American Axle Misses on Top and Bottom Lines
Drivetrain manufacturer American Axle & Manufacturing reported third-quarter results today before the markets opened, showing that it posted net sales of $820.8 million, a robust 17% increase from the same period in the previous year but well below the 863.1 million Capital IQ consensus estimate.
While net income came in at $31.6 million, or $0.41 per share, a turnaround from the net loss of $8.1 million, or $0.11 per share, in the same period in 2012, it was far below the CapIQ estimates of $0.56 per share.
American Axle derives most of its revenues from General Motors vehicles, although its non-GM revenues were up 18% in the quarter. Its results, however, were hurt by a $500,000 charge for a proposed settlement of an National Labor Relations Board proceeding related to the closure of a manufacturing facility last year.
The drivetrain and driveline maker didn't provide guidance for the coming quarter, but analysts anticipate American Axle will post earnings of $0.61 per share in the fourth quarter on revenues of $878 million.
Shares of the auto parts suppliers fell almost 2% to close the day down $0.35 at $18.26.
The article American Axle Misses on Top and Bottom Lines originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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