Breaking News
FONT-SIZE Plus   Neg
Share SHARE

American Axle Profit Soars On Tax Gains - Update

RELATED NEWS
Trade AXL now with 

American Axle & Manufacturing Holdings Inc. (AXL: Quote) Friday reported a surge in fourth-quarter profit, helped mostly by one-time tax gains. Revenues for the quarter increased over 21 percent from last year and topped Street estimates, but were offset by higher costs.

American Axle makes driveline and drivetrain systems, and chassis modules for the automotive industry.

The Detroit, Michigan-based company reported fourth-quarter net income of $320 million or $4.21 per share, compared with $31 million or $0.41 per share last year.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the reporting quarter included a gain of $337.5 million related to the reversal of valuation allowance against net federal deferred tax assets.

Sale for the quarter totaled $736.7 million, compared with $605.6 million last year. Analysts expected revenues of $731.11 million.

Non-GM sales grew 16.6 percent from the prior year. The company's content-per-vehicle during the quarter was $1,514, compared with $1,498 a year ago.

Cost of sales for the quarter escalated to $653 million from $500 million a year ago, and selling and general overheads increased to $65 million from $57 million, essentially impacting margins.

American Axle is trading at $12.18, up 2.78%, on a volume of 2.2 million shares on the NYSE..

Register
To receive FREE breaking news email alerts for American Axle & Manufacturing Holdings Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
While buying interest has remained somewhat subdued, stocks are seeing modest strength in mid-day trading on Thursday. The slim gains on the day have lifted the S&P 500 to a new record intraday high above the 1,990 level. New home sales in the U.S. showed a notable decrease in the month of June, according to a report released by the Commerce Department on Thursday, with the steep drop offsetting the jump seen in the previous month. After reporting a modest drop in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing that initial jobless claims unexpectedly fell to their lowest level in over eight years in the week ended July 19th.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.