American Axle & Manufacturing Holdings Inc. or AAM (AXL) reported a plunge in first-quarter net income to $7.3 million, or $0.10 per share, from $51.2 million, or $0.68 per share, in the previous year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude one-time items. In the recent quarter, AAM's results reflect the impact of $11.3 million, or $0.13 per share of debt refinancing and redemption costs.
Also, pre-tax income for the period plummeted to $4.9 million, from the year-ago quarter's $52.5 million.
However, three-month net sales were $755.6 million, an increase from $751.5 million a year earlier, and beat consensus estimates of $750.01 million for the quarter. Non-GM sales were $188.1 million in the first quarter of 2013 as compared with $193.6 million in the first quarter of 2012.
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