Sales of $10.2 billion in 2022 represented an increase of $1.2 billion or 14 percent over last year.
AAM’s sales for full year 2022 were $5.8 billion as compared to $5.16 billion for full year 2021.
The company reports record full-year net sales of $2,769 million, up 15% from 2021.
The company said it won $6 billion of new business in 2022, leveraging its strong, diversified product portfolio that addresses key industry trends.
Sales for the fourth quarter increased $353 million, or 11%, to $3.64 billion from $3.29 billion for the same period one year ago.
The company says it expects 2023 electric vehicle sales of $1.5 billion to $1.8 billion.
The company said approximately $52 million annualized net sales have resumed in the fourth quarter as delayed business and customer order patterns normalize.
Sale of the Global Products business remains on track with closing expected in early calendar year 2023 with $1.6 billion of the net cash proceeds expected to be returned via share repurchases in the 18 months following close.
The company reported U.S. GAAP net income of $531 million, diluted earnings per share of $1.96.
The company reported full-year revenue of $15.9 billion, an increase of 10% with organic growth of 12%.
Auto Plus expects to continue to operate its business in the ordinary course and plans to run a sale process for substantially all its assets during the Chapter 11 case.