US: AAM books first quarterly profit in two years
Author: just-auto.com editorial team | 30 October 2009
American Axle & Manufacturing Holdings has booked third quarter net income of US$19.6m ($0.35 per share), its first quarterly profit in two years.
Third quarter sales of $409.6m were the highest quarterly tally in 2009
The company said the quarterly results reflected the favourable impact of pension and post retirement benefit curtailment gains of $42.3m partially offset by special charges and restructuring costs of $13.0m.
It said there was an 18% year on year decline in total light truck production volumes compared to the third quarter of 2008.
Non-GM sales totalled $75.1m, or approximately 18.3% of total net sales.
"AAM's results in the third quarter of 2009 were adversely impacted by the extended production shutdowns of General Motors and Chrysler and estimates the reduction in sales and operating income resulting from these shutdowns to be approximately $100.6m and approximately $29.3m, respectively," it said in a statement.
AAM's net loss in the first three quarters of 2009 was $301.7m compared with a net loss of $1.1bn in the first three quarters of 2008.
Sectors: Components, Financial
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