American Axle 4Q profit soars on tax benefit

FILE - In this Sept. 9, 2008, file photo, the logo on a BlackBerry smartphone is shows in Bochum, Germany. The maker of the BlackBerry smartphone is promising a speedy browser, a superb typing experience and the ability to keep work and personal identities separate on the same phone, the fruit of a crucial, long-overdue makeover for the Canadian company. (AP Photo/dapd, Volker Hartmann)
Clouds roil over the White House in Washington on the morning of Sunday, Dec. 30, 2012, as Washington has less than 48 hours to avert the “fiscal cliff,” a series of tax increases and spending cuts set to take hold on Jan. 1. Republican and Democratic negotiators in the Senate were hoping to reach a deal to avoid going over the cliff on Sunday. (AP Photo/Jacquelyn Martin)
President Barack Obama gestures during a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012 in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
President Barack Obama pauses during a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012 in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
President Barack Obama arrives to make a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012, in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
Senate Majority Leader Harry Reid, D-Nev., retreats to a closed-door meeting with fellow Democrats as he and Senate Minority Leader Mitch McConnell, R-Ky., work to negotiate a legislative path to avoid the so-called "fiscal cliff," at the Capitol in Washington, Sunday, Dec. 30, 2012. Senate and House leaders rushed to assemble a last-ditch agreement to stave off middle-class tax increases and possibly delay steep spending cuts in an urgent attempt to find common ground after weeks of gridlock. (AP Photo/J. Scott Applewhite)
Senate Minority Leader Mitch McConnell of Kentucky, center, arrives at his office in the Capitol as he and Senate Majority Leader Harry Reid of Neveda, try to negotiate a legislative solution to avoid the so-called "fiscal cliff" in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)
Senate Minority Leader Mitch McConnell of Kentucky, arrives at his office in the Capitol as he and Senate Majority Leader Harry Reid of Neveda try to negotiate a legislative solution to avoid the so-called "fiscal cliff," in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)
Senate Minority Whip Jon Kyl of Arizona walks between the Senate chamber and the office of Senate Minority Leader Mitch McConnell of Kentucky, as Democrats and Republicans try to negotiate a legislative path to avoid the so-called "fiscal cliff," in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)

FILE - In this Sept. 9, 2008, file photo, the logo on a BlackBerry smartphone is shows in Bochum, Germany. The maker of the BlackBerry smartphone is promising a speedy browser, a superb typing experience and the ability to keep work and personal identities separate on the same phone, the fruit of a crucial, long-overdue makeover for the Canadian company. (AP Photo/dapd, Volker Hartmann)

FILE - In this Sept. 9, 2008, file photo, the logo on a BlackBerry smartphone is shows in Bochum, Germany. The maker of the BlackBerry smartphone is promising a speedy browser, a superb typing experience and the ability to keep work and personal identities separate on the same phone, the fruit of a crucial, long-overdue makeover for the Canadian company. (AP Photo/dapd, Volker Hartmann)
Clouds roil over the White House in Washington on the morning of Sunday, Dec. 30, 2012, as Washington has less than 48 hours to avert the “fiscal cliff,” a series of tax increases and spending cuts set to take hold on Jan. 1. Republican and Democratic negotiators in the Senate were hoping to reach a deal to avoid going over the cliff on Sunday. (AP Photo/Jacquelyn Martin)
President Barack Obama gestures during a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012 in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
President Barack Obama pauses during a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012 in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
President Barack Obama arrives to make a statement on the fiscal cliff negotiations with congressional leaders in the briefing room of the White House on Friday, Dec. 28, 2012, in Washington. The negotiations are a last ditch effort to avoid across-the-board first of the year tax increases and deep spending cuts. (AP Photo/ Evan Vucci)
Senate Majority Leader Harry Reid, D-Nev., retreats to a closed-door meeting with fellow Democrats as he and Senate Minority Leader Mitch McConnell, R-Ky., work to negotiate a legislative path to avoid the so-called "fiscal cliff," at the Capitol in Washington, Sunday, Dec. 30, 2012. Senate and House leaders rushed to assemble a last-ditch agreement to stave off middle-class tax increases and possibly delay steep spending cuts in an urgent attempt to find common ground after weeks of gridlock. (AP Photo/J. Scott Applewhite)
Senate Minority Leader Mitch McConnell of Kentucky, center, arrives at his office in the Capitol as he and Senate Majority Leader Harry Reid of Neveda, try to negotiate a legislative solution to avoid the so-called "fiscal cliff" in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)
Senate Minority Leader Mitch McConnell of Kentucky, arrives at his office in the Capitol as he and Senate Majority Leader Harry Reid of Neveda try to negotiate a legislative solution to avoid the so-called "fiscal cliff," in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)
Senate Minority Whip Jon Kyl of Arizona walks between the Senate chamber and the office of Senate Minority Leader Mitch McConnell of Kentucky, as Democrats and Republicans try to negotiate a legislative path to avoid the so-called "fiscal cliff," in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)

American Axle 4Q profit soars on tax benefit

Print Page Updated: 07:36:52 PM, Fri 08 February 2013

DETROIT () — & Manufacturing Holdings Inc. said Friday that its fourth-quarter net income soared, helped by a hefty tax benefit and an increase in vehicle production.

The Detroit-based auto supplier earned $319.9 million, or $4.21 per share, up from $31.1 million, or 41 cents per share, in the same quarter the year before.

The recent quarter's results included a $319.9 million tax benefit, along with $9.7 million in debt-related charges and $6.2 million in restructuring costs.

Revenue jumped 22 percent to $736.7 million.

American Axle, which still sells the bulk of its products to General Motors Co., said sales to customers other than GM rose 17 percent to $204.1 million.

The company's content per vehicle increased 1 percent to $1,514.

For the full year 2012, American Axle earned $367.7 million, or $4.87 per share, up from $142.8 million, or $1.89 per share, in 2011. Revenue rose 13.4 percent to $2.93 billion.

American Axle shares rose 28 cents, or 2.3 percent, to $12.13 in afternoon trading.

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