American Axle logs $48.6 million net income in 3rd quarter 2014

Article by Andrew Christian, on November 4, 2014

American Axle & Manufacturing Holdings Inc. logged a strong gain in terms of net income in the third quarter of 2014 to $48.6 million, or 63 cents per share. The company posted a net income of $31.6 million, or 41 cents per share, in the same period in 2013. American Axle also logged a jump in operating income in the quarter from $67.5 million to $85.1 million.

It also saw 16-percent in revenues in $950.8 million. American Axle, which has been ramping up its non-General Motors business in past few years, saw its revenues from this side grow 27 percent to $296.8 million. American Axle chief executive David Dauch said that production of Jeep Cherokee and Ram components has been a key driver of growth for its non-GM business.

American Axle was once a part of GM until it was spun off 20 years ago. Dauch said in the statement that the company’s financial results for the quarter were highlighted by strong cash flow and solid profitability thanks to continued sales growth and improvements in operational stability and productivity.

He said that the carmaker’s improved free cash flow execution is helping to cut its balance sheet leverage. He added that it is also strengthening the company’s ability to invest in the continued development of new product, process and systems technologies.

In August, the Dauch said that the maker of powertrain components is planning to set up an advanced technology development center at its headquarters in Detroit, thereby employing 75-100 workers. The building of the center will cost the company between $15 million and $20 million and will be finished by mid-2015.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Bentley Motors has just released the specs of the new Bentayga Diesel. Obviously, we couldn’t wait to share it here since it’s the first ever diesel model to come out...
by - September 26, 2016
A big chunk of Volvo Cars’ legacy in developing the most durable and capable car is evident in its latest Cross Country collection. Suffice it to say, our planet has...
by - September 21, 2016
Just very recently, we were all delighted to finally see a Bugatti Chiron out in the streets casually hanging around Cannes in France. The said car was purchased by a...
by - September 9, 2016
Earlier this year, Aston Martin wowed the world with a stunning concept car – the Vanquish Zagato. The concept made its first appearance in May during the Concorso d’Eleganza Villa...
by - September 7, 2016
Lamborghini has always been known to be the home to exotic supercars. The Italian automaker’s production facilities have hosted uniquely designed and powerful show-stopping supercars. It all started with the...
by - September 5, 2016