WDET News
- American Axle Earns $19.6 Million in Q3
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Oct 30, 2009Automotive & Business
American Axle is reporting its first quarterly profit in two years. WDET’s Jerome Vaughn has more.
SOQ
American Axle earned 19-point-six million dollars between July first and September 30th. That compares to a loss of more than 440 million dollars in the same period of 2008.
The results surpassed Wall Street analysts’ average expectations.
The profits reflect a special one-time gain from the curtailment of pension and post-retirement benefits. Officials say profits were partially offset by charges related to workforce reductions, and by extended production shutdowns at General Motors and Chrysler.
GM accounted for 72 percent of the Detroit manufacturer’s sales in the third quarter.
American Axle’s sales for the period rose to nearly 410 million dollars -- down more than 23 percent from the same period last year.