Component Makers Report Lower 1Q Results

Two component makers reported lower first-quarter results compared with the same period last year.

American Axle & Manufacturing Holdings’ net income dropped to $7.3 million, or 10 cents per share, from $51.2 million, or 68 cents, a year earlier.

Sales rose to $755.6 million from $751.5 million, while its operating income fell to $44.7 million from $77.4 million, the truck and auto axle and component maker said.

Commercial Vehicle Group reported a first-quarter loss of $4.6 million, or 16 cents per share, compared with a profit of $12 million, or 42 cents, a year ago.

Revenue fell 25% to $177.8 million, the Ohio-based maker of truck components said in a statement.