American Axle & Manufacturing Updates Outlook for 2004
American Axle & Manufacturing Holdings (AAM) has updated its earnings outlook for 2004. Due to the impact of lower production volumes scheduled by its customers for the rest of the year and the higher net cost of its purchased metal market commodities, AAM said it now expects full year 2004 earnings to range from $3.40 per share to $3.50 per share, excluding the impact of the one-time charge of $23.5 million or 28 cents per share related to debt refinancing and redemption activities in the first quarter of 2004.
ASA Offers Members Discounts on Mitchell 1’s OnDemand5 System
The Automotive Service Association (ASA) has announced a new special member benefit that may provide cost savings to its membership. ASA national members who begin new subscriptions to Mitchell 1’s OnDemand5 Repair and Estimating system are eligible for exclusive pricing on both the activation fee and the monthly subscription fee.
American Axle & Manufacturing Announces Executive Appointments
American Axle & Manufacturing this week announced a number of new executive appointments.
University Forum to Present Panel on OE Dealerships and Their Triple Edge Threat And Opportunity To The Aftermarket
It goes without saying that our industry continues to change before our very eyes. Distribution channels and methods continue to change. What worked as recently as a year ago might not be working now. The University of the Aftermarket’s annual University Forum can help you stay competitive, and keep pace with our ever-changing market. The event takes place on Sunday, Oct. 31 prior to the kickoff of AAPEX 2004. This year at University Forum the Automotive Aftermarket Industry Association’s current Chairman Dave Caracci will moderate the Executive Roundtable and Service Dealer Panel on “The OE Dealership & Their Triple Edge Threat And Opportunity To The Aftermarket.”
ASA Forms New Government Affairs Committee
The Automotive Service Association (ASA) has created a new Government Affairs Committee (GAC), to serve in an advisory capacity to the ASA board as they develop legislative policy guidelines. Members of the committee were appointed from both the mechanical and collision divisions of ASA.
American Axle & Manufacturing Expands Stock Repurchase Program by 3 Million Shares
American Axle & Manufacturing Holdings’ (AAM) board of directors has approved an expansion of AAM’s stock repurchase program by 3 million shares. The expansion, coupled with the 2.5 million shares already purchased since the program was established in February 2004, brings the aggregate program total to 5.5 million shares. Under the program, purchases can be made in the open market or in privately negotiated transactions from time to time over the next two years.
American Axle & Manufacturing Dedicates its New World Headquarters
American Axle & Manufacturing (AAM) dedicated its new world headquarters in Detroit, Mich., this week. Constructed at a cost of more than $40 million, the new 250,000-square-foot building will serve as home to the company’s corporate offices and 628 AAM associates and executives from engineering, finance, human resources, legal, procurement, sales, marketing and manufacturing.
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.
ASA-Michigan Joins National Association
The Automotive Service Association (ASA) board of directors has approved ASA-Michigan as the newest affiliate in the ASA organization. ASA-Michigan becomes the 16th affiliate for the national association.
AutoZone to Provide Rebates to ASA Members
AutoZone has entered into an agreement with the Automotive Service Association (ASA) to offer its members savings program on parts. ASA members are now eligible for rebates on their commercial parts purchases through AutoZone.