American Axle & Manufacturing stock surged 5% on strong quarterly results and increased financial outlook.

From Nasdaq MarketSite.: 2024-08-09 18:33:58

American Axle & Manufacturing (NYSE: AXL) reported strong quarterly results, with sales of $1.63 billion and net income more than doubling to over $18 million. The stock closed almost 5% higher as compared to the S&P 500’s 0.5% increase. Analysts had estimated lower revenue and earnings for the company, making its performance impressive. CEO David Dauch credited the growth to “positive contributions from volume and mix, and continued operational performance.” American Axle adjusted its full-year sales outlook to $6.1 billion to $6.3 billion and adjusted EBITDA to $705 million to $755 million. No net income forecasts were provided. Keep an eye on this stock for potential growth opportunities.



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