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February 9, 2011

US: AAM swings back to 2010 net profit

American Axle & Manufacturing Holdings booked 2010 operating income of US$204.1m, or 8.9% of sales of US$2.28bn which were up 50% year on year.

American Axle & Manufacturing Holdings booked 2010 operating income of US$204.1m, or 8.9% of sales of US$2.28bn which were up 50% year on year.

Non-GM sales grew 70% to $563m.

Net income was $115.4m, or $1.55 per share compared with a net loss of $253.1m in 2009.

Fourth quarter operating income was $51m, or 8.7% of sales of $583.3m, up 26%.

Non-GM sales grew 52% to $156.6m.

“AAM achieved record profit margin performance and generated positive free cash flow each quarter of the year. These positive accomplishments allowed us to reduce net debt obligations by more than $125m in 2010,” said chairman and CEO Richard Dauch.

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