Boston, MA 02/10/2013 (wallstreetpr) – The net earnings of American Axle & Manufacturing Holdings Inc. (NYSE:AX) which designs and engineers driveline & driver train systems soared, the company revealed on Friday. The profits were boosted by stout tax benefits and rising vehicle production, the company said.
The auto supplier earned as much as $319.9 million this quarter and booked as against a $31.1 million net profit for the same quarter in the last fiscal year. The per share earnings came at $4.21 as compared to per share profits of $0.41 for the same quarter in the last fiscal year.
Tax benefits worth $319.9 million were included in the quarterly results of American Axle & Manufacturing Holdings Inc. (NYSE:AX), released recently. Debt related charges of $9.7 million and restructuring costs of $6.2 million were also charged to this year’s earnings. The company booked sales worth $736.7 million during the quarter , only $204.1 of this was attributed to customers other than General Motors (NYSE:GM) which is the company’s principal customer. Overall quarterly revenues rose by 22%; sales to customers other than General Motors (NYSE:GM) hiked by only 17%.
The company has booked profits worth $367.7 million and per share earnings of $4.87 during the year 2012 as against $142.8 million net profit and EPS of $1.89 for fiscal year 2011. Its revenues jumped by 13.4% to $2.93 billion during this period.
The shares of American Axle and Manufacturing Holdings Inc.(NYSE:AXL) were up 3.29% to close at $12.24. The shares of General Motors (NYSE:GM) were up by 0.35% to close at $28.57.
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