Beyond the headline.
Inside the numbers.
Ticker Byline
Dauch supplies driveline and metal-forming components for electric, hybrid and combustion vehicles. It completed the Dowlais acquisition in February 2026 and has issued preliminary third-quarter estimates.
Dauch, formerly American Axle & Manufacturing, supplies driveline and metal-forming components for electric, hybrid and combustion vehicles. Its main ticker is DCH on the New York Stock Exchange, with a secondary London Stock Exchange listing.
On October 30, Dauch issued preliminary estimates for the quarter ended September 30, 2026. It expects a net loss attributable to Dauch of $42 million to $47 million and adjusted EBITDA of $355 million to $360 million. These figures remain subject to closing and review processes. Full results are scheduled for November 6; no final third-quarter sales, cash-flow statement or balance sheet was provided in this update.
Adjusted EBITDA removes interest, taxes, depreciation and amortization, plus further specified items such as restructuring and acquisition-related costs. It is separate from reported net income and cash flow. The preliminary quarterly reconciliation includes $87 million of interest, $14 million of tax expense and $213 million of depreciation and amortization before the additional adjustments.
| Measure | August forecast | October 30 forecast |
|---|---|---|
| Sales | $10,600 to $10,800 | $10,800 to $10,875 |
| Adjusted EBITDA | $1,360 to $1,425 | $1,350 to $1,375 |
| Expected net loss under standard U.S. accounting rules | $135 to $200 | $195 to $220 |
The higher sales range includes metal-cost pass-throughs. Management also identified uneven customer production, inflation and energy costs as pressures on earnings. It expects the adjusted free cash flow range to narrow closer to the midpoint of the previous $260 million to $325 million range, but did not publish new endpoints.
The latest full quarterly figures cover the three months ended June 30, 2026. They predate the preliminary September update and should not be mistaken for third-quarter results.
| Measure | Q2 2026 |
|---|---|
| Net sales | $2,955.6 |
| Net income attributable to Dauch | $1.0 |
| Adjusted EBITDA | $389.6 |
| Operating cash flow | $107.5 |
| Capital spending, net of asset-sale proceeds | $91.7 |
| Free cash flow | $15.8 |
| Adjusted free cash flow | $148.4 |
Operating cash flow measures cash generated by day-to-day business. Free cash flow subtracts net capital spending; Dauch's adjusted version adds back specified restructuring and acquisition-related cash payments, including net interest on debt held in escrow. The adjusted measure does not represent cash left after every payment.
At June 30, 2026, cash and cash equivalents were $880.8 million. Long-term debt, net of issuance costs and discounts, was $5.026 billion, with no current portion of long-term debt. Those balances are from June, rather than September.
Dauch completed the acquisition of Dowlais Group, including GKN Automotive and GKN Powder Metallurgy, on February 3, 2026. Its 2026 forecasts include Dowlais from that closing date. Comparisons with the former standalone American Axle business therefore reflect a larger group and should not be read as organic growth.
The main developments to watch are the November full results, the effect of customer production changes, integration costs and savings, debt, and the difference between reported and adjusted cash generation.
Analysis DCH
Dauch raised its annual sales forecast while lowering its adjusted earnings target. Preliminary quarterly figures and the completed Dowlais deal need careful comparison.