American Axle slumps in pre-market on wider-than-expected Q2 loss
American Axle & Manufacturing Holdings Inc. (NYSE:AXL) is off 14% today after announcing a second quarter loss ahead of today’s opening. During the second quarter, American Axle posted a net loss of $644.3 million, or $12.49 per share, compared with a profit of $34.6 million, or $0.66 per share, for the same quarter a year earlier. Net sales dropped to $490.5 million from $916.5 million a year ago. The Detroit-based auto parts manufacturer said the decline in auto sales and the 87-day strike of its union workers dragged down the quarterly earnings.
In today’s pre-market trading, shares are at $5.50, off $0.92 from Thursday’s close. During the past year, shares have ranged from $5.10 to $28.14.
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