American Axle & Manufacturing Holdings increased fourth-quarter net income to $53.4 million from $52.2 million a year ago thanks to productivity improvements and increased light truck production at key customer General Motors.
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According to Reuters, American Axle’s per-share earnings fell to 96 cents from 99 cents a year earlier, when the company had fewer shares outstanding.
The report noted that American Axle earned 89 cents a share in the year-earlier period excluding a one-time gain of $5.5 million due to insurance proceeds from a fire while analysts had expected earnings of 96 cents a share in the latest quarter, with estimates ranging from 92 cents to 98 cents, according to Reuters Research.
Fourth-quarter sales rose 2% to $926.1 million and sales to non-GM customers in the fourth quarter represented 18.7% of total sales, up from 17.7% in the fourth quarter a year earlier, American Axle said, according to Reuters.
