- Posted February 07, 2012
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American Axle 4Q profit falls, but beats estimates
DETROIT (AP) -- American Axle & Manufacturing Holdings Inc. said last Friday its fourth-quarter profit fell 11 percent, as costs related to the shutdown of a manufacturing complex more than offset an increase in sales.
The Detroit-based auto supplier posted a profit of $31.1 million, or 41 cents per share, compared with $34.9 million, or 47 cents per share, in the same quarter last year.
The recent quarter's results included charges of $4.8 million, or 6 cents per share, related to the planned closure of plants in Detroit and Buffalo, N.Y. Excluding those charges, the company posted an adjusted profit of 47 cents per share.
Sales rose 3.8 percent to $605.6 million from $583.3 million.
The profit beat Wall Street predictions. Analysts, on average, expected a profit of 39 cents per share on $618.1 million in revenue, according to a FactSet poll.
The company, which once depended almost entirely on General Motors Co. for business, said non-GM sales rose 11 percent to $175 million for the quarter.
For the full year 2011, American Axle earned $142.8 million, or $1.89 per share, up from $115.4 million, or $1.55 per share, in 2010. Revenue rose to $2.59 billion from $2.28 billion.
Published: Tue, Feb 7, 2012
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