On Friday, Detroit-based American Axle & Manufacturing, a major automotive supplier, reported its financial results for the fourth quarter and full year 2017. The results showed AAM had a record year in 2017 with total annual sales of $6.3 billion and a net income of $337.1 million (5.4 percent of sales).
In the fourth quarter, the company registered total sales of $1.7 million (6.1 percent of sales).
“2017 was a transformational year for AAM,” says company chairman and CEO, David C. Dauch. “We achieved another year of record sales and profitability while increasing our scale and accelerating business diversification through the acquisition of MPG (Metaldyne Performance Group).
“As we look ahead to 2018, we expect another year of outstanding financial results, further integration and synergy attainment, and exceptional support of our customers on numerous product launches.”
AAM’s fourth quarter and 2017 results reflect the impact of the acquisition of Metaldyne Performance Group Inc., which was completed on April 6, 2017.
AAM is targeting sales of approximately $7 billion in 2018. The company is a global leader in design, engineering, validation, and manufacturing of driveline, metal forming, powertrain, and casting products for automotive, commercial, and industrial markets.
AAM has more than 25,000 employees operating at some 90 facilities in 17 countries.