Allison Transmission tops expectations with third-quarter results

Allison Transmission Holdings Inc. on Wednesday announced third-quarter earnings and revenue that surpassed Wall Street expectations.

The Indianapolis-based manufacturer reported profit of $149 million, or $1.23 per share, compared with $167 million, or $1.27 per share, in the same period of 2018.

The profit topped the average estimate of $1.13 per share by six analysts surveyed by Zacks Investment Research.

Allison reported revenue of $669 million in the latest period, down 3 percent from a year ago. It exceeded analyst predictions of $663.9 million.

Allison Transmission said it expects full-year revenue in the range of $2.65 billion to $2.7 billion.

The company this week announced a new transmission, the Allison 3414 RHS, that will be used by Freightliner Trucks.

Allison shares closed Wednesday at $46.53 each, down almost 1 percent on the day.

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