American Axle and Manufacturing Holdings has booked second quarter 2010 net earnings of US$25.4m, or $0.34 per share, compared with a net loss of $288.6m ($5.20) a share in Q2 2009. Net sales were $559.6m, more than double the $245.6m reported in the second quarter of 2009. Non-GM sales increased about $78m to $135.2m.
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Net sales of $1.1bn in the first half increased by $433.5m, or 67%, from $648m in the first half of 2009. AAM’s gross profit in the second quarter of 2010 was $98.9m or 17.7% of sales compared to $215.1m in the second quarter of 2009. In the first half of 2010, gross profit was $186.2m, or 17.2% of sales, as compared to a gross loss of $188.0m for the first half of 2009.
Operating income in the second quarter of 2010 was $50.4m or 9.0% of sales.
In the first half of 2010, AAM’s operating income was $92.4m, or 8.5% of sales, as compared to an operating loss of $277.3m for the first half of 2009.
