CHICAGO - Parts supplier American Axle & Manufacturing Holdings Inc. on Thursday said quarterly earnings rose despite lower vehicle production at its top customer, General Motors.
Detroit-based American Axle, which was founded 10 years ago by a group of investors who bought five GM plants, said second-quarter net income rose to $55.3 million, or $1.02 a share, from $51 million, or 97 cents a share, a year ago.
Analysts on average were looking for earnings of $1.04 a share, with estimates ranging from 93 cents to $1.13 a share, according to Reuters Estimates.
Earnings included a one-time charge of $12.5 million, or 15 cents a share, for an employee buyout affecting 250 hourly workers, American Axle said.
Second-quarter sales rose slightly to $929.6 million from $913.6 million the year before as sales to non-GM customers increased 16 percent, the company said. Non-GM business now represents 21 percent of total sales.
American Axle said a 2 percent decrease in General Motors' light truck production dampened overall sales in the quarter.
Shares of American Axle fell 32 cents, or less than 1 percent, to $32.99 in afternoon trading on the New York Stock Exchange.