American Axle & Manufacturing Q1 Profit Tops View; To Buy Back $100 Mln Shares

(RTTNews) - American Axle & Manufacturing Holdings Inc (AXL) reported Friday that its first-quarter net income increased 15% to $61.1 million or $0.78 per share from last year's $53.2 million or $0.68 per share.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.71 per share. Analysts' estimates typically exclude special items.

Earnings before interest, income taxes, depreciation and amortization or EBITDA was $149.8 million, or 15.5% of sales, compared to $137.5 million, or 14.2% of sales last year.

Sales in the first quarter were $969.2 million, compared to $969.1 million in the first quarter of 2015. Analysts were looking for revenues of $998.76 million.

Non-GM sales were $323.2 million, lower than $328.9 million last year.

Further, the company said its Board of Directors authorized a share repurchase program of up to $100 million of common shares through December 31, 2018 as part of its overall capital allocation strategy.