American Axle: 2Q Earnings Snapshot
DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported second-quarter net income of $52.6 million.
The Detroit-based company said it had net income of 45 cents per share. Earnings, adjusted for one-time gains and costs, were 55 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The maker of auto parts posted revenue of $1.7 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.8 billion.
American Axle shares have decreased nearly 1% since the beginning of the year. The stock has dropped 33% in the last 12 months.