Longtime drivetrain supplier American Axle & Manufacturing Holdings Inc. on Friday reported across-the-board gains in the first quarter.
American Axle, of Detroit, joined several suppliers in reporting first-quarter financial results impacted by the global semiconductor chip shortage that is plaguing the industry.
American Axle's first-quarter net income was $38.6 million, up considerably from a net loss of $501.3 million in the year-earlier period.
The company said revenue improved 6.1 percent to $1.43 billion in the quarter. American Axle said sales took a $64 million hit because of the chip shortage.
Adjusted earnings before interest expense, income taxes, depreciation and amortization stood at $262.9 million, a growth of 23 percent from the year-earlier period.
The company also reported more net cash in the first quarter — $179.1 million compared to $139.4 million in the first quarter of 2020. Adjusted free cash flow was $174.1 million, compared with $83.3 million for the year-earlier period.
The supplier said its financial targets for the full year remain unchanged and that it currently anticipates North American light-vehicle production of 15 million to 15.5 million units.
Shares in American Axle closed Friday's trading up 7.4 percent to $10.48.
"Although the industry is facing continuity of supply issues, we continue to navigate through these challenges while delivering strong results," American Axle CEO David Dauch said in a statement. "In addition to driving operational excellence and managing our cost structure, we continue to make strategic investments and establish technical partnerships to support the industry shift towards electrification."