American Axle & Manufacturing Turns To Profit In Q3 - Quick Facts

(RTTNews) - American Axle & Manufacturing Holdings Inc. (AXL) reported that its third quarter of 2013 net income attributable to the company was $31.6 million or $0.41 per share, compared to a net loss of $8.1 million or $0.11 per share in the third quarter of 2012.

In the third quarter of 2013, the company's results reflected the impact of a net charge of $5.3 million related to the acceleration of expense for stock-based compensation and other benefits earned and vested due to the passing of our Co-Founder and Executive Chairman of the Board of Directors. The third quarter of 2013 results also included a charge of approximately $0.5 million for the proposed settlement of a National Labor Relations Board proceeding related to the closure of its Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility in 2012.

In the third quarter of 2012, the company's results reflected the impact of $10.1 million or $0.14 per share of debt refinancing and redemption cost and $3.2 million or $0.04 per share of restructuring costs related to the closure of its Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility.

Net sales for the quarter increased approximately 16.8% to $820.8 million from $702.9 million in the third quarter of 2012.

Non-GM sales were up 18.1% in the quarter to $234.7 million as compared to $198.8 million in the third quarter of 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share and revenues of $863.76 million for the quarter. Analysts' estimates typically exclude special items.