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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA sales slide led Allison Transmission Holdings Inc.’s profit to drop 17 percent in the third quarter.
The Indianapolis-based manufacturer on Monday said it earned $32.2 million, or 17 cents per share, in the quarter.
Revenue fell 14 percent, to $493.5 million, compared with $574 million in the same quarter of 2011.
Allison lowered its sales outlook by a range of 2.5 percent to 3.5 percent for the remainder of 2012 compared to a rise of 1 percent to 3 percent.
The company attributed weaker sales to its North American off-highway sales, which fell 71 percent. The drop largely happened because the company experienced unusually high demand a year earlier as natural gas fracturing went through a boom, Lawrence Dewey, the company’s president, CEO and chairman, told investors.
Allison’s biggest market, North American on-highway sales (commercial semis), fell 5 percent, to $189 million.
Allison shares closed at $19.45 each Friday. The market halted trading Monday because of Hurricane Sandy.
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