American Axle & Manufacturing Reports Net Loss in Third Quarter - aftermarketNews

American Axle & Manufacturing Reports Net Loss in Third Quarter

AAM's results in the third quarter of 2008 were a net loss of $440.9 million or $8.54 per share.

DETROIT — American Axle & Manufacturing Holdings Inc. (AAM) has reported its financial results for the third quarter of 2008.

AAM’s results in the third quarter of 2008 were a net loss of $440.9 million or $8.54 per share. This compares to net earnings of $13.5 million, or 25 cents per share, in the third quarter of 2007.

In the third quarter of 2008, AAM recorded special charges and non-recurring operating costs of $398 million, or $7.71 per share. The majority of these charges and costs were non-cash in the period.

Net sales in the third quarter of 2008 were $528.1 million as compared to $774.3 million in the third quarter of 2007. Customer production volumes for the major light truck and SUV product programs AAM currently supports for GM and Chrysler were down approximately 44 percent in the third quarter of 2008 as compared to the prior year. Non-GM sales represented 26 percent of total sales in the third quarter of 2008 as compared to 24 percent in the third quarter of 2007.

AAM’s content-per-vehicle is measured by the dollar value of its product sales supporting GM’s North American truck and SUV platforms and Chrysler’s heavy duty Dodge Ram pickup trucks. In the third quarter 2008, AAM’s content-per-vehicle increased approximately 12 percent to $1,453 as compared to $1,303 in the third quarter of 2007.

Net sales in the first three quarters of 2008 were $1.6 billion as compared to $2.5 billion in the first three quarters of 2007. The company’s operating loss in the first three quarters of 2008 was $1 billion as compared to operating income of $125.1 million or 5 percent of sales for the first three quarters of 2007.

AAM’s SG&A spending for the third quarter of 2008 was $43 million as compared to $52 million in the third quarter of 2007. In the first three quarters of 2008, AAM’s SG&A spending was $137.3 million as compared to $155.1 million in the first three quarters of 2007. AAM’s R&D spending for the first three quarters of 2008 was approximately $63.4 million as compared to $61.9 million in the first three quarters of 2007.

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach

Other Posts

Bendix Surpasses Worker Safety Goals

Bendix says its Total Case Improvement Rate improved since 2022.

Bendix Announces Worker Safety Statistics
New Rislone ‘DEF Crystal Clean’ Clears P20EE Codes

The product scrubs away crystal contaminants from the selective catalytic reduction systems of diesel cars, trucks and SUVs.

New Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner Announced
SMP Announces New Oil Filter Housing Kits

The kits feature multiple design improvements to prevent leaks, according to SMP.

SMP Announces New Oil Filter Housing Kits
NTK Technologies Announces Merger into Niterra North America

The merger will take effect on April 1, and NTK Technologies will begin operating under Niterra North America Inc.

Niterra Merger