U.S. Axle's first-quarter sales rose 24% year-on-year

The American Axle Bridge Manufacturing Company (AAM) recently announced its first quarter 2011 financial report. The financial report shows that the company’s first-quarter sales were US$646 million, which was a year-on-year increase of 24%. In the quarter, the company’s gross profit was US$115 million, accounting for 17.9% of sales, and operating profit of US$58.7 million, accounting for 9.1% of sales.

According to the financial report, the company’s net profit for the first quarter reached US$37.7 million, a figure that almost doubled from the US$16.3 million in the same period of 2010.

Richard Dauch, chairman of the company’s chairman and CEO and one of the company’s founders, said: “The first quarter of 2011 started well and our annual sales growth rate reached 24%, setting a new company for three years. The best sales record for the quarter. In the rest of the year, we will focus on preparing for the timely release of new products. The company plans to launch these new products from 2011 to 2013, respectively."

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