American Axle has recorded second-quarter net income down 7% to US$66.2m, although sales soared to US$1.76bn compared to US$1.03bn previously.
“AAM had an outstanding and transformational second quarter,” said AAM chairman and CEO, David Dauch. “Our financial results demonstrate the favourable impact of AAM’s recent strategic acquisitions and our ability to deliver operational excellence, technology leadership and quality on a larger, more diverse scale.
“We are off to a great start on our integration activities and look forward to driving further value through achievement of our synergy and debt reduction targets.”
AAM’s second quarter of 2017 results reflect the impact of the acquisition of Metaldyne Performance Group, completed in April this year.
AAM confirmed its full year 2017 financial outlook which includes the impact of the MPG acquisition.
The supplier is targeting sales of around US$6.1bn in 2017, which excludes MPG sales for the period between 1 January and 5 April, 2017.
The sales projection is based on the anticipated launch schedule of programmes in AAM’s new and incremental business backlog, as well as the assumption the US Seasonally Adjusted Annual Rate of sales (SAAR) will be around 17m light vehicle units in 2017.