American Axle shares surge 40% after posting lower Q1 results

DETROIT — American Axle and Manufacturing Holdings reported earnings and revenue slipped through the first quarter as it grappled with the COVID-19 disaster, but the company reported functioning final results remained solid beneath the conditions.

Shares in American Axle surged on the information, growing forty % to close at $5.ninety six on Friday.

Adjusted earnings, soon after interest, taxes and other onetime deductions, fell 13 % to $213 million through the quarter. The company reported COVID-19 fees took a $47 million chunk out of all those EBITDA final results.

On a simply call Friday, CFO Chris May credited the beneficial

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