American Axle Earnings Plummet 86%

American Axle & Manufacturing Holdings Inc. netted $7 million in the first quarter of this year compared with $50 million in the same period of 2012.

Revenue rose less than 1% to $756 million. AAM says it lost $13 million in sales because of a strike at General Motors Co.'s truck plant in Thailand.

Quarterly operating income dropped to $45 million (5.9% of sales) from $77 million (10.3%) a year earlier.

The company warned earlier this year that first-half results would be hurt by costs to prepare for the debut of the next-generation of fullsize pickup trucks at General Motors and Chrysler. The company adds that profits in the January-March period took an $11 million hit from debt restructuring to shore up its balance sheet.