Analysts on average had expected American Axle to earn 22 cents

The auto parts supplier, whose shares fell nearly 9 percent, forecast full year 2010 sales would rise at least 30 percent to a range of $2 billion to $2.1 billion Replica Handbags, raising the bottom end of its previous $1.9 billion to $2.1 billion forecast.”Vehicle sales have been off to a reasonable start in 2010 Replica Handbags handbagreplica.net, but not as strong as what we’re expecting for the rest of the year. We’d rather see a little bit more from the macro economics standpoint before we change our plan.”However, big cost cuts made during the wrenching industry downturn would allow American Axle to be “solidly profitable” this year Handbags Replica, which would mark its first annual profit since 2007, Simonte said. Auto sales rebound from their worst downturn in 27 years.American Axle reported net income of $16.3 million, or 22 cents per share, compared with a year earlier loss of $32.7 million, or 59 cents per share, which included a charge for workforce reductions.Sales rose 30 percent to $521.9 million.Analysts on average had expected American Axle to earn 22 cents per share on sales of $535.6 million, according to Thomson Reuters I/B/E/S.Simonte said the first quarter results included a one time charge related to benefits the company earlier agreed to pay its hourly workers represented by the United Auto Workers Union.”If we were to adjust our Q1 results to exclude this item, our earnings would have been higher than the high end of the range of sell side estimates,” Simonte said on a conference call with analysts.Barclays Capital analyst Brian Johnson said the charge could have cost American Axle up to 6 cents per share in the first quarter.

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