DETROIT – American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the second quarter of 2014.
Second quarter 2014 sales were $946.9 million, up approximately 18.4 percent on a year-over-year basis. The company reported gross profit of $149 million, or 15.7 percent of sales.
AAM’s net income in the second quarter of 2014 was $52.2 million, or 67 cents per share as compared to net income of $25.8 million, or 34 cents per share, in the second quarter of 2013.
"AAM’s financial results in the second quarter of 2014 reflect strong sales growth and profitability driven by the favorable impact of increased production volumes across many of our major product programs supporting the North American light vehicle segment," said AAM’s Chairman, President and CEO David Dauch. "AAM is energized to continue supporting these and other new global product and process launches during the remainder of this year and continuing through the year 2015. Many of these launches feature exciting new advanced driveline technologies that are enhancing the diversification of our business and positioning AAM for solid profitability and consistent free cash flow generation."
AAM’s gross profit for the first half of 2014 was $270.9 million as compared to $226.5 million in the first half of 2013. AAM’s net income in the first half of 2014 was $85.8 million, or $1.11 per share as compared to$33.1 million, or 43 cents per share in the first half of 2013.
