DETROIT -- American Axle & Manufacturing Holdings Inc. reported a 38-percent increase in third-quarter net income on the strength of sales to non-GM customers.
The Detroit-based powertrain components supplier posted net profits of $60.9 million, or 78 cents per share, in the quarter ended Sept. 30, compared to $44 million, or 57 cents per share, a year earlier.
Revenue during the period edged up 2.2 percent to $971.6 million from $950.8 million.
The company’s gross profit rose by $17.6 million, or 13 percent, year over year to $158.3 million.
Sales to automakers aside from General Motors, the company’s largest customer, jumped 8.4 percent year-over-year to $321.6 million.
The gains reflect new product programs with Ford Motor Co. and Jaguar Land Rover, in addition to higher Jeep Cherokee production and a Fiat Chrysler driveshaft program. About 66 percent of American Axle’s business comes from GM, with another 20 percent coming from FCA.
American Axle, which was spun off from GM in 1994, is benefiting from a strong U.S. market for light trucks and SUVs. U.S. light truck sales, including crossovers and SUVs, are up 12 percent through September, according to the Automotive News Data Center.
“AAM’s financial results in the third quarter of 2015 reflect strong operating cash flow generation and profitability driven by solid production volumes across many of our major product programs,” American Axle CEO David Dauch said in a statement.
American Axle did not respond to a request for additional comments on the company’s latest results.
The supplier said content-per-vehicle, the dollar value of its product sales in North American light trucks and SUVs, dropped to $1,622 in the quarter from $1,676 in 2014.
American Axle ranks No. 58 on Automotive News’ list of the top global suppliers, with worldwide sales of $3.7 billion in 2014.