American Axle Invests in Michigan - Analyst Blog
06 Febbraio 2013 - 6:20PM
Zacks
American Axle and Manufacturing Inc. (AXL)
announced that it has invested $100 million in the Three Rivers
Manufacturing Facility located in Three Rivers, MI. With the
investment, the company will install new product lines, multiple
assembly stations, modify the paint line and thus refurbish the
business offices and lobby of the facility. It also plans to
enhance the shipping and capacity of the plant.
The investment will likely generate about 500 new jobs by the end
of the year. It will also benefit the company by diversifying the
product portfolio and customer base in North America.
During full year 2012, the company has invested around $50 million
and created about 300 jobs in MI. This investment was made for
technologically advanced machining and R&D laboratory
equipments, as well as for improvement of IT infrastructure. The
company also plans for further investment in this region.
American Axle is a leading supplier of driveline systems, modules
and components for the light vehicles market. The company makes
axles, driveshafts and chassis components for light trucks, sport
utility vehicles and passenger cars. It retains a Zacks Rank #3
(Hold).
American Axle reported a profit of $5.2 million or 7 cents per
share in the third quarter of 2012, down significantly by 86% from
$38.3 million or 50 cents in the year-ago quarter. The company’s
profit also considerably lagged the Zacks Consensus Estimate by 27
cents.
The company’s revenues increased 8.5% year over year to $702.9
million during the quarter and surpassed the Zacks Consensus
Estimate of $692.0 million. Higher sales volume and improved
business diversification based on global launch activity had
favorable impacts on the company’s results. However, complexity of
the new products, process and facility launches, and lower capacity
utilization had negative impact on the result.
Commercial Vehicle Group Inc. (CVGI),
Oshkosh Corporation (OSK) and Strattec
Security (STRT) with Zacks Rank #1 (Strong Buy) are
performing well in the same industry where American Axle
operates.
AMER AXLE & MFG (AXL): Free Stock Analysis Report
COMML VEHICLE (CVGI): Free Stock Analysis Report
OSHKOSH CORP (OSK): Free Stock Analysis Report
STRATTEC SEC CP (STRT): Free Stock Analysis Report
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