DETROIT (AP) — DETROIT (AP) — American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported second-quarter net income of $18.2 million.
On a per-share basis, the Detroit-based company said it had profit of 15 cents. Earnings, adjusted for restructuring costs, came to 19 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The maker of auto parts posted revenue of $1.63 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $1.56 billion.
American Axle expects full-year revenue in the range of $6.1 billion to $6.3 billion.
American Axle shares have dropped 30% since the beginning of the year. The stock has decreased 25% in the last 12 months.
