American Axle Swings to Loss

American Axle & Manufacturing Holdings Inc. swung to a second-quarter loss on the effects of a new labor deal with the United Auto Workers and a downsizing the auto-parts maker is undergoing. American Axle, a major supplier of components for sport-utility vehicles and pickup trucks for top customer General Motors Corp. and Chrysler LLC, reported a net loss of $644.3 million, or $12.49 a share, compared with net income of $34.6 million, or 66 cents a share, a year earlier. The latest period included charges of $11.16 a share, primarily related to the labor deal and restructuring. What to expect from other major companies -- including analyst forecasts for profit and revenue -- as they report quarterly earnings. Net sales plunged 47% to $490.5 million, with the three-month strike that ended in May cutting second-quarter revenue... [read full story]