American Axle & Manufacturing Q1 Profit Soars - Quick Facts

(RTTNews) - American Axle & Manufacturing Holdings, Inc. or AAM (AXL) reported a surge in profit, followed by a 13.7% growth in sales for the first quarter 2014.

For the quarter, AAM's net income climbed to $33.6 million, or $0.44 per share, from $7.3 million, or $0.10 per share, in the first quarter of 2013. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts' estimates typically exclude one-time items. The company said its prior-year quarter results reflect the impact of $11.3 million, or $0.13 per share of debt refinancing and redemption costs.

Led by higher sales in support of Chrysler's all-new Jeep Cherokee and heavy-duty Ram full-size pickup trucks and its derivatives, AAM's quarterly sales advanced nearly 13.7% year-over-year to $858.8 million, from $755.6 million. Eight analysts estimated revenues of $853.05 million for the quarter.

On a year-over-year basis, non-GM sales were up 53.0% to $287.8 million, from last year's $188.1 million.