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American Axle Earnings Soar
American Axle & Manufacturing Holdings Inc. netted $26 million in the second quarter of this year compared with $5 million in the same period of 2012 as revenue climbed 8% to $800 million.
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American Axle & Manufacturing Holdings Inc. netted $26 million in the second quarter of this year compared with $5 million in the same period of 2012 as revenue climbed 8% to $800 million.
The company's sharp gain in net profit was largely the result of a comparison to year-earlier income that was slashed by a $37 million restructuring charge for plant closings.
Adjusted earnings before interest, taxes, depreciation and amortization which exclude one-time items dipped 1% to $102 million in the April-June period of 2013.
Demand for AAM's axles and driveshafts climbed in the latest quarter, thanks to rising production of fullsize pickup trucks. The company's non-GM sales jumped 13% to $224 million.
Content per vehicle rose to $1,550 from $1,440 in the second quarter of 2012. Operating margin widened to 7.7% from 4.1% a year earlier.
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