American Axle shares fall on revenue miss
NEWS: American Axle & Manufacturing Holdings Inc. posted a profit on Friday for its fiscal third quarter on improved revenue and lower expenses. But the auto parts maker's results missed Wall Street expectations, and its shares fell in afternoon trading..
DETAILS: American Axle gets most of its revenue for General Motors-related parts, although non-GM revenue rose 18 percent.
The company said the most recent quarter includes a charge of $500,000 for the proposed settlement of a National Labor Relations Board proceeding tied to the closure of a manufacturing facility in Detroit in 2012.
NUMBERS: The company earned $31.6 million, or 41 cents per share, for the quarter that ended Sept. 30. That is compared with a loss of $8.1 million, or 11 cents per share, a year ago. Revenue increased nearly 17 percent to $820.8 million from $702.9 million.
Analysts polled by FactSet were anticipating earnings of 56 cents per share on revenue of $863 million.
FUTURE: The company's Chairman, President and CEO David Dauch said that for the remainder of the year, the company is focused on launching new products and delivering positive financial results.
STOCK: Shares of the Detroit company fell 67 cents, or 3.6 percent, to $17.94 in afternoon trading. Its shares are up 58 percent for the year so far.