Allison Transmission Inc. on Monday reported earnings of nearly $413 million in the second quarter after losing $17.2 million in the same period a year ago.
Despite the healthy profit, the Indianapolis-based manufacturer cut its full-year sales-growth forecast to a range of 1 percent to 3 percent compared to a prior estimate of 5 percent to 7 percent.
Allison said quarterly profit was boosted significantly by a one-time $350 million income tax benefit. On a per-share basis, earnings were $2.28 compared to a loss of 9 cents in last year's second period.
Quarterly revenue rose 1 percent, to $559 million.
Allison's performance was boosted by a 43-percent sales increase in parts for overseas off-highway vehicles and a 16-percent rise in military sales. Revenue fell almost equally in North America markets.
Monday’s earnings report was Allison’s second since its initial public offering, which raised $600 million earlier this year.
The company reported a $58 million profit on $602 million in the first quarter.
Allison said its new full-year sales forecast reflects "a cautious approach given heightened market uncertainty."
Allison released results after markets closed Monday. Company shares closed at $18.39 each.