American Axle and Manufacturing Holdings (AAM) has posted third-quarter net income up 40% to US$86.2m with sales of US$1.72bn.
“AAM’s third quarter performance was highlighted by continued sales growth, business diversification and cash flow generation as a result of our recent actions and the realisation of our new and incremental business backlog,” said AAM chairman and CEO, David Dauch.
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AAM’s third quarter of 2017 results reflect the impact of the acquisition of Metaldyne Performance Group (MPG), completed on 6 April this year.
AAM’s sales in the third quarter of 2017 increased to US$1.72bn as compared to US$1.01bn in the third quarter of 2016. AAM’s net sales in the first nine months of 2017 increased to US$4.53bn compared to US$3bn in the first nine months of 2016.
Non-GM sales in the third quarter of 2017 were a record US$1.01bn compared to US$307.7m in the third quarter of 2016.
The supplier has increased its sales target to a range of US$6.2bn to US$6.25bn for the full year 2017, which excludes MPG’s pre-acquisition sales for the period between 1 January, 2017 and 5 April, 2017.
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By GlobalData
