DETROIT (AP) _ American Axle & Manufacturing Holdings Inc. (AXL) on Friday reported first-quarter net income of $38.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Detroit-based company said it had profit of 33 cents. Earnings, adjusted for one-time gains and costs, were 57 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The maker of auto parts posted revenue of $1.43 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.31 billion.
American Axle expects full-year revenue in the range of $5.3 billion to $5.5 billion.
American Axle shares have climbed 17% since the beginning of the year. The stock has more than doubled in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXL at https://www.zacks.com/ap/AXL
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News