That's compared with net income of $1 million in the first quarter of 2022.
In a Friday morning call, executives attributed losses to new program launch costs, material and labor inflation and market inefficiencies caused by supply chain and semiconductor issues. The company was dinged by significant customer production downtime, especially in full-size truck programs.
"The operating environment remains dynamic, but we are hopeful to see some stabilization in the second half of the year," CEO David Dauch said on a call Friday.
CFO Christopher May said he expects launch costs to continue into the second quarter but reduce in the second half of the year. He expects labor inflation to remain throughout the year but is "cautiously optimistic" that current market volatility will gradually stabilize.
Shares in American Axle gained 9.9 percent to $7.41 when the market closed Friday.
The company's revenue rose 3.5 percent to $1.49 billion, in part because of AAM's acquisition of Tekfor Group.
AAM acquired Germany-based Tekfor, a producer of automotive fasteners and metal formed components for driveline, powertrain and e-mobility applications, for about $136 million in 2022. Tekfor generated about $310 million in sales in 2021 and, according to May, was the primary contributor to AAM's growth in sales this quarter.
The company's yearlong outlook, targeting revenue of $5.95 billion to $6.25 billion, has not changed.