American Axle posts $34.9 million net income in fourth quarter 2010

Article by Christian A., on February 12, 2011

For the sixth straight quarter, American Axle & Manufacturing Holdings Inc. posted a profit. And due to the recovering automobile market and diversification away from its largest customer, the company was able to end the year in the black.

American Axle, which supplies axles and driveline components, reported a net income of $34.9 million on revenue of $583.3 million in the fourth quarter, which ended on Dec. 31. In comparison, for the same period in 2009, the company posted a net income of $48.6 million on revenue of $464 million.

The company also posted an operating income of $51 million in the fourth quarter, up from $29 million during the same quarter last year. For 2010, American Axle generated a net income of $115.4 million on revenue of $2.3 billion, compared with the prior year’s loss of $253.1 million on revenue of 1.5 billion.

In 2010, American Axle won contracts with automakers other than former parent General Motors Co. Non-GM business climbed to $563 million, a 70% increase over 2009. In November, American Axle said it had a backlog of business worth $850 million.

In 2010, American Axle also cut down its debt by $127.9 million, to $765.4 million. In a statement, American Axle CEO Richard E. Dauch said that the company is “well-positioned” to benefit as the global automotive markets continue to recover in 2011 and beyond. [via autonews - sub. required]

Topics: american axle

If you liked the article, share on:

Pin It

Comments

Recommended

Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries