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.
David C. Dauch, chairman, president and chief executive of American Axle, remarked that the company “is energized” to continue supporting new global product and process launches during the rest of 2014 and in 2015.