DETROIT — American Axle and Manufacturing Holdings said earnings and revenue slipped during the first quarter as it grappled with the COVID-19 crisis, but the company said operating results remained strong under the circumstances.
Shares in American Axle surged on the news, rising 37 percent to $5.85 in midday trading.
Adjusted earnings, after interest, taxes and other onetime deductions, fell 13 percent to $213 million during the quarter. The company said COVID-19 costs took a $47 million bite out of those EBITDA results.
On a call Friday, CFO Chris May credited the positive adjusted EBITDA performance to high productivity and low launch costs.
In the statement, the company reported first-quarter net sales dropped 22 percent to $1.34 billion.
The company previously targeted sales of $5.8 billion to $6 billion in 2020, lower than in previous years.
American Axle joins other suppliers — including Aptiv, BorgWarner, Magna, Lear Corp. and Tenneco — in reporting earnings this…