American Axle Swung to 1Q Profit on Volume Gains

Dow Jones05-03

By Dean Seal

American Axle & Manufacturing Holdings reported on Friday a swing to a profit on strong volumes with product mix changes driving up sales.

The Detroit-based vehicle-parts maker posted quadrupled profit of $20.5 million, or 17 cents a share, compared with a loss of $5.1 million, or 4 cents a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were 18 cents a share. Analysts polled by FactSet had been expecting just 2 cents a share.

Quarterly sales climbed to $1.61 billion from $1.49 billion last year, beating analyst estimates for $1.52 billion, according to FactSet.

Chief Executive David Dauch said the strong sales performance was driven by better-than-expected volume and mix gains.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 03, 2024 08:20 ET (12:20 GMT)

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