DETROIT — American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the fourth quarter and full year 2010.
AAM’s results in the fourth quarter of 2010 were net earnings of $34.9 million or 47 cents per share. This compares to net earnings of $48.6 million, or 80 cents per share, in the fourth quarter of 2009.
For the full year 2010, AAM’s net earnings were $115.4 million, or $1.55 per share. This compares to a net loss of $253.1 million, or $4.81 per share in 2009.
Net sales in the fourth quarter of 2010 increased approximately 26 percent to $583.3 million as compared to $464 million in the fourth quarter of 2009.
"The fourth quarter of 2010 completed a very successful year for AAM. AAM’s full year 2010 sales grew by more than 50 percent on a year-over-year basis. AAM achieved record profit margin performance and generated positive free cash flow each quarter of the year. These positive accomplishments allowed us to reduce AAM’s net debt obligations by more than $125 million in 2010," said AAM Co-Founder, Chairman of the Board and CEO Richard Dauch. "AAM is well-positioned to benefit from a continued recovery in the global automotive markets in 2011 and beyond. With a dual focus on driving performance in our daily operations and building value for our many key stakeholders, we are excited about our plans for continued profitable global growth, accelerated business diversification and improved balance sheet strength."
In the fourth quarter of 2010, AAM’s operating income was $51 million or 8.7 percent of sales. For the full year 2010, AAM’s operating income was $204.1 million, or 8.9 percent of sales.
In the fourth quarter of 2010, AAM’s net income was $34.9 million or 6 percent of sales. For the full year 2010, AAM’s net income was $115.4 million or 5.1 percent of sales.
