American Axle & Manufacturing Slips To Lower-Than-Expected Loss In Q1

(RTTNews) - American Axle & Manufacturing Holdings, Inc. (AXL) Friday reported a first-quarter net loss compared to the profit last year. On a per-share basis, the company's loss was lower than expected.

The company reported a quarterly loss of $5.1 million or $0.04 per share, compared to $1.0 million or $0.01 per share in the prior year. On an adjusted basis, the loss was $0.01 per share. On average, 9 analysts polled by Thomson Reuters expected the company to report loss of $0.06 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter increased to $1.493 billion from $1.436 billion a year ago. Wall Street projected $1.49 billion.

In a separate release, the driveline and metal-forming technology provider, announced a $10 million investment in the Global Strategic Mobility Fund, a venture capital fund managed by EnerTech Capital.