AAM has posted third quarter net income up 1.3% to US$61.7m, reflecting the impact of a US$3.4m asset impairment charge and US$0.7m of acquisition related expenses.
AAM’s net income in the first nine months of 2016 was US$193.8m compared to US$172.7m last year.
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“AAM’s third quarter financial results continued to reflect strong production volumes and solid performance in our global manufacturing operations,” said AAM chairman & CEO David Dauch.
“Our year-to-date financial performance positions AAM to achieve record sales and profit in 2016.”
Net sales in the third quarter of 2016 increased to US$1.007bn compared to US$971.6m, while net sales in the first nine months rose to US$3.002bn compared US$2.95bn.
In the third quarter of 2016, AAM’s content-per-vehicle was US$1,612 compared to US$1,622 last year and $1,609 in the second quarter of 2016.
AAM’s gross profit in the third quarter of 2016 increased to $181.2m as compared to $158.3m in the third quarter of 2015. Gross profit in the third quarter of 2016 includes the impact of the $3.4m asset impairment charge.
