US: AAM moves to net profit of $31.6m in Q3

By Graeme Roberts | 6 November 2013

American Axle & Manufacturing's (AAM) net sales for three months ended 30 September was up 16.77% to US$820.8m compared with $702.9m in 2012. Its operating income improved drastically to $67.5m compared to $30.1m in 2012. Its income before income taxes amounted to $37.7m in the period compared to the loss before income taxes of $7.3m in 2012.

Net income was $31.6m versus the net loss of $8.2m in 2012. Non-GM sales were up 18.1% in the quarter to $234.7m compared to $198.8m.

The company's net sales for nine months ended 30 September is up 8.29% to $2.38bn compared with $2.19bn in 2012. Operating income was up 26.20% to $173.9m compared with $137.8m. The company's income before income taxes was up 43.02% to $73.8m compared with $51.6m. Non-GM sales in the first nine months of 2013 increased approximately 9.9% on a year-over-year basis to $646.6m as compared to $588.5m in the first nine months of 2012. Its net income was up 38.25% to $64.7m compared with $46.8m.

"AAM's financial results in the third quarter of 2013 were highlighted by solid sales growth, improved profit margin performance and positive free cash flow," said David Dauch, AAM's chairman, president and chief executive officer.  "For the remainder of 2013, we are focused on successfully launching AAM's industry-first EcoTrac Disconnecting All Wheel Drive system, as well as continuing to deliver positive financial results by executing our aligned business strategy, which is built upon the foundational principles of quality, operational excellence and technology leadership."