American Axle logs $48.6 million net income in 3rd quarter 2014

Article by Christian A., on November 4, 2014

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.

He said that the carmaker’s improved free cash flow execution is helping to cut its balance sheet leverage. He added that it is also strengthening the company’s ability to invest in the continued development of new product, process and systems technologies.

In August, the Dauch said that the maker of powertrain components is planning to set up an advanced technology development center at its headquarters in Detroit, thereby employing 75-100 workers. The building of the center will cost the company between $15 million and $20 million and will be finished by mid-2015.

If you liked the article, share on:

Comments

Recommended

The BMW M1 will be one of the most exclusive cars that will be showcased at the upcoming 2017 Pebble Beach Concours d'Elegance, alongside many other extravagant models. Firstly, there...
by - August 17, 2017
Aston Martin Vanquish Zagato makes its debut with a total of four variations including the Speedster and the Shooting Brake trims. As part of the limited edition model, the company...
by - August 17, 2017
Mitsubishi finally introduces the new Xpander MPV at the 2017 Indonesia International Auto Show in Jakarta Indonesia. Replacing the previous Expander, the new multipurpose vehicle will be mostly sold at...
by - August 16, 2017
Infiniti revealed its retro Prototype 9 race car before its slated debut at 2017 Pebble Beach Concours d'Elegance next week. In a recent press release, the company not only disclosed...
by - August 16, 2017
In the United States, not many automakers offer crossovers with a diesel engine option, but Chevrolet does, with their 2018 Equinox. Those who opt for this engine will get some...
by - August 16, 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