DETROIT (AP) — DETROIT (AP) — American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported first-quarter profit of $7.1 million.
The Detroit-based company said it had net income of 6 cents per share. Earnings, adjusted for one-time gains and costs, came to 9 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The maker of auto parts posted revenue of $1.41 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $1.42 billion.
American Axle expects full-year revenue in the range of $5.65 billion to $5.95 billion.
The company’s shares closed at $3.80. A year ago, they were trading at $7.39.
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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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