American Axle: 4Q Earnings Snapshot
DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported fourth-quarter net income of $36 million, after reporting a loss in the same period a year earlier.
The Detroit-based company said it had profit of 30 cents per share. Earnings, adjusted for one-time gains and costs, were 51 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The maker of auto parts posted revenue of $1.44 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.36 billion.
For the year, the company reported that its loss widened to $561.3 million, or $4.96 per share. Revenue was reported as $4.71 billion.
American Axle expects full-year revenue in the range of $5.3 billion to $5.5 billion.
American Axle shares have climbed 27% since the beginning of the year. The stock has increased slightly more than 7% in the last 12 months.