American Axle logs huge rise in Q2 net income to $25.8 million

Article by Christian A., on August 5, 2013

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.

The company’s strong results could be traced to a rallying housing market as well as an aging fleet of existing trucks that are increasing demands for new pickups like Chrysler’s Ram Heavy Duty and GM’s Silverado and Sierra, which the American supplies. According to the Automotive News Data Center full-size pickup sales surged 23 percent in the first seven months of 2013. American Axle Chief Financial Officer Michael Simonte remarked during a conference call with analysts and investors that the company is working hard to meet the demand and “push as hard as they want to go."

If you liked the article, share on:



As seasons change, temperatures rise and fall. The changes affect our preferences when it comes to driving cars. Therefore, Aston Martin introduces the new DB11 Volante or convertible, and it...
by - October 16, 2017
Aston Martin may be known for building many of the stylish Bond cars we see on the big screen but nobody really knew how it can get super aggressive when...
by - October 16, 2017
Today, manual transmissions have become rare in mainstream cars and are more commonly found in performance cars within the $20,000 to $40,000 range. However, the selection of affordable, three-pedal performance...
by - October 16, 2017
We expected to see the BMW i8 Roadster at last month’s 2017 Frankfurt Motor Show, but it never made an appearance. So the question on fans’ lips now is when...
by - October 16, 2017
Jaguar has just released the first official image of its newest offering, the new Jaguar XEL. Essentially the long-wheelbase version of the Jaguar XE compact sedan, the new Jaguar XEL...
by - October 14, 2017

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Subscribe to our newsletter!