DETROIT (AP) — DETROIT (AP) — American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported third-quarter net income of $10 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 8 cents. Earnings, adjusted for asset impairment costs and restructuring costs, were 20 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The maker of auto parts posted revenue of $1.5 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.51 billion.
American Axle expects full-year revenue in the range of $6.1 billion to $6.15 billion.
American Axle shares have decreased 29% since the beginning of the year. The stock has decreased 8% 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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