American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the second quarter of 2015.
AAM’s net income in the second quarter of 2015 was $58.6 million, or 75 cents per share as compared to net income of $52.2 million, or 67 cents per share, in the second quarter of 2014.
“AAM’s second quarter financial performance was highlighted by quarterly records for sales and profit dollars, driven by sales growth that continues to outpace the industry and strong operational performance,” said David Dauch, AAM’s chairman, president and CEO. “AAM remains focused on flawlessly launching new customer programs in the second half of 2015, many of which feature AAM’s advanced product technologies designed to increase fuel efficiency, advance lightweighting initiatives and improve safety, ride and handling performance. These innovative solutions strongly position us to expand and diversify AAM’s customer base and product portfolio, while continuing to deliver excellent profit and cash flow performance for the benefit of all key stakeholders.”
AAM’s sales in the second quarter of 2015 increased approximately 6 percent to $1 billion as compared to $946.9 million in the second quarter of 2014. Non-GM sales grew 15.1 percent on a year-over-year basis to $343.1 million in the second quarter of 2015 as compared to $298.1 million in the second quarter of 2014.
AAM’s net sales in the first half of 2015 increased approximately 9.3 percent to $1.97 billion as compared to $1.81 billion in the first half of 2014. Non-GM sales in the first half of 2015 increased approximately 15 percent on a year-over-year basis to $672 million as compared to $585.9 million in the first half of 2014.
AAM’s gross profit in the second quarter of 2015 was $164.5 million, or 16.4 percent of sales, as compared to $149 million, or 15.7 percent of sales, in the second quarter of 2014.
AAM’s gross profit for the first half of 2015 was $317.3 million as compared to $270.9 million in the first half of 2014. AAM’s net income in the first half of 2015 was $111.8 million, or $1.43 per share as compared to $85.8 million, or $1.11 per share in the first half of 2014.
