Allison Transmission beats expectations in first quarter

Allison Transmission Holdings Inc. on Monday announced quarterly profit and revenue that exceeded analyst expectations.

The Indianapolis-based transmission manufacturer reported first-quarter sales of $633 million, a 33 percent increase over the first period of 2017.

Analysts surveyed by Zacks Investment Research had predicted revenue of $565.7 million.

Allison said the sales increase was driven by higher demand in the Global On-Highway, Service Parts, Support Equipment & Other, and Global Off-Highway end markets.

Profit in the quarter came in at $151 million, or $1.08 per share, compared with $83 million, or 52 cents per share.

The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks was for earnings of 79 cents per share.

Allison boosted full-year 2018 guidance to include a year-over-year net sales increase of 10 percent to 14 percent, to the range of $515 to $550 million.

Allison shares rose 4.6 percent in after-hours trading, to $40.80 each.

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