American Axle & Manufacturing Reports Record Second Quarter Sales and Earnings - aftermarketNews

American Axle & Manufacturing Reports Record Second Quarter Sales and Earnings

American Axle & Manufacturing Holdings (AAM) has reported record sales and earnings for the second quarter of 2004. AAM's second quarter diluted earnings per share grew 5 percent to $1.02 per share as compared to 97 cents per share earned in the second quarter of 2003. Net income for the quarter increased 8 percent to $55.3 million as compared to $51 million in the second quarter of 2003.

DETROIT — American Axle & Manufacturing Holdings (AAM) has reported record sales and earnings for the second quarter of 2004.

AAM’s second quarter diluted earnings per share grew 5 percent to $1.02 per share as compared to 97 cents per share earned in the second quarter of 2003. Net income for the quarter increased 8 percent to $55.3 million as compared to $51 million in the second quarter of 2003. AAM’s second quarter operating results include a charge of $12.5 million, or 15 cents per share, related to a voluntary separation program established with the UAW. Nearly 250 hourly associates participated in this voluntary program and terminated their employment with AAM.

On June 28, the company paid its first-ever quarterly cash dividend as a public company of 15 cents per share.

For more information, visit: www.aam.com.

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