American Axle & Manufacturing (AAM) said second quarter 2012 sales of US$739.8m were up 7.8% year on year, non-GM sales grew 8.5% to $198.2m and net profit was $4.7m, or $0.06 per share, down sharply on $49.2m and $0.65 in the second quarter of 2011.
This was due to special charges and restructuring costs of $36.5m ($0.49 per share), related to the closure of the Detroit and Cheektowaga factories. These special charges included $28.1m of expenses related to a claim made by the international UAW for pension and post-retirement benefits.
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Net sales in the first half increased 12% to $1.49bn and non-GM sales rose 8.5% to $391.8m or 26.3% of AAM’s total sales.
In the second quarter of 2012, AAM’s operating income was $30.3m or 4.1% of sales. Operating income in the first half of 2012 was $107.7m as compared to $130.4m in the first half of 2011. Operating margin was 7.2% in the first half of 2012 as compared to 9.8% in the first half of 2011.
