American Axle’s Fourth-Quarter Profit Drops
American Axle & Manufacturing Holdings reported its fourth-quarter profit declined on costs associated with debt refinancing.
Net income dropped to $29.8 million, or 39 cents per share, from $319.9 million, or $4.21 per share a year ago.
Revenue rose 13% to $831.3 million, the truck and auto axle and component maker said in a statement.
The company said fourth-quarter results reflect a $25.6 million charge for debt refinancing and redemption costs.
Full-year net income declined to 94.5 million, or $1.23 per share, from $366.7 million, or $4.87 per share, in 2012. Revenue increased 9.4% to $3.2 billion.
“As we look to the future, we remain focused on optimizing our profitable growth opportunities through our global expansion, improving the diversification of our business and achieving solid financial performance by executing our aligned business strategy,” AAM Chairman and CEO David Dauch said in a statement.
