American Axle cites Q4 gains in non-GM business
DETROIT -- American Axle & Manufacturing Holdings Inc., citing a 37 percent gain in its non-General Motors business, posted net income of $30 million during the fourth quarter.
The powertrain components supplier, which typically generates about 75 percent of its revenue from its former parent company GM, today said its non-GM business grew 37 percent to $280 million during the quarter.
The company's $30 million profit during the quarter compares with net income of $320 million during the same quarter last year, but the 2012 results included a one-time tax gain of $340 million.
American Axle said total revenue improved 13 percent to $830 million during the quarter.
For the year, the company said it posted net income of $94.5 million on revenue of $3.2 billion vs. 2012 net income of $368 million on revenue of $2.9 billion, which included the one-time tax gain.
"In 2013, AAM's financial performance was highlighted by sales growth that outpaced the industry and profitability that solidly rebounded versus our 2012 performance," CEO David C. Dauch said in a statement.
Philip Nussel and Reuters contributed to this report.Contact Automotive News