American Axle Reports Third-Quarter Profit

American Axle & Manufacturing Holdings said it had a third-quarter profit of $31.6 million, or 41 cents per share, from a loss of $8.1 million, or 11 cents, a year ago.

Sales rose 16.8% to $820.8 million, the truck and auto axle and component maker said in a statement.

The company said third-quarter results reflect a $5.3 million charge for compensation and other benefits earned due to the passing of the co-founder and chairman of the board of directors.

“For the remainder of 2013, we are focused on successfully launching AAM`s industry-first EcoTrac Disconnecting All Wheel Drive system, as well as continuing to deliver positive financial results by executing our aligned business strategy,” David Dauch, AAM CEO and chairman of the board said in a statement.

AAM’s third-quarter results also include a charge of about $500,000 for the settlement of a National Labor Relations Board proceeding related to the closure of its Detroit manufacturing complex and its Cheektowaga Manufacturing Facility.