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.