American Axle & Manufacturing’s (AAM’s) net income in the first quarter of 2013 was US$7.3m, or $0.10 per share compared to net income of $51.2m, or $0.68 per share, in the first quarter of 2012, a fall of 86%.

Q1 results were affected by $11.3m ($0.13 per share) of debt refinancing and redemption costs, the supplier said.

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AAM’s president and chief executive officer, David Dauch, said: “While we continue to take actions to improve our operating and financial performance, we remain focused on flawlessly launching several major programmes in 2013.

“In the first quarter of 2013, we took another step in improving AAM’s balance sheet strength.”

Net sales in the first quarter of 2013 were $755.6m compared to $751.5m a year ago. Sales in the first quarter of 2013 were adversely affected by about $12.5m due to the labour strike at General Motors’ Rayong factory in Thailand.

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