American Axle & Manufacturing Reports Fourth Quarter, Full Year 2008 Financial Results - aftermarketNews

American Axle & Manufacturing Reports Fourth Quarter, Full Year 2008 Financial Results

AAM's results in the fourth quarter of 2008 were a net loss of $112.1 million or $2.17 per share.

DETROIT — American Axle & Manufacturing (AAM) has reported its financial results for the fourth quarter and full year 2008.

AAM’s results in the fourth quarter of 2008 were a net loss of $112.1 million or $2.17 per share. This compares to a net loss of $26.8 million, or 52 cents per share, in the fourth quarter of 2007. AAM’s results in the fourth quarter of 2008 includes a tax expense provision of $69.5 million, primary relating to non-cash charges to establish and adjust valuation allowances on AAM’s U.S. and U.K. deferred tax assets. This compares to a tax benefit of $34.5 million in the fourth quarter of 2007.

AAM’s net loss for the full year 2008 was $1.2 billion, or $23.73 per share. This compares to net earnings of $37 million, or 70 cents per share, in 2007.

"The year 2008 was a turbulent and transformational year for AAM," said AAM Co-Founder, Chairman of the Board and Chief Executive Officer Richard Dauch. "The U.S. automotive industry has been pushed to the verge of collapse due to numerous adverse market, economic and competitive forces. As a result, 2008 proved to be a brutally difficult and demanding year for the entire domestic automotive industry. AAM accepted these challenges head-on and is making the hard, necessary and structural changes to return to profitability.”

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