American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the fourth quarter and full year 2015.
AAM’s net income in the fourth quarter of 2015 was $62.9 million, or 81 cents per share. This compares to net income of $13.2 million, or 17 cents per share, in the fourth quarter of 2014.
In the fourth quarter of 2015, AAM’s results reflect the impact of $0.8 million of debt refinancing and redemption costs. These results also reflect the impact of a favorable adjustment to income tax expense of $11.5 million related to the resolution of transfer pricing audits in Mexico.
For the full year 2015, AAM’s net income was $235.6 million, or $3.02 per share. This compares to net income of $143 million, or $1.85 per share in 2014.
“AAM had an outstanding year in 2015. On the strength of North American light vehicle production volumes and our solid operational performance, AAM achieved record sales and record gross profit for the year. We also made measurable progress in diversifying our business and improving our capital structure,” said David Dauch, AAM’s chairman and CEO. “As we look ahead to 2016 and beyond, we remain focused on advancing our technology leadership in order to capitalize on major industry trends and drive profitable growth and business diversification.”
Net sales in the fourth quarter of 2015 were $958.4 millio,n as compared to $939.5 million in the fourth quarter of 2014. Non-GM sales in the fourth quarter of 2015 were $323.5 million, as compared to $317.2 million in the fourth quarter of 2014.
AAM’s content-per-vehicle is measured by the dollar value of its product sales supporting our customers’ North American light truck and SUV programs. In the fourth quarter of 2015, AAM’s content-per-vehicle was $1,645 as compared to $1,697 in the fourth quarter of 2014. For the full year 2015, AAM’s content-per-vehicle was $1,645 as compared to $1,667 in 2014.
Net sales for the full year 2015 increased by 5.6 percent to $3.9 billion as compared to $3.7 billion in 2014. Non-GM sales grew by 9.8 percent on a year-over-year basis to $1.3 billion in 2015 as compared to $1.2 billion in 2014.
AAM’s gross profit in the fourth quarter of 2015 was $159.8 million as compared to $111.2 million in the fourth quarter of 2014. AAM’s gross profit for the full year 2015 increased 21.5 percent on a year-over-year basis to $635.4 million as compared to $522.8 million for the full year of 2014.
