U.S.Axle Manufacturing AAM's Third-Quarter Net Income Drops 36%
Component supplier AAM (American Axle & Manufacturing Holdings Inc) recently announced that its third-quarter net income fell 36% year-on-year to US$24.8 million, compared with net income of US$38.8 million for the same period in 2010.
The decline in profit in the third quarter was mainly due to AAW’s failure to reach agreement with its union members on the collective bargaining agreement. AAM announced that it had shut down its factories in Michigan and New York, resulting in a related cost of US$11.9 million. In addition, the long-term supply contract signed with Saab caused AAM to suffer a loss of US$1.6 million.
In the third quarter, AAM’s sales increased by 5% year-on-year to US$646.76 million; operating income was US$44.5 million (6.9% of sales); gross profit was US$103.50 million (16.0% of sales); adjusted interest-rate tax depreciation Profit before sales was US$93.2 million (14.4% of sales). As of September 30, AAM’s current assets totaled 400 million U.S. dollars.
AAM's main products include power transmission systems and chassis systems for trucks, buses and cars. AAM expects the company's annual sales in 2013 is expected to exceed 3 billion US dollars.
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