Shares of American Axle & Manufacturing Holdings Inc. soared 11% in premarket trade Friday, after the engine and automotive products maker beat fourth-quarter profit and revenue that rose above expectations. Net income for the quarter to Dec. 31 rose to $106.3 million, or 93 cents a share, from $46.9 million, or 59 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 76 cents. Revenue rose to $1.73 billion from $946.5 million, topping the FactSet consensus of $1.69 billion, as non-GM (General Motors) sales more than tripled to $1.01 billion. For 2018, the company said it is targeting revenue of about $7 billion, compared with the FactSet consensus of $6.8 billion. The stock has tumbled 10.8% over the past three months through Thursday, while the S&P 500 has gained 5.6%.
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