USA: American Axle 2002 net profit up 39%
American Axle & Manufacturing Holdings on Thursday reported record profits for full year 2002 of $US176.1 million, an increase of over 53% compared to the $114.9 million reported for 2001. Excluding a $5.5 million gain, net of tax and other related costs, due to insurance proceeds from a fire at AAM's forge operations in Detroit, fourth quarter earnings per share were 89 cents, an increase of 44% compared with the same period in 2001.
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