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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.Read the entire article American Axle logs $48.6 million net income in 3rd quarter 2014
American Axle & Manufacturing Holdings Inc. posted higher earnings in the second quarter of 2014, thanks to a surge in non-General Motors business. American Axle saw its net income for the quarter surge to $52.2 million, or 67 cents per share, on revenue of $946.9. Its net income for the year-ago period was $25.8 million on revenue of $799.6 million.
American Axle has been increasing its non-GM business, although the carmaker remains its largest customer. Its non-GM revenues surged over 33 percent in the second quarter of 2014 to $298.1 million, from $223.8 million in the same period in 2013.
The supplier said the gains in its non-GM business were thanks to support of Chrysler’s Jeep Cherokee and heavy-duty Ram pickup. Despite the higher earnings in the quarter, American Axle’s results failed to live up to analysts' expectations of 72 cents earnings per share.Read the entire article American Axle doubles 2nd quarter net income to $52.2 million
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.Read the entire article American Axle earns $33.6 million in first quarter of 2014
American Axle & Manufacturing Holdings Inc. estimates its backlog of new and incremental business in 2014-2016 at around $900 million. The estimate a year ago for American Axle’s 2013-2015 backlog was $1.25 billion. "It's not that we're not growing, it's just the way the figures settle," said Chris Son, director of investor relations for American Axle.
He said that while the numbers “look a bit different,” the company expects an 18-percent growth in 2014 over what they have predicted. The backlog represents accumulated work that has yet to be completed and includes several projects with General Motors, which had 73 percent of its business in 2012.
The company’s current backlog includes an EcoTrac disconnecting driveline system for the Jeep Cherokee as well as a rear drive module for the Cadillac ATS. The company also has plans for electric and hybrid systems for a model for Israeli-Chinese carmaker American Axle.Read the entire article American Axle sets 2014-2016 backlog at $900 million
American Axle & Manufacturing Holdings Inc. logged $31.6 million in net income in the third quarter of 2013, managing a turnaround from $8.2 million in losses in the same period in 2012. The company’s 2013 third-quarter report included a $5.3 million payout for co-founder Richard E. Dauch’s stock-based compensation and other benefits.
The report likewise included a charge of about $500,000 for the proposed settlement of a National Labor Relations Board proceeding in connection with the shutdown of its Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility in 2012.
The company’s third-quarter net income on a per-share basis was 41 cents – far from the First Call consensus estimate of 55 cents a share. The company logged a 17-percent hike in net sales in the third quarter to $820.8 million. Its non-General Motors sales surged 18.1 percent to $234.7 million.Read the entire article American Axle logs third-quarter turnaround to $31.6 million net income
American Axle & Manufacturing Holdings Inc. posted a huge rise in net income in the second quarter of 2013 to $25.8 million, compared with $4.7 million in the same period in 2012. In terms of per stock profit, American Axle logged 34 cents a share in net income in the second quarter of 2013, exceeding analysts' expectations of 30 cents a share, as compiled by First Call.
The company logged an 8-percent jump in second-quarter 2013 net sales to $799.6 million, from $739.8 million in the same period in 2013. Sales to carmakers other than General Motors surged 13 percent to $223.8 million, from $198.2 million a year earlier. American Axle posted a $31.4 million hike in operating income in the second quarter of 2013.
The company attributed the huge rise in net income to restructuring costs of $36.5 million in 2012 from shutting down its site in Detroit and Cheektowaga, New York. The company’s strong results in the quarter greatly pleased investors, pushing its stock to the highest level in five years. The stock jumped 5.7 percent to close August 2, 2012 at $20.93 a share.Read the entire article American Axle logs huge rise in Q2 net income to $25.8 million
American Axle and Manufacturing Holdings Inc. said that its quarterly net income dropped as costs increased, according to its statement last Friday. The company had written down the closure of Michigan and New York plants. American Axle's net profit in the second quarter decreased to $4.7 million from the $49.2 million posted last year.
These results are a reflection of $36.5 million in restructuring costs from the closure of its Detroit and Cheektowaga plants, as well as a $28.1 million charge related to a union pension benefits claim. The revenue increased by 8% to $739.8 million from the prior year’s $686.2 million. However, gross margins declined to 11.6% of sales from 19.0% the previous year.
Its operating income plunged to $30.3 million from $71.7 million the past year. American Axle said that its results were influenced by the sluggish demand in North America for four-wheel-drive pickups and SUVs. The company said its new-business backlog rose to $1.2 billion for new models that will be presented over the next couple of years in North America, Brazil and Thailand. American Axle is a major supplier of axles and other driveline components. General Motors Co is its main customer, accounting for almost 75% of its sales.Read the entire article American Axle’s quarterly net income dropped as costs increased
After failing to match earnings estimates, American Axle & Manufacturing Holdings Inc. experienced its biggest fall in nearly two months. American Axle, which makes axles and crankshafts, declined by 5.5% to close at $10.18 on the New York Stock Exchange. It decreased to $10.08 – its steepest intraday drop since Feb. 29.
The shares were up 8.9% this year before today. In a statement, the company said that its net income in the first quarter increased by 36% to $51.2 million, or 68 cents a share, from the previous year’s $37.7 million, or 50 cents. Profit was 61 cents a share, compared with 64 cents, which is what a survey of 11 analysts had arrived at.
They excluded several items, such as costs to shut down two plants. As the company was able to increase sales to companies other than General Motors Co. by 8.5% to $193.6 million, its revenue increased by 16% to $751.5 million. Bloomberg’s survey of seven analysts came to an average sales estimate of $751 million. GM's predecessor, General Motors Corp., had once owned American Axle. A regulatory filing in 2010 indicated that in 2009, American Axle got 78% of its sales from GM. Meanwhile, non-GM customers made up 27% of revenue in all of 2011.Read the entire article American Axle shares declined by 5.5%
American Axle & Manufacturing Holdings Inc. wants the auto supplier's renaissance zone tax exemption extended but the Detroit City Council has unanimously rejected this request. American Axle hoped to extend the exemption through 2018 by pledging to spend $6 million to improve its global headquarters on Holbrook Street and to open 20 jobs in information technology.
The City Council wouldn’t agree to the pleadings delivered by Steven Keyes, American Axle's administration and legal executive director. According to Keyes, American Axle will give up three prior abatements amounting to $381,000 and will pay back other abatements given in 2008 that were linked to the creation of jobs.
But council members were still upset with the laying off of over 1,000 workers at American Axle's Detroit manufacturing complex since 2008 after the council moved to extend abatements that represented savings of up to $534,000 each year for the past decade. In addition, Keyes said that American Axle won’t repay the city if it doesn’t get the extension.Read the entire article Detroit City Council rejects American Axle’s renaissance zone tax exemption
Third-quarter earnings of American Axle & Manufacturing Holdings Inc. fell by 36%, mostly due to costs linked to plant closures. It recorded a net income of $24.8 million in the third quarter, compared to $38.8 million the previous year. In the latest period, the company incurred $11.9 million in charges over the planned closure of two U.S. manufacturing facilities.
The company had previously said that it will shut down plants in Michigan and New York after it failed to enter competitive labor contracts with the UAW. The special charges in this quarter included a $1.6 million asset impairment posted by its e-AAM joint venture associated with a long-term supply contract with Saab Automobile AB.
In the latest period, its revenue rose by 5% to $647.6 million. American Axle, which manufactures driveline systems, chassis systems and forged components for trucks, buses and cars, has experienced a rebound after having faced a string of financial losses that were resolved in 2009.Read the entire article American Axle’s third-quarter earnings fell 36 percent
American Axle & Manufacturing Holdings Inc. announced that the Cheektowaga, N.Y. plant will be closed just one day after the union rejected the contract offer. Two months ago, American Axle, a former General Motors Co. unit, revealed that its Detroit manufacturing complex will be closed as it had failed to reach a labor deal with the UAW. The New York plant has 66 employees that the UAW represents and as many as 34 salaried workers.
The UAW said that talks broke down as the workers turned down the offer of American Axle. In a statement to Crain's Detroit Business, Chris Son, director of corporate and investor relations, said that the customer production volumes for the programs at this facility were “significantly reduced” by the shifts in market demand toward more fuel-efficient passenger cars and crossover vehicles.
He added that several customer assembly plants that the Cheektowaga manufacturing facility supported have been shut down.Read the entire article American Axle to close its plant in New York
The Detroit manufacturing facility of American Axle & Manufacturing Holdings Inc. will be closed in February after a breakdown in labor negotiations with the UAW. It will close no earlier than Feb. 26, 2012, which is the date when an existing UAW contract expires.
Around 300 hourly and salaried employees will be affected by this matter, spokesperson Christopher Son said. Formerly a unit of General Motors, American Axle wanted to have a competitive labor deal with the UAW just like an agreement that is in place at its Three Rivers facility in Michigan, Son disclosed.
He said that the company wanted to lower the hourly compensation from $45 to $30. According to Son, it is a matter of being competitive in the market and achieving the ideal cost structure, both of which is lacking in the facility-at-issue.Read the entire article American Axle to close its Detroit manufacturing facility
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.Read the entire article American Axle posts $34.9 million net income in fourth quarter 2010
American Axle & Manufacturing Holdings Inc. predicts that in the few years, it will have $850 million in a new business. The company has certainly come a long way after General Motors gave a financial lifeline to the supplier in 2009.
American Axle said that its backlog of new and incremental business for 2011-13 will be higher by 20% than the previous three-year backlog from 2010 to 2012.
American Axle, which was a GM unit, manufactures driveline and drivetrain systems and other components. It posted a net income of $80.5 million on revenue of $1.70 billion during the first nine months of the year.Read the entire article American Axle predicts $850 million in new business over the next few years
In the third quarter, American Axle & Manufacturing Holdings Inc. posted a profit that was higher than what was expected. Its sales forecast for the fourth quarter fell short of estimates from Wall Street. American Axle posted a net profit of $38.8 million, or 52 cents per share, compared with a year-ago profit of $19.6 million, or 35 cents a share.
Analysts expected earnings of 39 cents per share. This week, third-quarter results from auto suppliers this week displayed big gains in revenue and profit.
Those that posted net profit gains include American Axle (up 98%); BorgWarner (up 520%); Lear Corp. (up 287%); Johnson Controls Inc. (up 33%); and Federal-Mogul Corp. (up 430%).Read the entire article American Axle’s 3Q profit of $38.8 million exceeds estimates
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