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American Axle reports third quarter earnings

American Axle
American Axle

DETROIT (WKZO) -- Auto parts supplier American Axle and Manufacturing is reporting a 31-million dollar profit for the third quarter of the year.  The result are a tremendous turnaround from the same time last year when the company posted an eight-million dollar loss.

Overall sales in the third quarter rose by 17-percent at nearly 821-million dollars. The company's earnings meant a 41-cent per share increase but that figure was short of analysts' expectations of 55-cents per share.

The Detroit-based company was created in 1994 when a group of investors purchased five former General Motors factories.