Traverse City Record-Eagle

Business

August 4, 2013

Business in Brief: 08/04/2013

Biz start-up workshop

TRAVERSE CITY — Individuals who are considering self-employment or are in the beginning stages of starting a business will have access to a wide variety of helpful information at a business start up workshop being offered by the Michigan Small Business and Technology Development Center. Venture Start: Business Start Up will be held Aug. 13 from 5:30 to 7:30 p.m. in the Parsons-Stulen building on NMC’s Aero Park Campus.

The workshop will be taught by business consultant Walt Muellenhagen and will help aspiring entrepreneurs assess their abilities to lead and manage a company, and evaluate market and sales potential for their products/services. Start-up costs, financing options, and business planning will be introduced, along with necessary steps to getting started.

There is no charge to attend the workshop but pre-registration is required at: northwestmichiganbusiness.com. For more information, call Sharon Gordon at: 922-3780 or email sharongordon@nwm.cog.mi.us.

 

American Axle profits rebound as sales rise

DETROIT — American Axle & Manufacturing Holdings Inc. said Friday that its second-quarter net income jumped five-fold compared with results a year ago hobbled by charges for plant closings.

Its shares jumped briefly to their highest level in more than five years as earnings beat Wall Street expectations.

The company earned $25.8 million, or 34 cents per share, for the quarter that ended June 30. That was up from $4.7 million, or 6 cents per share, during the same period last year, when it absorbed 49 cents per share worth of special charges for closing plants in Detroit and Cheektowaga.

Revenue rose 8 percent to $799.6 million from $739.8 million a year earlier.

Analysts surveyed by FactSet had been expecting lower earnings of 30 cents per share on higher revenue of $813.8 million.

AAM gets most of its revenue for General Motors-related parts, although non-GM revenue rose almost 13 percent to $223.8 million, the company said. It’s benefiting from a recovery in the North American light truck market and from new products, said President and CEO David C. Dauch.

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