American Axle achieves record sales during first quarter
American Axle and Manufacturing Holdings Inc. (AAM) reported a record first quarter driven by sales volume, a strong product mix and cost efficiencies. AAM said its net income totaled US$ 78.4 million, or US$ 0.99 per share, up 28% from a year ago.
American Axle said revenue reached US$ 1.05 billion for January-March, up more than 8% from the US$ 969.2 million earned in the quarter a year ago and setting a new quarterly record.
The supplier said its non-General Motors Co. sales jumped to a record US$ 347.1 million, up from US$ 323.2 million a year ago.
The manufacturer of axles and drivelines last month acquired auto supplier Metaldyne Performance Group Inc. (MPG) for US$ 1.6 billion cash and stock and assumed US$ 1.7 billion in debt.
AAM reported US$ 16 million of restructuring and acquisition costs related to the Metaldyne deal and buying a USM Mexico Manufacturing LLC plant in Mexico, during the quarter.
The 275,000 square-feet manufacturing facility located in Silao, Guanajuato, employs 530 workers and has engineering and prototyping capabilities.
The new combined company focuses on design, engineering, validation and manufacturing of driveline, metal forming, powertrain and casting technologies for automotive, commercial and industrial markets. The company has more than 25,000 employees and more than 90 facilities in 17 countries.
MPG operates three facilities in Mexico. A site located in Aguascalientes produces transfer cases and AWD parts, gears, sprockets and several engine components.
A plant in Ramos Arizpe, Coahuila, produces powder metal connecting rods, machined connecting rods and machined vibration dampers. A third facility located in El Carmen, Nuevo Leon, manufactures axle carriers, differential cases, brackets and turbo housings.
AAM owns two production sites both located in Silao, Guanajuato. AAM’s Guanajuato Manufacturing Complex is a 2009 Shingo Prize winner facility that manufactures rear-axle assemblies, propeller shafts, driveline systems and forging components.
AccuGear Silao produces precision differential gears and assemblies to support a variety of AAM customers and programs.