American Axle & Manufacturing Reports Q1 2006 Financial Results

    For more information:

    Media relations contact:            Investor relations contact:
    Carrie L.P. Gray                    Christopher M. Son
    Director, Corporate Relations       Director, Investor Relations
    (313) 758-4880                      (313) 758-4814
    
Email Contact                       
Email Contact


    Or visit the AAM website at 
http://www.aam.com



                 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)

    ----------------------------------------------------------------

                                        Three months ended
                                            March 31,
                               -------------------------------------
                                           2006    2005
                               -----------------  ------------------
                               (In millions, except per share data)


    Net sales                             $834.8  $818.9

    Cost of goods sold                     771.3   746.6
                                          ------- -------
    Gross profit                            63.5    72.3

    Selling, general and administrative
     expenses                               48.4    46.6
                                          ------- -------

    Operating income                        15.1    25.7

    Net interest expense                    (7.4)   (6.1)
    Other income (expense), net              0.6     0.3
                                          ------- -------

    Income before income taxes               8.3    19.9

    Income taxes                            (0.3)    6.6
                                          ------- -------

    Net income                              $8.6   $13.3
                                          ======= =======

    Diluted earnings per share             $0.17   $0.26
                                          ======= =======

    Diluted shares outstanding              51.1    51.1
                                          ======= =======


          AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
             CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Unaudited)

    -------------------------------------------------------------


                                         March 31, December 31,
                                           2006       2005
                                       ----------- ------------
                                             (In millions)
                   ASSETS

    Current assets
         Cash and cash equivalents           $7.1      $3.7
         Accounts receivable, net           410.1     328.0
         Inventories, net                              222.4          207.2
                  Prepaid  expenses  and  other                    61.5            45.5
                  Deferred  income  taxes                              18.3            17.0
                                                                                  --------    --------
        Total  current  assets                                        719.4          601.4

        Property,  plant  and  equipment,  net        1,857.8      1,836.0
        Deferred  income  taxes                                          4.2              3.0
        Goodwill                                                                147.8          147.8
        Other  assets  and  deferred  charges                75.1            78.4
                                                                                  --------    --------
        Total  assets                                                  $2,804.3    $2,666.6
                                                                                  ========    ========



        LIABILITIES  AND  STOCKHOLDERS'  EQUITY

        Current  liabilities
                  Accounts  payable                                    $415.2        $381.1
                  Other  accrued  expenses                          157.2          168.1
                                                                                  --------    --------
        Total  current  liabilities                              572.4          549.2

        Long-term  debt                                                    574.5          489.2
        Deferred  income  taxes                                      116.7          116.1
        Postretirement  benefits  and  other
          long-term  liabilities                                    538.1          517.3
                                                                                  --------    --------
        Total  liabilities                                          1,801.7      1,671.8

        Stockholders'  equity                                    1,002.6          994.8
                                                                                  --------    --------
        Total  liabilities  and  stockholders'
          equity                                                            $2,804.3    $2,666.6
                                                                                  ========    ========



                                      AMERICAN  AXLE  &  MANUFACTURING  HOLDINGS,  INC.
                                  CONDENSED  CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
                                                                      (Unaudited)

        ---------------------------------------------------------------



                                                                                                            Three  months  ended
                                                                                                                        March  31,
                                                                                                      ---------------------------
                                                                                                            2006                              2005
                                                                                                      -------------  -------------
                                                                                                                      (In  millions)
        Operating  activities
                  Net  income                                                                      $8.6                            $13.3
                  Depreciation  and  amortization                                49.4                              43.4
                  Other                                                                              (51.0)                          (90.8)
                                                                                                      --------                      --------

        Net  cash  flow  provided  by  (used  in)
          operating  activities                                                            7.0                            (34.1)

        Purchases  of  property,  plant  &
          equipment                                                                              (80.8)                          (74.8)
                                                                                                      --------                      --------

        Net  cash  flow  after  purchases  of
          property,  plant  &  equipment                                          (73.8)                        (108.9)
                                                                                                      --------                      --------
        Net  cash  flow  provided  by  (used  in)
          operations                                                                            (73.8)                        (108.9)

        Net  increase  in  long-term  debt                                        84.8                            103.1
        Employee  stock  option  exercises                                        0.1                                2.2
        Dividends  paid                                                                        (7.7)                            (7.4)
                                                                                                      --------                      --------
        Net  cash  flow  provided  by  financing
          activities                                                                              77.2                              97.9

        Effect  of  exchange  rate  changes  on  cash                        -                                  (0.1)
                                                                                                      --------                      --------
        Net  increase  (decrease)  in  cash  and
          cash  equivalents                                                                    3.4                            (11.1)

        Cash  and  cash  equivalents  at
          beginning  of  period                                                              3.7                              14.4
                                                                                                      --------                      --------
        Cash  and  cash  equivalents  at  end  of
          period                                                                                      $7.1                              $3.3
                                                                                                      ========                      ========

        --------------------------------------------------------------------------

                                    AMERICAN  AXLE  &  MANUFACTURING  HOLDINGS,  INC.
                                                                SUPPLEMENTAL  DATA
                                                                      (Unaudited)
        --------------------------------------------------------------------------
 


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