Why American Axle Stock Lost 10% This Morning
American Axle & Manufacturing Holdings (NYSE: AXL) stock drove into a ditch Friday morning, its shares falling 9.5% through 11:25 a.m. ET after the car parts manufacturer reported a quarterly loss where investors had expected a quarterly profit.
Heading into Q4 2022, analysts had forecast that American Axle would earn $0.01 per share (adjusted) on sales of $1.39 billion. As it turned out, American Axle nailed the sales target but whiffed on earnings. Instead of a profit, the company reported a $0.07-per-share loss.
The news wasn't all bad. As mentioned earlier, both the $0.01-per-share expected profit and the $0.07-per-share actual loss were "adjusted" numbers -- not earnings as calculated according to generally accepted accounting principles (GAAP). As it turned out, American Axle's GAAP profit was a respectable $0.11 per share.
Source Fool.com
