American Axle Revenue Rises; Earnings Drop on Refinancing Costs
www.chinatrucks.com: American Axle & Manufacturing Holdings Inc.said its revenue rose as its sales to non- General Motors Co. clients increased, although refinancing charges weighed heavily on the bottom line.
The maker of driveline systems, chassis systems and forged products for trucks, buses and cars has posted increased revenue for more than three years as light-vehicle demand improved in North America—especially higher sales by its biggest client, General Motors. But its bottom line has been challenged by heavy charges, primarily from plant closures.
American Axle reported earnings of $29.8 million, or 39 cents a share, down from $319.9 million, or $4.21, a year earlier. The latest period included debt refinancing and redemption costs of 32 cents a share, while the year-ago period included a gain of $4.44 a share related to the reversal of its valuation against its net federal deferred tax assets.
Sales rose 13% to $831.3 million as its non-GM sales jumped 37% to $280.1 million.
Analysts polled by Thomson Reuters recently forecast earnings of 48 cents on revenue of $864 million.
Gross margin widened to 15.3% from 11.4%.
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