American Axle & Manufacturing Turns To Profit In Q3, Beats Estimates

(RTTNews) - Automotive supplier American Axle & Manufacturing Holdings Inc. or AAM (AXL) on Friday reported that its net income for the third quarter was $117.2 million or $0.99 per share, compared to net loss of $124.2 million or $1.10 per share in the year-ago quarter.

The year-ago period's results included the impact of a pre-tax impairment charge of $225.0 million.

Adjusted earnings for the quarter were $1.15 per share, compared to $0.58 per share in the prior-year period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share. Analysts' estimates typically exclude special items.

However, quarterly sales declined to $1.41 billion from $1.68 billion last year. Analysts expected revenue of $1.43 billion for the quarter.

Looking ahead, AAM said it has updated its fiscal 2020 outlook. The company now forecasts sales of about $4.6 billion. The Street expects sales of $4.64 billion.