American Axle Quarterly Net Income Rises
Reuters
Wednesday, February 4, 2004; 7:48 AM
CHICAGO (Reuters) - Auto parts maker American Axle &
Manufacturing Holdings Inc. on Wednesday said its
quarterly earnings rose, helped by productivity improvements
and new business.
The maker of axles, driveshafts and chassis said its
fourth-quarter net income rose to $53.4 million from $52.2
million a year ago. On a per-share basis, earnings fell to 96
cents from 99 cents a year earlier.
The company earned 89 cents a share in the year-earlier
period excluding a one-time gain of $5.5 million from insurance
proceeds related to a fire.
Analysts had expected earnings of 96 cents a share in the
latest quarter, with estimates ranging from 92 cents to 98
cents, according to Reuters Research, a unit of Reuters Group
Plc.
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