American Axle Expects Annual Sales Growth of Over 5%

   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 [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires