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:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 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