American Axle and Manufacturing Reports Narrower-Than-Expected Q3 Loss, Misses on Revenue (AXL)
Fri. October 30, 2009; Posted: 09:24 AM
Oct 30, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/30/2009 - American Axle & Manufacturing Holdings (NYSE:AXL) reported a Q3 net loss of $0.18 per share, ex-items, better than consensus analyst estimates for a loss of $0.38. Revenue for the quarter fell 22.4% year-over-year to $409.6 million, falling short of consensus analyst estimates of $420.3 million. Co-founder, chairman and CEO Richard Dauch said, "We believe the third quarter of 2009 marks a positive turning point for AAM . . . By finalizing new business agreements with General Motors Company and amending our senior credit agreements, we have successfully resolved the short-term liquidity concerns that were facing AAM."
Write to Chip Brian at cbrian@tradethetrend.com
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