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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAllison Transmission Holdings Inc. saw revenue and sales slip in the second quarter as global demand for its products waned, the Indianapolis-based manufacturer announced late Monday.
Revenue was $511 million in the most recent quarter, down 5 percent from $536 million in the same quarter of 2014.
Profit was $54.4 million, or 30 cents per share, down from $57.2 million, or 31 cents per share, in the year-ago quarter.
Revenue exceeded Wall Street expectations, but not profit. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share. Six analysts surveyed by Zacks expected revenue of $504.5 million.
Allison said the decrease in sales was "principally driven by lower demand in the global Off-Highway and Defense end markets." That decrease was "partially offset by the continued recovery in the North America On-Highway end market, higher demand in the Outside North America On-Highway end market and price increases on certain products," it said.
Allison said it now expects revenue in 2015 to be 6 percent to 8 percent below last year's mark of $2.12 billion.
Allison shares had declined 16 percent since the beginning of the year, but were up 3.6 percent Tuesday morning, to $29.40 each.
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