DETROIT — American Axle and Manufacturing Holdings Inc., despite difficult business headwinds for U.S. auto suppliers, returned to profitability in the fourth quarter.
Net income swung to $13.9 million from a loss of $46.3 million during the same quarter of 2021, the company said Friday. The year-earlier results were impacted by a one-time $42.3 million pension settlement charge.
“It was simply a challenging year and was negatively impacted by supply chain disruptions,” CEO David Dauch said on a call with investors. “Additionally, we navigated higher input costs throughout the year, including rising utility labor and material costs.”
Revenue rose moderately in the fourth quarter, a reflection of continued difficulty with supply chain volatility, the Detroit supplier said in a statement.
American Axle’s revenue rose 12 percent to $1.39 billion, with full-year revenue rising the same percentage to $5.8 billion. The increases were attributed to the acquisition of Tekfor Group in 2022 and production growth.