purchases
of our products by General Motors Company (GM), FCA US LLC (FCA),
formerly known as Chrysler Group LLC, or other customers; reduced
demand for our customers' products (particularly light trucks and
sport utility vehicles (SUVs) produced by GM and FCA); our ability
to develop and produce new products that reflect market demand;
lower-than-anticipated market acceptance of new or existing
products; our ability to attract new customers and programs for new
products; our ability to respond to changes in technology,
increased competition or pricing pressures; our ability to achieve
the level of cost reductions required to sustain global cost
competitiveness; 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; our
ability to successfully implement upgrades to our enterprise
resource planning systems; liabilities arising from warranty
claims, product recall or field actions, product liability and
legal proceedings to which we are or may become a party, or the
impact of product recall or field actions on our customers; 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; global economic conditions; 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
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;
negative or unexpected tax consequences; price volatility in, or
reduced availability of, fuel; our ability to consummate and
integrate acquisitions and joint ventures; our ability to attract
and retain key associates; our ability to protect our intellectual
property and successfully defend against assertions made against
us; availability of financing for working capital, capital
expenditures, research and development (R&D) or other general
corporate purposes including acquisitions, as well as 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; changes
in liabilities arising from pension and other postretirement
benefit obligations; risks of noncompliance with environmental laws
and regulations or risks of environmental issues that could result
in unforeseen costs at our facilities; 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); 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;
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 & Marketing
(313)
758-4814
chris.son@aam.com
Vitalie Stelea
Manager, Investor Relations
(313) 758-4635
vitalie.stelea@aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in millions,
except per share data)
|
|
(in millions,
except per share data)
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
1,004.0
|
|
|
$
|
946.9
|
|
|
$
|
1,973.1
|
|
|
$
|
1,805.7
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
839.5
|
|
|
797.9
|
|
|
1,655.8
|
|
|
1,534.8
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
164.5
|
|
|
149.0
|
|
|
317.3
|
|
|
270.9
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
70.6
|
|
|
61.5
|
|
|
139.1
|
|
|
118.6
|
|
|
|
|
|
|
|
|
|
Operating
income
|
93.9
|
|
|
87.5
|
|
|
178.2
|
|
|
152.3
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(24.8)
|
|
|
(25.1)
|
|
|
(49.9)
|
|
|
(50.1)
|
|
|
|
|
|
|
|
|
|
Investment
income
|
0.6
|
|
|
0.3
|
|
|
1.4
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
1.8
|
|
|
0.8
|
|
|
4.2
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
71.5
|
|
|
63.5
|
|
|
133.9
|
|
|
104.1
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
12.9
|
|
|
11.3
|
|
|
22.1
|
|
|
18.3
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
58.6
|
|
|
$
|
52.2
|
|
|
$
|
111.8
|
|
|
$
|
85.8
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.75
|
|
|
$
|
0.67
|
|
|
$
|
1.43
|
|
|
$
|
1.11
|
|
|
|
|
|
|
|
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(Unaudited)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in
millions)
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
Net income
|
$
|
58.6
|
|
|
$
|
52.2
|
|
|
$
|
111.8
|
|
|
$
|
85.8
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
|
|
|
|
|
|
|
Defined benefit
plans, net of tax(a)
|
0.9
|
|
|
0.6
|
|
|
4.8
|
|
|
5.7
|
|
Foreign currency translation
adjustments
|
3.0
|
|
|
3.6
|
|
|
(28.5)
|
|
|
11.4
|
|
Change in
derivatives
|
(1.2)
|
|
|
0.5
|
|
|
(1.7)
|
|
|
1.4
|
|
Other comprehensive
income (loss)
|
2.7
|
|
|
4.7
|
|
|
(25.4)
|
|
|
18.5
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
$
|
61.3
|
|
|
$
|
56.9
|
|
|
$
|
86.4
|
|
|
$
|
104.3
|
|
________________________________________
(a)
|
Amounts are net of
tax of $(0.4) million and $(2.4) million for the three and six
months ended June 30, 2015, respectively, and $(0.2) million and
$(2.9) million for the three and six months ended June 30, 2014,
respectively.
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(in
millions)
|
ASSETS
|
|
|
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
301.3
|
|
|
$
|
249.2
|
|
Accounts receivable,
net
|
638.9
|
|
|
532.7
|
|
Inventories,
net
|
237.9
|
|
|
248.8
|
|
Prepaid expenses and
other current assets
|
113.9
|
|
|
108.8
|
|
Total current
assets
|
1,292.0
|
|
|
1,139.5
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,041.5
|
|
|
1,061.1
|
|
Deferred income
taxes
|
355.3
|
|
|
368.8
|
|
Goodwill
|
154.6
|
|
|
155.0
|
|
GM postretirement
cost sharing asset
|
262.8
|
|
|
274.5
|
|
Other assets and
deferred charges
|
254.4
|
|
|
260.3
|
|
Total
assets
|
$
|
3,360.6
|
|
|
$
|
3,259.2
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current portion of
long-term debt
|
$
|
14.8
|
|
|
$
|
13.0
|
|
Accounts
payable
|
490.5
|
|
|
444.3
|
|
Accrued compensation
and benefits
|
113.0
|
|
|
109.1
|
|
Deferred
revenue
|
21.7
|
|
|
22.1
|
|
Accrued expenses and
other current liabilities
|
97.6
|
|
|
98.7
|
|
Total current
liabilities
|
737.6
|
|
|
687.2
|
|
|
|
|
|
Long-term
debt
|
1,516.3
|
|
|
1,523.4
|
|
Deferred
revenue
|
73.6
|
|
|
94.2
|
|
Postretirement
benefits and other long-term liabilities
|
827.9
|
|
|
841.0
|
|
Total
liabilities
|
3,155.4
|
|
|
3,145.8
|
|
|
|
|
|
Total stockholders'
equity
|
205.2
|
|
|
113.4
|
|
Total liabilities
and stockholders' equity
|
$
|
3,360.6
|
|
|
$
|
3,259.2
|
|
AMERICAN AXLE
& MANUFACTURING HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(in
millions)
|
|
(in
millions)
|
Operating
Activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
58.6
|
|
|
$
|
52.2
|
|
|
$
|
111.8
|
|
|
$
|
85.8
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
50.6
|
|
|
48.1
|
|
|
100.6
|
|
|
95.0
|
|
Other
|
|
38.7
|
|
|
37.6
|
|
|
(58.1)
|
|
|
(98.4)
|
|
Net cash provided
by operating activities
|
|
147.9
|
|
|
137.9
|
|
|
154.3
|
|
|
82.4
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
|
Purchases of
property, plant & equipment
|
|
(47.8)
|
|
|
(55.8)
|
|
|
(91.4)
|
|
|
(103.7)
|
|
Proceeds from sale of
property, plant & equipment
|
|
—
|
|
|
0.4
|
|
|
0.1
|
|
|
8.3
|
|
Net cash used in
investing activities
|
|
(47.8)
|
|
|
(55.4)
|
|
|
(91.3)
|
|
|
(95.4)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
|
Net debt
activity
|
|
(3.2)
|
|
|
(34.0)
|
|
|
(4.4)
|
|
|
(13.4)
|
|
Debt issuance
costs
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
|
(0.3)
|
|
Employee stock option
exercises
|
|
—
|
|
|
0.6
|
|
|
0.4
|
|
|
1.2
|
|
Purchase of treasury
stock
|
|
(2.4)
|
|
|
—
|
|
|
(2.7)
|
|
|
(0.3)
|
|
Net cash used in
financing activities
|
|
(5.6)
|
|
|
(33.5)
|
|
|
(6.7)
|
|
|
(12.8)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
1.1
|
|
|
0.3
|
|
|
(4.2)
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
95.6
|
|
|
49.3
|
|
|
52.1
|
|
|
(25.1)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
205.7
|
|
|
79.6
|
|
|
249.2
|
|
|
154.0
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
301.3
|
|
|
$
|
128.9
|
|
|
$
|
301.3
|
|
|
$
|
128.9
|
|
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)(a)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in
millions)
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
Net income
|
$
|
58.6
|
|
|
$
|
52.2
|
|
|
$
|
111.8
|
|
|
$
|
85.8
|
|
Interest
expense
|
24.8
|
|
|
25.1
|
|
|
49.9
|
|
|
50.1
|
|
Income tax
expense
|
12.9
|
|
|
11.3
|
|
|
22.1
|
|
|
18.3
|
|
Depreciation and
amortization
|
50.6
|
|
|
48.1
|
|
|
100.6
|
|
|
95.0
|
|
|
|
|
|
|
|
|
|
EBITDA
|
$
|
146.9
|
|
|
$
|
136.7
|
|
|
$
|
284.4
|
|
|
$
|
249.2
|
|
|
|
|
|
|
|
|
|
Net
debt(b) to capital
|
|
|
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(in millions,
except percentages)
|
|
|
|
|
Total debt
|
$
|
1,531.1
|
|
|
$
|
1,536.4
|
|
Less: cash and cash
equivalents
|
301.3
|
|
|
249.2
|
|
|
|
|
|
Net debt at end of
period
|
1,229.8
|
|
|
1,287.2
|
|
|
|
|
|
Stockholders'
equity
|
205.2
|
|
|
113.4
|
|
|
|
|
|
Total invested
capital at end of period
|
$
|
1,435.0
|
|
|
$
|
1,400.6
|
|
|
|
|
|
Net debt to
capital(c)
|
85.7
|
%
|
|
91.9
|
%
|
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(d)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in
millions)
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
147.9
|
|
|
$
|
137.9
|
|
|
$
|
154.3
|
|
|
$
|
82.4
|
|
|
|
|
|
|
|
|
|
Less: Purchases of
property, plant & equipment, net of proceeds from sale of
property, plant & equipment
|
(47.8)
|
|
|
(55.4)
|
|
|
(91.3)
|
|
|
(95.4)
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
$
|
100.1
|
|
|
$
|
82.5
|
|
|
$
|
63.0
|
|
|
$
|
(13.0)
|
|
________________________________________
(a)
|
We define EBITDA to
be earnings before interest, taxes, depreciation and amortization.
We believe that EBITDA is a meaningful measure of performance as it
is 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
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 differently.
|
|
|
(b)
|
Net debt is equal to
total debt less cash and cash equivalents.
|
|
|
(c)
|
Net debt to capital
is equal to net debt divided by the sum of stockholders' equity 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.
|
|
|
(d)
|
We define free cash
flow to be net cash provided by operating activities less capital
expenditures net of proceeds from the sale of property, plant and
equipment. 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aam-reports-second-quarter-2015-financial-results-300121822.html
SOURCE American Axle & Manufacturing Holdings, Inc.