DETROIT -- American Axle & Manufacturing Holdings Inc. reported record second-quarter financial results Friday due to new global vehicle launches, improved margins and increased business from its $3.3 billion acquisition of Metaldyne Performance Group in 2017.
The driveline supplier said net income more than doubled to $151.1 million in the quarter while revenue rose 8 percent to $1.90 billion.
American Axle beat Wall Street expectations on a per-share basis with net income of $1.23 per share, compared to estimates of around $1.12 per share. Axle shares rose 6.1 percent to close at $17.01 in New York.
"In the second quarter of 2018, AAM achieved record quarterly sales and gross profit," David Dauch, chairman and CEO, said in a release. "AAM also further strengthened its financial position while focusing on exciting new product launches, including our e-AAM electric drive systems."
American Axle launched its electric drivertrain system in the second quarter with the 2019 Jaguar I-Pace, an electric crossover that's being well-received by the automotive press.
American Axle also raised its 2018 full-year target to a range of $7.2 billion to $7.25 billion. The company ranks No. 40 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $6.27 billion in 2017.