American Axle: 3Q Earnings Snapshot
DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported third-quarter net income of $117.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Detroit-based company said it had net income of 99 cents. Earnings, adjusted for non-recurring costs, were $1.15 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The maker of auto parts posted revenue of $1.41 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $1.44 billion.
American Axle expects full-year revenue of $4.6 billion.
American Axle shares have declined 38% since the beginning of the year. The stock has fallen 27% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXL at https://www.zacks.com/ap/AXL