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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. on Wednesday reported a higher profit in the second quarter on lower revenue.
The results did not meet Wall Street expectations.
The Indianapolis-based automatic transmission maker reported profit of $60.8 million, or 36 cents per share, up from $54.4 million, or 30 cents per share, in the same period of 2015.
The earnings fell well short of the estimate of 63 cents per share by seven analysts surveyed by Zacks Investment Research.
Allison posted revenue of $474.9 million in the period, down from $511 million last year. Five analysts surveyed by Zacks expected revenue of $476.3 million.
The company said the decrease in sales was principally driven by lower demand in the global Off-Highway, North America On-Highway, and Service Parts, Support Equipment & Other end markets.
Allison shares closed at $30.41 each on Wednesday, up 17 percent since the beginning of the year.
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