By Tess Stynes
American Axle & Manufacturing Holdings Inc. (AXL) projected
annual sales growth of more than 5% through 2017, citing an
estimated backlog of $825 million and current projections for U.S.
light vehicle sales.
The Detroit maker of axles, drivetrain and transmission
components made the announcement in a regulatory filing in advance
of its presentation at an industry conference Wednesday.
The company's revenue has continued to improve in recent years
as light-vehicle demand has improved in North America, including
for its biggest customer, General Motors Co. (GM).
American Axle said about 70% of the companies backlog for 2015
to 2017 is for customers other than GM. The company expects non-GM
sales to comprise 40% to 45% of the total during the period.
The company said its backlog also supports its efforts to expand
Brazil, China, Europe and Thailand. American Axle said more than
80% of backlog for 2015 to 2017 is for programs sourced outside the
U.S., with more than 50% for end markets abroad.
For 2015, the company forecast revenue of $4 billion to $4.1
billion. The midpoint of the projected range edged past
expectations of analysts polled by Thomson Reuters for $4.04
billion.
American Axle shares rose 1.2% to $22.72 in early trading.
Write to Tess Stynes at tess.stynes@wsj.com
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