American Axle & Manufacturing Holdings, Inc. (AAM) on Friday (July 29th) reported its financial results for the second quarter of 2011.
According to a company news release, AAM’s results in the second quarter were net earnings of $49.2 million or $0.65 per share. This compares to net earnings of $25.4 million or $0.34 per share in the second quarter of 2010.
“AAM is pleased to report strong sales, earnings and cash flow results in the second quarter of 2011,” said AAM’s Co-Founder, Chairman of the Board and Chief Executive Officer, Richard E. Dauch. “AAM continues to benefit from increased production volumes across many of our major product programs and sustained improvements in capacity utilization and fixed cost burdens. As a result of these favorable trends, we are again increasing AAM’s full year 2011 sales and earnings outlook, with sales now expected to range from $2.5 billion to $2.6 billion.”
Net sales in the second quarter of 2011 increased approximately 23% to $686.2 million as compared to $559.6 million in the second quarter of 2010. On a sequential basis, net sales in the second quarter of 2011 increased approximately 6% as compared to the first quarter of 2011.
Customer production volumes for the major North American light truck and SUV programs that AAM currently supports for GM, Chrysler and Nissan were up approximately 15% in the second quarter of 2011 as compared to the second quarter of 2010.
AAM’s content-per-vehicle is measured by the dollar value of its product sales supporting our customers’ North American light truck and SUV programs. In the second quarter of 2011, AAM’s content-per-vehicle increased approximately 7% to $1,504 as compared to $1,408 in the second quarter of 2010.
AAM’s net sales of $1.33 billion in the first half of 2011 increased approximately 23%, as compared to $1.08 billion in the first half of 2010.
Non-GM sales in the first half of 2011 increased approximately 39% on a year-over-year basis to $361.1 million or 27% of AAM’s total sales, up from 24% of total sales in the first half of 2010.
AAM’s gross profit in the second quarter of 2011 increased $31.6 million on a year-over-year basis to $130.5 million as compared to $98.9 million in the second quarter of 2010. Gross margin improved to 19.0% in the quarter as compared to 17.7% in the second quarter of 2010. On a sequential basis, gross profit in the quarter increased approximately 13% as compared to the first quarter of 2011.
AAM’s gross profit of $245.9 million in the first half of 2011 increased by nearly $60 million, or 32%, as compared to $186.2 million in the first half of 2010. Gross margin improved to 18.5% in the first half of 2011 as compared to 17.2% in the first half of 2010.
For additional information, click on the following link to access the AAM news release regarding the company’s performance in the second quarter: American Axle & Manufacturing Reports Earnings of $0.65 in the Second Quarter of 2011
