* Q1 EPS $0.68 vs $0.50 last year
* Revenue up 16 pct
April 27 (Reuters) – Auto parts maker American Axle and
Manufacturing Holdings Inc posted a rise in quarterly
profit, helped mainly by gains from lower post-retirement
benefits.
The company, which is diversifying its customer base to
reduce dependence on General Motors Co, said sales to
non-GM customers was up about 9 percent.
Sales to GM contributes over 70 percent of its business.
Net income rose to $51.2 million, or 68 cents per share,
from $37.7 million, or 50 cents per share, a year ago.
Revenue rose 16 percent to $751.5 million.
The company, which makes axles and other driveline
components for trucks and larger vehicles, said it gained $21.8
million, or 29 cents per share, from post-retirement benefits
curtailment.
Gross margins rose to 18.5 percent for the first quarter
from 17.9 percent last year.
Shares of the Detroit-based company, which have fallen 15
percent since it reported fourth-quarter results, closed at
$10.77 on Thursday on the New York Stock Exchange.
