American Axle & Manufacturing has reported full-year net income of US$367.7m, compared to the previous year of US$142.8m, while fourth quarter figures were US$319.9m.
AAM’s net income in the fourth quarter included the favourable impact of a US$337.5m benefit related to the reversal of its valuation allowance against net federal deferred tax assets for entities in the US. This compared to net income of US$31.1m or US$0.41 per share in the fourth quarter of 2011.
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“2012 was an eventful year for AAM, characterised by substantial growth and diversification due to a high level of global launch activity,” said AAM president and CEO, David Dauch.
“We made great strides in executing our diversification initiatives while strengthening our global footprint through our expanding customer and product base. Financial performance in 2012 was characterised by both successes and challenges.
“In the second half of 2012, we experienced operational challenges and lower profitability, principally associated with an increased level of launch activity. We are taking necessary actions to correct these performance issues.”
