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American Axle’s Profit Jumps 40% on Metaldyne Acquisition
American Axle & Manufacturing Holdings Inc. reports its third-quarter revenue zoomed 71% to $1.7 billion, and net earnings climbed 40% to $86 million.
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American Axle & Manufacturing Holdings Inc. reports its third-quarter revenue zoomed 71% to $1.7 billion, and net earnings climbed 40% to $86 million.
Both increases are due mainly to AAM’s $3.3 billion acquisition in April of Metaldyne Performance Group Inc. AAM builds drivelines, and MPG makes engineered components for powertrains and suspensions.
The purchase also lowered AAM’s reliance on sales to General Motors Co. to 41% from 70% a year ago. The company, which was created from GM assets in 1994, aims to derive two-thirds of its business from non-GM customers by 2020.
AAM’s adjusted earnings before interest, taxes, depreciation and amortization jumped to $298 million from $157 million in July-September 2016.
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