American Axle Q2 earnings rise on stronger non-GM business
DETROIT -- American Axle & Manufacturing Holdings Inc. today reported improved second-quarter earnings, led by a strong increase in non-General Motors business.
The drivetrain components supplier recorded net income of $52.2 million, or 67 cents per share, on revenue of $946.9 million in the quarter that ended June 30, compared with income of $25.8 million on revenue of $799.6 million during the same quarter in 2013.
American Axle continued to increase non-GM sales, which grew by more than 33 percent to $298.1 million from $223.8 million in the same quarter last year. GM remains its largest customer.
The supplier attributed the non-GM growth to sales in support of Chrysler’s Jeep Cherokee and heavy-duty Ram pickup.
Despite the profit growth, the results missed analysts' expectations of 72 cents earnings per share for the quarter, and American Axle shares fell 5 percent to $17.51 today.
“AAM is energized to continue supporting these and other new global product and process launches during the remainder of this year and continuing through the year 2015,” David C. Dauch, chairman, president and CEO, said in the company statement.
American Axle ranks No. 62 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $3.2 billion in 2013.
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