American Axle 4Q Profit Soars On Tax Benefit
DETROIT (AP) — American Axle & Manufacturing Holdings Inc. said Friday that its fourth-quarter net income soared, helped by a hefty tax benefit and an increase in vehicle production.
The Detroit-based auto supplier earned $319.9 million, or $4.21 per share, up from $31.1 million, or 41 cents per share, in the same quarter the year before.
The recent quarter's results included a $319.9 million tax benefit, along with $9.7 million in debt-related charges and $6.2 million in restructuring costs.
Revenue jumped 22 percent to $736.7 million.
American Axle, which still sells the bulk of its products to General Motors Co., said sales to customers other than GM rose 17 percent to $204.1 million.
The company's content per vehicle increased 1 percent to $1,514.
For the full year 2012, American Axle earned $367.7 million, or $4.87 per share, up from $142.8 million, or $1.89 per share, in 2011. Revenue rose 13.4 percent to $2.93 billion.
American Axle shares rose 28 cents, or 2.3 percent, to $12.13 in afternoon trading.