American Axle: Q2 Earnings Snapshot
DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported second-quarter profit of $22.9 million.
On a per-share basis, the Detroit-based company said it had net income of 19 cents. Earnings, adjusted for non-recurring costs, were 22 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The maker of auto parts posted revenue of $1.44 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.37 billion.
American Axle expects full-year revenue in the range of $5.75 billion to $5.95 billion.
American Axle shares have fallen nearly 9% since the beginning of the year. The stock has fallen roughly 8% in the last 12 months.