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American Axle Hikes Net Income 21%
American Axle & Manufacturing Inc. reports its second-quarter revenue rose 2% to $1 billion, and net income jumped 21% to $71 million.
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American Axle & Manufacturing Inc. reports its second-quarter revenue rose 2% to $1 billion, and net income jumped 21% to $71 million.
Adjusted earnings before interest, taxes, depreciation and amortization climbed 12% to $165 million. AAM’s sales in terms of content per vehicle in North America slipped 2% to $1,609. About two-thirds of the company’s business comes from General Motors Co., from which it was spun off in 1994.
AAM predicts its full-year sales in 2016 will reach a record $4 billion compared with $3.9 billion last year. The company targets an adjusted EBITDA margin of 15%-15.5%.
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