Shares of American Axle & Manufacturing Holdings Inc. (NYSE: AXL
) have edged lower in early trading today after the company reported its fourth-quarter and full-year 2012 financial results.
- AXL’s fourth-quarter sales rise 21.6%
- The company’s non-GM sales for the quarter rise 16.6% in the quarter
- Full-year 2012 sales rise 13.4%
David C. Dauch, President and CEO of American Axle & Manufacturing, said that 2012 was an eventful year for the company, characterized by substantial growth and diversification due to a high level of global launch activity. Dauch said that the company made great strides in executing its diversification initiatives while strengthening its global footprint through its expanding customer and product base.
For the fourth quarter of 2012, AXL reported net sales of $736.7 million, representing an increase of 21.6% over the same period in the previous year. Non-GM sales for the quarter rose 16.6% to $204.1 million. For the full year, the company reported net sales of $2.9 billion, representing an increase of 13.4% for the same period in the previous year. Non-GM sales for the full year climbed 11.6%.
Operating income for the fourth quarter of 2012 was $18.6 million. Net income for the quarter was $319.9 million, or $4.21 per share. The company’s fourth-quarter results include favorable impact of a $337 million benefit related to the reversal of its valuation allowance against its net federal deferred tax assets for entities in the U.S. Net income for the full year 2012 was $367.7 million, or $4.87 per share.
At last check, AXL shares were trading 1.43% lower at $11.68.
About American Axle & Manufacturing Holdings Inc.
American Axle & Manufacturing Holdings Inc. is engaged in the manufacturing, engineering, designing and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles, passenger cars, crossover vehicles and commercial vehicles.