DETROIT (AP) — DETROIT (AP) — American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported first-quarter net income of $20.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Detroit-based company said it had profit of 17 cents. Earnings, adjusted for one-time gains and costs, were 18 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The maker of auto parts posted revenue of $1.61 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.51 billion.
American Axle expects full-year revenue in the range of $6.05 billion to $6.35 billion.
American Axle shares have decreased 17% since the beginning of the year. The stock has risen slightly more than 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXL at https://www.zacks.com/ap/AXL
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