American Axle and Manufacturing Holdings Inc.
) reported third-quarter 2013 adjusted earnings of 42 cents per
share, missing the Zacks Consensus Estimate of 55 cents. However,
earnings per share increased significantly from 7 cents per share
in the comparable quarter of 2012 (excluding special items). Net
income jumped to $32.1 million from $5.2 million reported in the
third quarter of 2012.
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On a reported basis, the company reported profit of $31.6 million
or 41 cents per share compared to a loss of $8.1 million or 11
cents in the third quarter of 2012.
Revenues went up 16.8% to $820.8 million compared with $702.9
million in the third quarter of 2012. However, it missed
the Zacks Consensus Estimate of $859 million. The results
benefited from new business launches, and higher production
General Motors Company
) full-size pickups and SUVs and Chrysler's new Ram Heavy Duty
American Axle's content-per-vehicle - dollar value of product
sales supporting North American light truck and SUV programs -
increased 6.4% to $1,560 from $1,466 in the third quarter of
2012. The company's non-General Motors sales increased 18.1% to
$234.7 million from $198.8 million in the year-ago quarter.
Gross profit improved 38.1% to $125.3 million or 15.3% of sales
in third quarter 2013 from $90.7 million or 12.9% in the year-ago
quarter. Meanwhile, operating income more than doubled to $67.5
million or 8.2% of sales from $30.1 million or 4.3% of sales a
American Axle had cash and cash equivalents of $118.6 million as
of Sep 30, 2013, down from $209.0 million as of Sep 30, 2012.
Long-term debt was $1.6 million as of Sep 30, 2013, which was in
line with the year-ago quarter.
Cash flow from operations in the first nine months of 2013 was
$102.3 million compared with cash outflow of $196.6 million in
the first nine months of 2012. Net capital spending of the
company was $148.9 million compared with $141.5 million in the
same period of 2012. Therefore, American Axle had free cash flow
use of $46.6 million in the period compared with $338.1 million
in the corresponding period in 2012.
American Axle is a leading supplier of driveline systems, modules
and components for the light vehicle market. The company makes
axles, driveshaft and chassis components for light trucks, sport
utility vehicles and passenger cars. Currently, it retains a
Zacks Rank #3 (Hold).
Stocks that are worth looking for in the same industry include
). They carry a Zacks Rank #1 (Strong Buy).