American Axle earns $33.6 million in first quarter of 2014

Article by Christian Andrei, on May 4, 2014

American Axle & Manufacturing Holdings Inc. posted $33.6 in income million on $858.8 million in revenues in the first quarter of 2014, compared with $7.3 million in earnings on $755.6 million in revenues in the same period in 2013.

American Axle still has General Motors Co. as its largest customer for, but business with other carmakers surged 53 percent to $287.8 million in the first three months of 2014, as it benefited from new Jeep Cherokee and Ram pickup.

Non-GM customers for the period accounted for over 38 percent of its revenues. The supplier’s content-per-vehicle dollar value hiked 10 percent to $1,655 in the first quarter of 2014 from $1,504 in the same period in 2013.

In February this year, Industrial Realty Group LLC finalized the acquisition of most of American Axle’s 2.5 million-square-foot former manufacturing complex in Detroit.

American Axle appointed in November 2013 Sam Valenti III to its board of directors, filling the seat of former chairman and chief executive Richard E. Dauch, passed away in September. Dauch’s was replaced by son, David, as chairman of the board.

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