DETROIT – American Axle & Manufacturing Holdings (AAM) has reported its financial results for the fourth quarter and full year 2013.
AAM’s net income in the fourth quarter of 2013 was $29.8 million, or 39 cents per share. In the fourth quarter of 2013, AAM’s results reflect the impact of $25.6 million (or 32 cents per share) of debt refinancing and redemption costs. This compares to net income of $319.9 million, or $4.21 per share, in the fourth quarter of 2012, which includes the favorable impact of a $337.5 million benefit (or $4.44 per share) related to the reversal of our valuation allowance against our net federal deferred tax assets for entities in the United States.
For the full year 2013, AAM’s net income was of $94.5 million, or $1.23 per share. This compares to net income of $367.7 million, or $4.87 per share in 2012.
"In 2013, AAM’s financial performance was highlighted by sales growth that outpaced the industry and profitability that solidly rebounded versus our 2012 performance. AAM’s foundational commitments to quality and operational excellence paved the way for these improved results, while our focus on technology leadership resulted in the expansion and diversification of our customer base and product portfolio on a global basis," said AAM’s Chairman, President and CEO David Dauch. "As we look to the future, we remain focused on optimizing our profitable growth opportunities through our global expansion, improving the diversification of our business, and achieving solid financial performance by executing our aligned business strategy. We are committed to achieving excellence in everything we do with the ultimate goal of making AAM a leader in every key market that we serve."
Net sales in the fourth quarter of 2013 increased approximately 12.8 percent to $831.3 million as compared to $736.7 million in the fourth quarter of 2012. The company said non-GM sales grew 37.2 percent on a year-over-year basis to $280.1 million in the fourth quarter of 2013 as compared to $204.1 million in the fourth quarter of 2012.
Net sales for the full year 2013 increased by 9.4 percent to $3.21 billion as compared to $2.93 billion in 2012. Non-GM sales grew 16.9 percent on a year-over-year basis to $926.7 million in 2013 as compared to $792.6 million in 2012.
AAM’s gross profit in the fourth quarter of 2013 was $126.9 million, or 15.3 percent of sales. For the full year 2013, AAM’s gross profit was $478.7 million, or 14.9 percent of sales.
In the fourth quarter of 2013, AAM’s net income was $29.8 million, or 3.6 percent of sales. Diluted earnings per share (EPS) were 39 cents per share in the fourth quarter of 2013. For the full year 2013, AAM’s net income was $94.5 million, or 2.9 percent of sales. Diluted earnings per share (EPS) were $1.23 per share for the full year 2013.
