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

Gentex to Open Production Facility in Grand Rapids

Gentex says it continues to implement meaningful solutions to the ongoing labor shortage.

Zeeland, Michigan-based Gentex Corp. announced today that it plans to open a satellite production facility that will bring 50 new jobs to the Madison Square neighborhood of Grand Rapids, Michigan. By expanding its manufacturing footprint, Gentex says it hopes to boost its employee base and provide greater access to well-paying jobs as it continues to implement meaningful solutions to address the ongoing labor shortage.

Dana Offers Spicer End Yokes for Allison Transmissions

The end yokes are designed to help minimize noise and vibration and keep drivelines running smoothly.

BorgWarner Included in 2023 Bloomberg Gender-Equality Index

The index measures gender equality across equal pay and gender pay parity, leadership and talent pipeline, inclusive culture and more.

New Bosch Campaign Focuses on Night Performance Wiper Blades

Bosch FOCUS and ENVISION wiper blades are designed to make nighttime driving safer in inclement weather, the company says.

US Motor Works Releases 9 New Water Pumps

The latest nine new water pumps are now in stock and ready to order.

Other Posts

NGK Spark Plugs Announces New Company Name and Logo 

The company says the name change is reflective of transformation in the organization’s business portfolio.

AP Emissions Releases January New Part Number Update

Coverage available for Dodge, Chrysler, Ford, Land Rover, Toyota, Lexus, Mazda and Mercedes-Benz vehicles.

NRS Brakes Offers Galvanized Brake Pads for F-150 Lightning

The brake kits cover both front and rear applications for almost 1.6 million vehicles.

Raybestos Adds New Friction, Rotor, Hydraulics Coverage

The new part numbers cover more than 19 million vehicles in operation (VIO).