RTTNews | Feb 12, 2021 08:23AM EST

08:23 Friday, February 12, 2021 (RTTNews.com) - American Axle & Manufacturing Holdings Inc. (AXL) reported that its fourth-quarter net income was $36.0 million or $0.30 per share, compared to a net loss of $454.4 million or $4.04 per share in the fourth quarter of 2019.

In Friday pre-market trade, AXL was trading at $11.45 up $0.89 or 8.43 percent.

Adjusted earnings per share was $0.51 compared to $0.13 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share. Analysts' estimates typically exclude special items.

Quarterly sales were $1.44 billion up from $1.43 billion last year. Analysts expected revenues of $1.36 billion for the quarter.

Sales for the fourth quarter of 2020 were unfavorably impacted by COVID-19 by approximately $40 million. Sales for the fourth quarter of 2019 were unfavorably impacted by a GM work stoppage by about $186 million. In addition, fourth quarter of 2019 sales included $119 million related to our U.S. iron casting operations, which were sold in December 2019.

Looking ahead for full year 2021, the company expects sales to be in the range of $5.3 billion - $5.5 billion. Analysts expect annual revenues of $5.49 billion.

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