US: AAM reports Q1 net loss of US$32.7m
Author: just-auto.com editorial team | 1 May 2009
American Axle & Manufacturing Holdings has reported a first quarter net loss of US$32.1m on sales of US$402.4m.
That compares with a net loss of US$27m in the same quarter of last year.
"AAM's business continued to be adversely affected by a dramatic downturn in production volumes and revenue generation in the first quarter of 2009," said AAM's Co-Founder, Chairman of the Board and Chief Executive Officer, Richard E Dauch.
"As a result, AAM's entire global management team is doing what is necessary to accelerate and expand reductions to our cost structure and other improvements to our overall market cost competitiveness."
"We are also working to support the flawless and anonymous launch of numerous new product programs for AAM's existing customers and many new customers in 2009. The progress we are making in AAM's comprehensive restructuring plan, as well as the continued expansion and diversification of AAM's customer base and product portfolio is helping to position our company for a return to profitability."
Customer production volumes for the North American light truck and SUV programs AAM currently supports for GM and Chrysler were down approximately 36% in the first quarter of 2009 as compared to the first quarter of 2008. Non-GM sales represented approximately 24% of total sales in the first quarter of 2009.
Sectors: Components, Financial
View next/previous articles
1 May 2009 -
1 May 2009 -
Currently reading -
US: AAM reports Q1 net loss of US$32.7m
1 May 2009 -
1 May 2009 -
Related research
State of the Automotive Industry - US
In a recession, consumers are more hesitant to make big-ticket purchases; automakers are responding by rolling out incentives that focus on making that purchase less of a burden on the pocketbook. But beyond the general rebates and discounts, how ...
The last few months have underlined the importance of the OEM customer base of each supplier for medium- and long-term strategic success....
One of the largest contributors to the country's economy has been the automotive industry. The industry has gained a strong position globally over the years and is expected to continue its contribution to the national economy. According to Banamex, i...
There are currently no comments on this article
Be the first to comment on this article