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]