American Axle & Manufacturing (AAM) booked a net loss of US$8.1m ($0.11 a share) in the third quarter of 2012 though sales rose 8.5% year on year to $702.9m.
Non-GM sales grew about 14% to $198.8m, gross profit was $90.7m, or 12.9% of sales and operating income was $30.1m, 4.3% of sales.
The supplier, originally formed from General Motors components units, said the results “reflected the impact of $10.1m (or $0.14 per share) of debt refinancing and redemption costs and $3.2m ($0.04) of restructuring costs related to the closure of its Detroit manufacturing complex and Cheektowaga manufacturing facility”.
It had reported a net profit of $24.8m ($0.33) in Q3 2011.
“AAM’s results in the third quarter of 2012 reflect an increased level of global launch activity. The complexity of these new product, process and facility launches, as well as lower capacity utilisation resulting from planned customer downtime on certain existing programmes, adversely impacted our financial performance in the quarter,” said president and CEO David Dauch.
“While we are focused on taking the necessary actions to improve… operating performance, we are very excited about the strong sales growth and improved business diversification resulting from our global launch activity.”