Page 1

AAM NE NE AAM Reports Third Quarter 2021 Financial Results AAM Delivers Solid Performance Despite Industry Supply Chain Disruptions IMMEDIATE RELEASE NEWS DETROIT , November 5 , 2021 -- American Axle & Manufacturing Holdings , Inc. ( AAM ) , ( NYSE : AXL ) today reported its financial results for the third quarter 2021 . Third Quarter 2021 Results Sales of $ 1.21 billion Net loss attributable to AAM of $ ( 2.4 ) million Adjusted EBITDA of $ 183.2 million , or 15.1 % of sales Diluted loss per share of $ ( 0.02 ) ; Adjusted earnings per share of $ 0.15 Net cash provided by operating activities of $ 89.8 million ; Adjusted free cash flow of $ 69.1 million " AAM delivered solid operating performance under unprecedented supply chain challenges that continued to impact industry production in the third quarter , " said AAM's Chairman and Chief Executive Officer , David C. Dauch . " Despite this uncerta in an d volatile environment , we remain focused on optimizing our current operations and securing our core business while laying a solid foundation for our electrification future . " AAM's sales in the third quarter of 2021 were $ 1.21 billion as compared to $ 1.41 billion in the third quarter of 2020. AAM estimates sales for the third quarter of 2021 were unfavorably impacted by the semiconductor chip shortage by approximately $ 245 million . AAM's net loss in the third quarter of 2021 was $ ( 2.4 ) million , or $ ( 0.02 ) per share , as compared to a net income of $ 117.2 million , or $ 0.99 per share in the third quarter of 2020 . AAM defines adjusted earnings ( loss ) per share to be diluted earnings per share excluding the impact of restructuring and acquisition - related costs , debt refinancing and redemption costs , loss on sale of business , impairment charges , pension settlements , certain accelerated depreciation , unrealized gains or losses on equity securities and non - recurring items , including the tax effect thereon . Adjusted earnings per share in the third quarter of 2021 were $ 0.15 compared to $ 1.15 in the third quarter of 2020 . AAM defines EBITDA to be earnings before interest expense , income taxes , depreciation and amortization . Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition - related costs , debt refinancing and redemption costs , loss on sale of business , impairment charges , pension settlements , unrealized gains or losses on equity securities and non - recurring items . In the third quarter of 2021 , Adjusted EBITDA was $ 183.2 million , or 15.1 % of sales , as compared to $ 297.1 million , or 21.0 % of sales , in the third quarter of 2020. AAM estimates Adjusted EBITDA in the third quarter of 2021 was unfavorably impacted by lower sales as a result of the semiconductor shortage by approximately $ 83 million . 1 AAM's net cash provided by operating activities for the third quarter of 2021 was $ 89.8 million as compared to $ 249.5 million for the third quarter of 2020 . 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 . 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 . AAM's adjusted free cash flow for the third quarter of 2021 was $ 69.1 million as compared to $ 217.2 million for the third quarter of 2020 .