American Axle 4Q profit soars on tax benefit

American Axle posts steep jump in 4th-qtr net income, helped by hefty tax benefit

Associated Press

DETROIT (AP) -- American Axle & Manufacturing Holdings Inc. said Friday that its fourth-quarter net income soared, helped by a hefty tax benefit and an increase in vehicle production.

The Detroit-based auto supplier earned $319.9 million, or $4.21 per share, up from $31.1 million, or 41 cents per share, in the same quarter the year before.

The recent quarter's results included a $319.9 million tax benefit, along with $9.7 million in debt-related charges and $6.2 million in restructuring costs.

Revenue jumped 22 percent to $736.7 million.

American Axle, which still sells the bulk of its products to General Motors Co., said sales to customers other than GM rose 17 percent to $204.1 million.

The company's content per vehicle increased 1 percent to $1,514.

For the full year 2012, American Axle earned $367.7 million, or $4.87 per share, up from $142.8 million, or $1.89 per share, in 2011. Revenue rose 13.4 percent to $2.93 billion.

American Axle shares rose 28 cents, or 2.3 percent, to $12.13 in afternoon trading.

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