American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) today reported its financial results for the third-quarter 2013. The vehicle drivetrain manufacturer saw sales of $820.8 million, up 16.8 percent from Q3 of 2012. Gross profit came in at $125.3 million, or 15.3 percent of sales. Net income in the third-quarter was $31.6 million, or $0.41 per share. This compares to a net loss of $8.1 million, or $0.11 per share in the same quarter of 2012. Earnings before interest, taxes, depreciation and amortization were $113.4 million or approximately 13.8 percent of sales.
“AAM’s financial results in the third quarter of 2013 were highlighted by solid sales growth, improved profit margin performance and positive free cash flow,” said David C. Dauch, AAM’s Chairman, President and Chief Executive Officer. “For the remainder of 2013, we are focused on successfully launching AAM’s industry-first EcoTracTM Disconnecting All Wheel Drive system, as well as continuing to deliver positive financial results by executing our aligned business strategy, which is built upon the foundational principles of quality, operational excellence and technology leadership.”
Upscale dining company, Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH), reported solid numbers for the third-quarter of 2013. Ruth’s reported net income of $2.9 million, or $0.08 per diluted share, compared to net income of $0.8 million or $0.02 per diluted share in Q3 of 2012. Restaurant sales in the third-quarter bounced up by 4.3 percent to $84.4 million, compared to $80.9 million in the third quarter of 2012. At the end of the third quarter of 2013, the company had $37.0 million in debt outstanding under its senior credit facility. This is a decrease of $3.0 million from $40.0 million at the end of the Q2 and a decrease of $32.0 million from the end of the third-quarter of 2012.
“We are pleased to see our business momentum carry into the third quarter,” stated Michael P. O’Donnell, Chairman, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc. “Our revenue growth of 5.0 percent was driven by another comparable restaurant sales increase at Ruth’s Chris Steak House that included a continuation of solid traffic gains. Our development activity continues to bear fruit, exhibited by four new leases signed, and we expect new unit activity to increasingly contribute to our growth going forward. With a healthy capital structure and growing profitability, we are well-positioned to reinvest in our existing business, continue to invest in new restaurant development and return capital to shareholders.”
United States Cellular Corporation (NYSE:USM) reported earnings this morning of $862.3 million for the Q3 of 2013, as opposed to $1,036.4 million for the same period a year ago. The company had a net income loss of $9.9 million which translates into $0.12 per share. This is in comparison to $35.5 million, or $0.42 per share for Q3 of 2012. The addition of USM’s offering of Apple (NASDAQ: AAPL) products impacted bottom line with increased service revenues resulting from customers added and retained as a result of offering Apple products, but decreased adjusted income, primarily from loss on equipment sales as a result of offering those products. There was a significant increase in capital expenditures related to the implementation of the 850 MHz band to provide additional volume for future growth in data usage, which includes capacity required to oblige the use Apple merchandise.
“We have continued to execute on our strategies to improve U.S. Cellular’s competitive position and financial foundation,” said Kenneth R. Meyers, U.S. Cellular president and CEO. “We’re close to bringing 4G LTE to nearly 90 percent of our customers, we have a new billing system in place, and we plan to expand our device portfolio with the launch of the Apple iPhone and iPad on November 8, supported by our recently introduced shared data plans for consumers and businesses. Regrettably, the billing system implementation impacted our ability to provide high-quality service to every customer for a period of time. However, we have made substantial progress in resolving the issues, and we expect the system to provide significant benefits over the long term.”
Disclosure: Author does not maintain any position in the stocks mentioned, nor does he plan to initiate one in the next 48 hours.