American Axle's profit drops more than 50%
American Axle & Manufacturing Holdings Inc.'s net income dropped 53% in the first quarter of 2019.
The Detroit-based automotive supplier on Friday said it made $41.6 million after sales declined 8% to $1.72 billion. Its pre-tax earnings of $245 million — a 23% drop year over year — were 14.3% of sales. Earnings per share was 36 cents, a 54% decline.
“In the first quarter of 2019, AAM improved operational performance while supporting our customers on several important program launches,” American Axle CEO David Dauch said in a statement. “We look forward to building momentum throughout the year and achieving our launch and operational performance objectives while enhancing our profitability and free cash flow generation.”