American Axle & Manufacturing (AAM) booked net earnings of $38.8m or $0.52 per share in the third quarter of 2010, nearly double net earnings of $19.6m or $0.35 per share in Q3 2009.
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Net sales in the third quarter of 2010 increased approximately 50% to $618.2m as compared to $409.6m in the third quarter of 2009.
“AAM continued to achieve improved financial results in the third quarter of 2010, with strong sales growth driving higher earnings and positive free cash flow,” said Chairman and CEO Richard Dauch said: “We are outperforming AAM’s business plan for 2010 due to a recovery in market demand for full-size pickups and SUVs, as well as the impact of our ongoing actions to control operating expenses and sustain reductions in fixed cost structure. For the full year 2010, AAM is on track to report sales growth of approximately 45% – 50% and profit margins that rank among the best in our company’s history.”
Non-GM sales in the third quarter of 2010 nearly doubled on a year-over-year basis to $147.1m.
In the third quarter of 2010, AAM’s content-per-vehicle of $1,458 was approximately 4% higher as compared to $1,396 in the third quarter of 2009.
AAM’s net sales of $1.7 billion in the first three quarters of 2010 increased by $642.1m, or approximately 61%, as compared to $1.1bn in the first three quarters of 2009.
AAM’s gross profit in the third quarter of 2010 was $113.9m or 18.4% of sales.
In the first three quarters of 2010, AAM’s gross profit was $300.1m, or 17.7% of sales, as compared to a gross loss of $99.5m for the first three quarters of 2009.
AAM’s operating income in the third quarter of 2010 was $60.7m or 9.8% of sales.
In the first three quarters of 2010, AAM’s operating income was $153.1m, or 9.0% of sales, as compared to an operating loss of $232.8m for the first three quarters of 2009.
