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American Axle Hikes Quarterly Sales 22%
American Axle & Manufacturing Holdings Inc. boosted revenue to $737 million in the fourth quarter of 2012 compared with $606 million a year earlier.
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American Axle & Manufacturing Holdings Inc. boosted revenue to $737 million in the fourth quarter of 2012 compared with $606 million a year earlier.
The company netted $320 million compared with $31 million in October-December 2011 largely because of a one-time $338 million tax gain. Operating income, which excludes taxes, slid to $19 million from $49 million a year earlier.
The same factor hiked AAM's net profit to $368 million from $143 million in 2011. Operating earnings shrank to $156 million from $223 million.
Revenue grew 13% to $2.9 billion. Former parent General Motors Co. accounted for only 27% of 2012 sales. AAM's North American content per vehicle dipped 1% to $1,470.
The company warns that its earnings in the first half of 2013 will be dented by costs to prepare for the debut this year of the next-generation Chevrolet Silverado and GMC Sierra fullsize pickups.
But AAM predicts that increased component volume for those models and nearly $1.3 billion of new business will boost revenue 10% by 2015.
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