American Axle & Manufacturing Holdings Inc. said it posted net income of $31.6 million in the third quarter, a swing from a loss of $8.2 million in the year-earlier period.
In the same period last year, the company incurred restructuring costs related to the closing of its plants in Detroit and Cheektowaga, N.Y.
This was the first earnings report since co-founder Richard E. Dauch died; a $5.3 million payout for his stock-based compensation and other benefits was included in the report, which was released Friday.
Also included was a charge of about $500,000 for the proposed settlement of a National Labor Relations Board proceeding relating to the closure of its Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility in 2012.
On a per-share basis, the company generated net income of 41 cents during the quarter, failing to meet the First Call consensus estimate of 55 cents a share.
Third-quarter net sales rose 17 percent to $820.8 million. Non-General Motors sales were up 18.1 percent to $234.7 million.
American Axle reported a $67.5 million increase in operating income in the third quarter, up from $30.1 million in the year-earlier period.
The company has drawn scrutiny of late, with a capacity crunch causing delays in its ability to deliver axles to General Motors, leading to a slowdown in the production of that company's 2014 full-sized pickups.
GM's assembly plant in Fort Wayne, Ind., has cut pickup production to 1,300 Chevrolet Silverados and GMC Sierras a day, down from 1,500 units. The supply of axles being shipped from an American Axle & Manufacturing plant in Silao, Mexico, hasn't kept pace with the planned production rate, a union official at the Fort Wayne plant said.
Director of Investor Relations Chris Son said that the company is supplying more axles than contracted by GM, but the constraint is being caused by a spike in demand of the axles used in GM's V8 trucks. American Axle and GM are evaluating if more axle capacity is needed.
American Axle ranks No. 66 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $2.93 billion in 2012.