Subscribe: 
Magazine
Newsletters
subscribe Read Magazine
Hot Topics:
Print Text: A A
Topics  News & Markets

American Axle posts 11 pct drop in 4th-qtr profit, but beats Wall Street predictions

By The Associated Press  | February 03, 2012
Chat Email

DETROIT - American Axle & Manufacturing Holdings Inc. said Friday its fourth-quarter profit fell 11 per cent, as costs related to the shutdown of a manufacturing complex more than offset an increase in sales.

The Detroit-based auto supplier posted a profit of $31.1 million, or 41 cents per share, compared with $34.9 million, or 47 cents per share, in the same quarter last year.

The recent quarter's results included charges of $4.8 million, or 6 cents per share, related to the planned closure of plants in Detroit and Buffalo, N.Y. Excluding those charges, the company posted an adjusted profit of 47 cents per share.

Sales rose 3.8 per cent to $605.6 million from $583.3 million.

The profit beat Wall Street predictions. Analysts, on average, expected a profit of 39 cents per share on $618.1 million in revenue, according to a FactSet poll.

The company, which once depended almost entirely on General Motors Co. for business, said non-GM sales rose 11 per cent to $175 million for the quarter.

For the full year 2011, American Axle earned $142.8 million, or $1.89 per share, up from $115.4 million, or $1.55 per share, in 2010. Revenue rose to $2.59 billion from $2.28 billion.

In morning trading, American Axle shares rose 10 cents to $12.43.

Print Text: A A
Topics  News & Markets
Comments
Comment Anonymously

Cancel
Loading comments - please wait...
1 of 1 Back Next
Subscribe



TOOLS:

Stock Quote / Mutual Funds / Portfolio

Market News

More Market News
  • Popular
  • Commented
Editor's Pick

Canada's Best Jobs

Special Report: Find your future in these professions.
Poll
View the results from recent polls


twitter From Twitter
Connect
Rankings & Awards
More Awards & Rankings
Subscribe
More from the Canadian Business Network
Canada's Best Jobs 2012
rotator Wondering who's hiring, what they're paying and whether their industry is booming or dwindling? Our rankings will help you plot a practical course through today's job market.
JPMorgan and derivatives
Dice Directors don't understand them and regulators are too conflicted.
Canada's youth see little employment gains
CB_youth_unemployment Here's a silver lining for young Canadians seeking work: at least you're not looking for jobs in 1983, or in Greece.
SNC-Lavalin scandal won't hurt future business: analysts
Duhaime_CB A police raid is not a good sign, but despite the turmoil, analysts aren’t calling SNC-Lavalin a sell.
Internet too important for free-market economics
CB_world The Internet is not just a service. It's the most democratizing and equalizing technological tool ever invented.
MoneySense June 2012
ISSUE: June 2012

.

Profit cover March 2012
PROFIT: Issue - March 2012

CB07_COVER (web)
Issue: April 30, 2012

Subscribe
Back to Top
Blogs & Analysis
CSR
/
Business Ethics
/
Consumer Insight
/
Sales & Marketing
/
Performance
/
Tech
/
Business Briefings
/
Investing
Multimedia
CBN Podcasts
/
CBN Videos
/
CBN Galleries
Tools
My Portfolio
/
Discussions
/
Stock Quotes
/
Mutual Fund Lookup