morning, results year AAM’s Thank quarter Jason, you to the you, good and for full of us joining financial XXXX. today Thank for fourth everyone. discuss and
May, Chris President; Financial and are: AAM’s call Chief Mike the and on Simonte, Officer. today me Vice Joining AAM’s President
financial comments To performance. begin I’ll quarter my fourth review our XXXX year today, full and
highlights financial outlook and And cover to I’ll things I’ll backlog, XXXX. over review some Chris. lastly, Next, from X-year business turning before new our XXXX
covers Chris any you full adjusted AAM may lower in cash and the flow our that open we financial up delivered details volumes the and will work we results, the for fourth After questions for solid the as stoppage. have. call year our operating of operations global production performance GM XXXX quarter
this to $X.XX The sales million. billion AAM’s XXXX. fourth compared unfavorably in to by October/November the impacted billion GM stoppage work of main reason quarter decrease XXXX for $X.XX $XXX of sales were approximately relates fourth quarter the in our that
year XXXX $X.XX billion. full the For sales were AAM
the During passthroughs metal lower to the to lower work volumes stoppage, we year, related experienced GM production customer global and due overall market. lower sales
From EBITDA the sales. XXXX a profitability of in adjusted fourth XX.X% $XXX.X of was quarter AAM’s perspective, million or
results fourth unfavorable impact the million. Our $XX GM reflect work for stoppage quarter approximately the of adjusted EBITDA
or the full was AAM’s XXXX, XX.X% million of adjusted $XXX For year EBITDA sales.
which of year, most work production as by global as in fourth well impacted was lower full GM the the $XX were we by stoppage For the million, quarter, volumes.
we initiatives. However, restructuring operating and XXXX, on delivering throughout synergy positive increasing margins momentum on and had our
per share. earnings was adjusted in quarter per XXXX fourth share AAM’s of the $X.XX
$X.XX adjusted For quarter respectively. full-year fourth $X.XX the the of full EPS work and the year We GM approximately XXXX, for impact EPS per estimate the was AAM’s both was on $X.XX adjusted share. stoppage and
impact from business a EPS and morning $XXX been in highlight, which to our impairment metal adjusted EBITDA important unit. of the non-cash our our we related to has quarter release million of is goodwill press recorded in excluded fourth that noted It calculations. of we forming as The this adjusted XXXX
vertical value will view of integration to our critical our adjustment business believe continue forming change be core not and business this to provides significant accounting AAM. our strategy for does metal our This and customers business. unit We both a external
quarter deliver flow AAM was strong fourth cash to $XXX XXXX AAM’s flow free continued of cash adjusted generation in million. the in XXXX. free
year $XXX gross million. was due AAM’s XXXX. full million XXXX, and reduced $XXX senior free adjusted our cash in XXXX by the with debt began For of flow our prepayment another million $XXX XXXX in We notes
results reduce committed We Chris information are provide further to of additional will sheet our strengthen few our the and in minutes. to continuing financial our XXXX. details in debt a regarding balance
the XXXX, segment little adjusted Let’s in The segment to of $XXX.X business EBITDA. for performance $X quarter sales fourth our turn XXXX. over delivered a of which the quarter now recorded of fourth billion driveline of unit million
mainly Sales GM business fourth the the due in to stoppage. of quarter were this and due XXXX, impact the work versus unit profitability down
We of have was manufacturing Carmen retained of the part going El unit casting also driveline as part our our included facility, of operations, so as and will sale do forward. our U.S. which business
EBITDA recorded EBITDA million we improvement see business as $XXX million greater run in the fourth forming of unit and of unit from full sales of segment to programs XXXX in benefit launched the in XXXX. of and The quarter metal recently business rate for this expect margins $XX.X productivity. We adjusted
unit very full-year GM performed sales performed of adjusted And business EBITDA XX.X% quarter. an basis, margin margin with the of stoppage XX%. level well a this this on unit lower Despite to and due lower at European for over the work production, EBITDA business
financials in it unit on as by mid-December and reported part business EBITDA unit commercial stoppage of The and million. sales was $XXX.X – the adjusted and by and going no unit weakening to GM will work U.S. of continue business the forward. recorded This be our segment U.S. casting business $X.X industrial sold The of impacted markets. casting be affected also longer was million
on Let me wrap presentation highlights, package. X a up of of XXXX which some look back Slide at overall see with you can the the
for multiple won quality, flexible Operationally, approximately XX leadership We Despite our solid many work and completed good and well demand was the GM technology XX world-class a operations in operational AAM awards In supplier-of-the-year faced, XX that years for excellence. quality market utilized we year We it XXXX, new the structure awards. AAM challenges still stoppage. for and regards. celebrated program as the cost adjust our to as customer launches. we
the and initiatives through MPG We we put attainment significant cash debt integration pay-downs. above targets achieved gross our completed original forth. synergy flow the generated key profile free well the We strengthened financial and
From a front-drive our program, Baojun were third our drive China. the Liuzhou/AAM Later electric electric begin through technology joint for supplying year, venture we perspective, EXXX to we will SAIC-GM-Wuling awarded this unit in program.
first China brand excited about are electric our We out and front-wheel value drive business win passenger in car. of this first drive
automotive leader named electric also award front industry-leading on This were a technology position the featured validates systems. finalist electric I-PACE. and axle our further hybrid rear driveline as for PACE nomination in technology XXXX We a our drive as Jaguar
We trucks. business pickup multiple electric components and fully also wins for on electric had on commercial that featured powertrains be will
area updated to an and exciting growth for and continue further on as see diversification electrification launches We AAM in to keeping eDrive forward XXXX of look and developments. you new business our
reduction finalized streamline the sale of enhance the casting our debt profile. we our us which margin accelerating Strategically, U.S. our to while mid-December, and operations business, initiatives in allowed
solutions, which acquired In in MITEC our the specializes gear-based portfolio which operations AG support the and will we addition, NVH engine fourth of the complement and to Germany, downsized in balance shaft quarter, hybridization. Automotive
order at and there being opportunistic economical price. minor, acquisition a this enhance of great footprint geographic to is AAM relatively in technology example While our leadership an was
And front, the strengthening the we great on program. of strides performance the and made sustainability monitoring, sustainability in our reporting
our our publically gas a and During disclosed sustainability human energy policies, established we priority environmental CDP, specific energy, assessments our of water XX investors greenhouse and emissions. top use, adopted update the rights topics global to year, set global and goals policy, and and greenhouse gas consumption safety reduced water our
It’s customers customers the important recognized improvements the area, and are positive to Gold Sustainability this Ford in XXXX. work as supply within We Diversity during our partners work from for by the momentum sustainability in throughout here key Supplier forward us from base. sustaining and won our an both the diversity driving GM an honor in industry viewed this significant Award our and were that We award year. the we
year Before gross the this morning. business period turn new Chris, to our our X-year approximately cover press business in to XXXX-XXXX our over included and it X-year outlook for was XXXX covering me expects million. $XXX AAM release be financial AAM’s new backlog full let backlog that
XX% You half outside on to organic relates can X, this relates of see including America, about the the North our work of trend basis. of be to an XX% Nearly geographically Slide realized crossover global will light trucks, breakdown electric continuing of backlog this powertrains. of this another diversifying on and hybrid in vehicles and
in to launch XXXX in million to and backlog expect cadence $XXX of XXXX, in million $XXX million this be XXXX. $XXX We
casting U.S. factors Our the new expectations. backlog customer launch latest operations, customer and also the of our timing in volume of updating impact sale business
outlook, AAM financial Now can turning XXXX. billion XXXX Slide package. X full and sales between is you targeting $X.X on year see of in $X to billion that the our presentation
of XXXX capital And X.X% XXXX. adjusted XX%, adjusted we’re XXX cash We targeting margins are sales. targeting to million, of approximately projecting $XXX points an contemplates XXXX improvement approximately basis of which approximately from EBITDA over free spending in flow of
production we continue vehicles. production range. nearly Light And in we America towards to perspective, specific it down heavily up and XXXX, weighted see to and light American as American of XXXX. favorable mix, programs, North of North From million end see expect no in XX.X an signs SUVs, we crossover to vehicle the North in pickup slowing markets unit that in trucks, XX.X relates the trucks XX% made
activity SUVs, this and XXXX. we EcoTrac real focused programs on North year, vehicle including full-size another platform new launch decreases some will the and new on all on the refreshed is GM axles significantly independent in the America launching our in all-wheel the still systems disconnecting during drive later While key year. drive here There be
as we there Brexit. due of continued and regulations Europe, stricter impact pressure In continued such COX factors believe to they is
to approximately X% be We to these X% year-over-year. are production down expecting volumes
relating got the launch However, a good expected we our into key business same At we’ve European a year. time, this do award of backlog. electric second to launch have drive
our We despite business, have the lower which the overall strong our for region, all growth recent expectations. are have acquisition, and in vehicle controls we highlights production vibration
When expectations X key China. provides the China of us you to turn most of out markets. uncertain the
will if shutdowns year, recover proved market by efforts. heading And the facilities more the difficult predict market of last to China by made being when and coronavirus to know, extended the been difficult all decline very you be compounded determine has into from As production last containment automotive able this only the Chinese caused to and year.
We are currently year. China be expecting light vehicle this down X% to X% to production in
early into of the AAM assumes our which coronavirus and included This this in second February lower production the At at sales XXXX March. production due of the China time. customers $XX outbreak our our in half we over of million, impact approximately and estimated midpoint estimate target, represents to best have of resuming
However, could impact the this a if regions others. beyond begins virus prolonged AAM in world, to like on the of have or greater it just impact of impact is production other timeframe the
it us more in has celebrate is accomplish While and XX to is very a successful our XXXX, years it for that AAM future great energized.
XXXX, towards for reduction, our and look free company. we technologies cash advanced generation in continuing future invest propulsion flow focused As while on growth we to debt drive to are further profitable
of operations dialed-in. again look you the the in normalized being become history launch the track and after day-to-day heavy that a profitable our XXXX. company, here proven If very being see stabilized, we case periods record have of directly of more We at as
With for concludes prepared that my remarks today.
and call over Chief the to our now turn Financial President Officer, Chris? Chris Vice me May. Let
