American Axle beats by $0.08, misses on revs, announces $100 mln share repurchase program :
- Reports Q1 (Mar) earnings of $0.78 per share, $0.08 better than the Capital IQ Consensus of $0.70; revenues were unchanged from the year-ago period at $969.2 mln, which is below the $1.00 bln consensus.
- Non-GM sales were $323.2 million vs $328.9 million in 1Q15.
- "Our strong first quarter financial results position AAM to achieve our full year 2016 financial targets...As we look forward to the remainder of 2016, we remain focused on supporting the launch of programs in our new business backlog and advancing AAM's product technology..."
- Co announces that its board has authorized a share repurchase program of up to $100 mln through December 31, 2018.
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