American Axle posts quarterly loss amid UAW strike
DETROIT (Reuters) - American Axle & Manufacturing Holdings Inc <AXL.N> posted a quarterly loss on Friday as the auto parts supplier grappled with a strike by union workers that has idled its five U.S. plants.
American Axle lost $27.0 million in the first quarter, or 52 cents per share, against net income of $15.7 million a year earlier, or 30 cents per share.
Revenue fell to $587.6 million from $802.2 million a year earlier.
About 3,650 United Auto Workers-represented employees went on strike at five American Axle U.S. plants on February 26.
Negotiations continue between the union and the company, which has said it must cut wages and benefits steeply to maintain the U.S. plants.
(Reporting by Soyoung Kim; Editing by Steve Orlofsky)
© Copyright 2008 Reuters. Reuters content is the intellectual property of Reuters or its third-party content providers. Any copying, republication, or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.
rising
falling 