Indianapolis-based Allison Transmission Holdings Inc. saw its third-quarter revenues and profits improve significantly from their plunges the previous quarter, though not yet recovered to pre-pandemic levels.
In a financial report released Wednesday afternoon, the manufacturer reported quarterly revenue of $532 million. That’s up 41% from the second quarter, but down 20% from the $669 million the company had reported during the third quarter of 2019.
Allison also reported profit of $77 million, or 68 cents per diluted share, as compared with $23 million, or 20 cents per diluted share, during the previous quarter. During the third quarter of 2019 the company reported profit of $149 million, or $1.23 per diluted share.
The company’s financial performance exceeded analysts’ expectations. A consensus of analysts had predicted revenue of $513 million and profit of 65 cents per share.
“Despite the challenges presented by the pandemic, third quarter results improved significantly, as customer demand and the global economy continued to recover, following the severe disruptions experienced in the second quarter,” President and CEO David Graziosi said in a prepared statement.
Allison temporarily suspended production at some of its Indianapolis facilities March 30 because of pandemic-related supply chain disruptions and weaker customer demand. The following month, the company announced it would terminate 272 hourly employees, or just more than 10% of its workforce, at two Indianapolis locations.
Shares of Allison were trading at $36.22 Thursday morning, essentially unchanged from Wednesday’s closing price of $36.21.