American Axle & Manufacturing Holdings Inc. posted its first quarterly profit in two years on Friday, an encouraging sign after deep and painful cost cuts at the struggling auto parts supplier. Its shares jumped 7 percent in morning trading.
"We believe the third quarter of 2009 marks a positive turning point" for the company, CEO Richard E. Dauch said in a statement.
The profit was largely based on a one-time gain from pension and post-retirement benefit curtailments, which totaled $42.3 million during the quarter. The company continued to take charges due to salaried attrition programs and other restructuring costs.
The parts …
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