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American axle Q2 revenue rises 8.1%, net profit surges 4.5 times.
Release time:
2019-01-03
On August 5, Gai Shi Automobile Network reported that American Axle Manufacturing announced a robust growth in both operating revenue and net profit for the second quarter of this year, thanks to the strong recovery of the U.S. light truck market. In the second quarter of this year, American Axle's operating revenue reached $799 million, an increase of 8.1% compared to $740 million in the same period last year. Notably, the revenue generated from non-GM business saw a significant increase, rising 12.9% year-on-year to $224 million, with its share of total revenue climbing from 26.8% in the same period last year to 28%. American Axle's President and CEO David C. D.
On August 5, Gai Shi Automobile Network reported that American Axle Manufacturing recently announced that thanks to the strong recovery of the U.S. light truck market, the company's operating revenue and net profit both achieved steady growth in the second quarter of this year.
In the second quarter of this year, American Axle's operating revenue reached $799 million, an increase of 8.1% compared to $740 million in the same period last year, with a significant increase in revenue from non-GM business, which rose 12.9% year-on-year to $224 million, accounting for 28% of its operating revenue, up from 26.8% in the same period last year.
David C. Dauch, President and CEO of American Axle, stated that the strong recovery of the North American light truck market, along with a series of new products launched for customers, contributed to the steady growth of American Axle's performance last quarter. These factors, along with our continuously improving operational efficiency, are expected to sustain our performance growth in the second half of the year.
American Axle's operating profit last quarter was $61.7 million, a staggering increase of 104% year-on-year, while the operating profit margin soared from 7.7% in the same period last year to 4.1%; the company's net profit last quarter skyrocketed from $4.7 million in the same period last year to $25.8 million, an increase of 449%.
From the overall performance in the first half of the year, American Axle's total operating revenue reached $1.56 billion, an increase of 4.7% compared to the same period last year, with revenue from non-GM business reaching $412 million, a year-on-year increase of 5.1%.
Due to a significant decline in profitability in the first quarter, American Axle's cumulative operating profit in the first half of the year was still lower than the same period last year, at $1.06 billion, a year-on-year decrease of 1.2%, and the operating profit margin fell from 7.2% in the same period last year to 6.8%.
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