(Adds quote, revenue, stock action, changes dateline from
BOSTON Oct 30 American Axle & Manufacturing
Holdings Inc (AXL.N) on Tuesday posted a third-quarter profit
that easily topped Wall Street expectations, citing higher
sales and improved productivity, sending its shares up 5
The auto parts maker reported net income of $13.1 million,
or 25 cents per share, compared with a net loss of $62.9
million, or $1.25 per share, a year earlier, when it took
charges for unemployment benefits.
Factoring out restructuring charges and a staff buyout
program, profit came to 42 cents per share. On that basis,
analysts' average forecast was 24 cents a share, according to
"This is the third quarter in a row where the company
significantly beats consensus expectations, which reinforces
our view that the Street underestimates the positive impact
from reducing AXL's labor costs," Lehman Brothers analyst Brian
Johnson wrote in a note to clients.
Revenue rose 10.4 percent to $774.3 million.
The Detroit-based company said the quarter included the
effects of a two-day strike by the United Auto Workers union
against General Motors Corp (GM.N), an important customer.
American Axle shares were up $1.40 to $27.98 in early trade
on the New York Stock Exchange. So far this year the shares are
up 47 percent, outpacing the 32 percent rise in the Dow Jones
U.S. auto parts makers index .DJUSAT.
(Reporting by Scott Malone; additional reporting by Poornima
Gupta in Detroit)