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
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
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.