Auto parts supplier American Axle & Manufacturing Holdings Inc. said Friday that its second-quarter net income tumbled 90 percent, saddled with hefty costs tied to two plant closings. Its adjusted results and revenue beat Wall Street's expectations.
The Detroit company reported net income of $4.7 million, or 6 cents per share, for the three months ended June 30 compared with $49.2 million, or 65 cents per share, during the same period a year ago.
Stripping out 49 cents per share tied to the closing of a Detroit plant and one in Cheektowaga, N.Y., earning were 55 cents per share. That topped the 49 cents per share that analysts surveyed by FactSet expected.
Revenue rose 8 percent to $739.8 million from $686.2 million. Analysts expected $707.6 million.
American Axle, which sells the bulk of its products to General Motors Co., said its non-GM sales rose 8.5 percent to $198.2 million.
The company said its backlog of new business, which represents future revenue, is now at $1.2 billion. It credited this to the Brazil and Thailand markets and business it has received from vehicle makers for programs in North America.
Its shares rose 14 cents, or 1.4 percent, to $10.52 in premarket trading. Its shares have traded in a 52-week range of $6.77 to $13.08.