Drivetrain manufacturer American Axle & Manufacturing (NYSE:AXL) reported third-quarter results today before the markets opened, showing that it posted net sales of $820.8 million, a robust 17% increase from the same period in the previous year but well below the 863.1 million Capital IQ consensus estimate.
While net income came in at $31.6 million, or $0.41 per share, a turnaround from the net loss of $8.1 million, or $0.11 per share, in the same period in 2012, it was far below the CapIQ estimates of $0.56 per share.
American Axle derives most of its revenues from General Motors (NYSE:GM) vehicles, although its non-GM revenues were up 18% in the quarter. Its results, however, were hurt by a $500,000 charge for a proposed settlement of an National Labor Relations Board proceeding related to the closure of a manufacturing facility last year.
The drivetrain and driveline maker didn't provide guidance for the coming quarter, but analysts anticipate American Axle will post earnings of $0.61 per share in the fourth quarter on revenues of $878 million.
Shares of the auto parts suppliers fell almost 2% to close the day down $0.35 at $18.26.