Buckingham Research Downgrades American Axle (AXL) to Neutral
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November 3, 2016 6:43 AM EDT
DETROIT, and SOUTHFIELD, Mich., Nov. 3, 2016 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) and Metaldyne Performance Group Inc. (MPG) (NYSE: MPG) today announced that the companies have entered into a definitive merger agreement under which AAM will acquire MPG for approximately $1.6 billion in cash and stock, plus the assumption of $1.7 billion in net debt. The combination brings together highly complementary businesses and forms a premier, global Tier 1 supplier with broad capabilities across powertrain, drivetrain and driveline product lines, as well as diversified... More
November 3, 2016 6:40 AM EDT
DETROIT, Nov. 3, 2016 /PRNewswire/ --Â American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) today reported its financial results for the third quarter 2016.
Third Quarter 2016 Results
Sales of $1.007 billion
Gross profit of $181.2 million, or 18.0% of sales
Net income of $61.7 million, or 6.1% of sales
Diluted earnings of $0.78 per share
Adjusted EBITDA (earnings before interest expense, income taxes,...
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