DETROIT — American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the second quarter of 2011.
The company reported second quarter 2011 sales of $686.2 million, up 23 percent from the second quarter of 2010. Gross profit in the second quarter was $130.5 million, or 19 percent of sales.
AAM’s results in the second quarter were net earnings of $49.2 million or 65 cents per share. This compares to net earnings of $25.4 million or $0.34 per share in the second quarter of 2010.
"AAM is pleased to report strong sales, earnings and cash flow results in the second quarter of 2011," said AAM’s Co-Founder, Chairman of the Board and CEO Richard Dauch. "AAM continues to benefit from increased production volumes across many of our major product programs and sustained improvements in capacity utilization and fixed cost burdens. As a result of these favorable trends, we are again increasing AAM’s full year 2011 sales and earnings outlook, with sales now expected to range from $2.5 billion to $2.6 billion."
Based on updated customer production schedules and other pertinent information, AAM is again raising its full year 2011 sales and earnings outlook, with sales now expected to range from $2.5 billion to $2.6 billion.
