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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 sales surge 10 percent in the fourth quarter, capping a record year for the company in terms of revenue and profit.
The Indianapolis-based manufacturer on Monday reported fourth-quarter net sales of $647 million, up from $588 million in the same quarter of 2017. The increase was principally driven by higher demand in Allison’s Outside North America Off-Highway and North America On-Highway end markets, the company said.
Allison realized a fourth quarter profit of $147 million, or $1.15 per share, down from $215 million, or $1.52 per share, in the year-ago period. However, earnings from the fourth quarter of 2017 included a one-time income tax benefit of $152 million.
For the year, the automatic transmission maker reported sales of $2.71 billion and profit of $639 million, or $4.81 per share. That compares with 2017 sales of $2.26 billion and a profit of $504 billion, or $3.38 per share.
“I am pleased to report that 2018 was a record year for Allison Transmission,” Allison CEO David Graziosi said in written comments. “Full-year results exceeded our initial net sales guidance ranges across all of our end markets.”
Shares in Allison were up 3.9 percent Tuesday morning, to $52.33 each.
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