American Axle & Manufacturing Reports Second Quarter 2008 Financial Results (PR Newswire)

DETROIT, July 25 /PRNewswire-FirstCall/ -- American Axle & Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial results for the second quarter of 2008. Second Quarter 2008 results -- Second quarter sales of $490.5 million -- Net loss of $644.3 million, or $12.49 per share -- AAM's quarterly results reflect the adverse impact of a strike called by the International UAW at AAM's original U.S. locations in Michigan and New York; AAM estimates the reduction in sales and operating income resulting from the strike to be $274.9 million and $86.6 million (or $1.73 per share), respectively -- AAM's quarterly results also reflect the adverse impact of special charges, asset impairments and other non-recurring operating costs of $575.6 million, or $11.16 per share; these charges,... [read full story]