American Axle: Q2 Earnings Snapshot
DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported second-quarter net income of $16 million, after reporting a loss in the same period a year earlier.
The Detroit-based company said it had net income of 13 cents per share. Earnings, adjusted for one-time gains and costs, were 29 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The maker of auto parts posted revenue of $1.28 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $1.16 billion.
American Axle expects full-year revenue in the range of $5.3 billion to $5.5 billion.
American Axle shares have climbed 17% since the beginning of the year. The stock has increased 22% in the last 12 months.