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American Axle & Manufacturing

American Axle Shares Hit By Weak Earnings

Shares of American Axle & Manufacturing Holdings Inc. fell as much 8% Friday after the car-parts maker swung to a third-quarter loss, weighed down by a raft of charges ranging from plant closures to new product launches. The company said it lost $8.1 million, or 11 cents, in the latest quarter. Gross margins narrowed to 12.9% from 16% a year ago. Excluding debt refinancing and restucturing costs, the company's adjusted earnings were 7 cents a share on $703 million in revenue. Analysts polled by FactSet had expected the company to earn 33 cents a share on $678 million in revenue. American Axle shares were last down 5% at $10.98. They are up 17% from where they traded a year ago.Copyright © 2012 MarketWatch, Inc....

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