American Axle 3Q Profit Falls 36 Percent
DETROIT (AP) — American Axle & Manufacturing Holdings Inc., a supplier to General Motors Co., said Friday that third-quarter earnings fell 36 percent, weighed down by costs related to closing two plants.
The company's shares fell 43 cents, or 4.4 percent, to $9.51 in afternoon trading.
Net income was $24.8 million, or 33 cents per share, compared with $38.8 million, or 52 cents per share, a year ago.
The company said the results included 15 cents per share in special items, mainly tied to the planned shutdowns of facilities in the Detroit and Buffalo, N.Y., areas.
Revenue rose 5 percent to $647.6 million.
Analysts, who usually exclude special items, expected earnings of 45 cents per share on $619.7 million in revenue, according to FactSet.
American Axle has been trying to expand its work for customers other than GM. Non-GM work grew 18 percent, to nearly $174 million, and accounted for about a quarter of sales.
The company said three-fourths of new product launches through 2014 are for manufacturers other than GM. They include Chrysler, Fiat, Mercedes Benz and Volkswagen.