Allison Transmission results top Wall Street forecast

Allison Transmission Holdings Inc. on Monday topped Wall Street expectations with its fourth quarter financial results.

The Indianapolis-based manufacturer said it had profit of $61.2 million, or 36 cents per share, in the quarter ended Dec. 31, up from $13 million, or 8 cents per share, in the same quarter of 2015.

The profit beat the average estimate of 27 cents per share by eight analysts surveyed by Zacks Investment Research.

The automatic transmission maker posted revenue of $468.9 million in the period, down from $478.2 million in 2015. The revenue beat the analyst forecast of $430.3 million.

For the year, the company reported profit of $214.9 million, or $1.27 per share. Revenue was reported as $1.84 billion.

Allison said it expects 2017 sales to rise by 1.5 percent to 4.5 percent compared to 2016.

Shares in Allison closed at $35.36 each on Monday, up 49 percent in the last 12 months.

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