A sales slide led Allison Transmission Holdings Inc.’s profit to drop 17 percent in the third quarter.
The Indianapolis-based manufacturer on Monday said it earned $32.2 million, or 17 cents per share, in the quarter.
Revenue fell 14 percent, to $493.5 million, compared with $574 million in the same quarter of 2011.
Allison lowered its sales outlook by a range of 2.5 percent to 3.5 percent for the remainder of 2012 compared to a rise of 1 percent to 3 percent.
The company attributed weaker sales to its North American off-highway sales, which fell 71 percent. The drop largely happened because the company experienced unusually high demand a year earlier as natural gas fracturing went through a boom, Lawrence Dewey, the company’s president, CEO and chairman, told investors.
Allison’s biggest market, North American on-highway sales (commercial semis), fell 5 percent, to $189 million.
Allison shares closed at $19.45 each Friday. The market halted trading Monday because of Hurricane Sandy.