American Axle & Manufacturing Holdings (AAM) has posted 93.7% growth in its net income to US$49.2m in second quarter of 2011, compared with US$25.4m reported in the same quarter a year ago.
Its second quarter net sales amounted to US$686m, up 22.5% against US$560m in corresponding quarter of 2010, as the company’s non-GM sales grew around 35% year-over-year to US$$183m.
AAM’s operating income in the quarter increased 42.3% to US$71.7m, compared with US$50.4m in the second quarter of 2010.
Net cash provided by operating activities in the second quarter stood US$116m, up from US85.9m in the same quarter of 2010.
As part of its outlook, AAM is again raising its full year 2011 sales and earnings estimates, with sales now expected to range from US$2.5bn to US$2.6bn.
“AAM is pleased to report strong sales, earnings and cash flow results in the second quarter of 2011,” said AAM’s Co-Founder, Chairman of the Board and Chief Executive Officer, Richard E. Dauch.
“AAM continues to benefit from increased production volumes across many of our major product programs and sustained improvements in capacity utilisation and fixed cost burdens.”