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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. on Monday reported first-quarter earnings and profit that topped Wall Street expectations.
The Indianapolis-based manufacturer reported a profit of $48.3 million, or 28 cents per share, down from $68.4 million, or 38 cents per share, in the first quarter of 2015.
Profit adjusted for non-recurring costs came in at 63 cents per share, which topped the average estimate of 57 cents per share by eight analysts surveyed by Zacks Investment Research.
Allison posted revenue of $462.1 million in the period, down from $503.6 million a year ago. Five analysts surveyed by Zacks expected revenue of $451.8 million.
Company officials said the declining revenue was principally driven by lower demand in the global Off-Highway, Service Parts and Support Equipment end markets.
Allison shares closed at $27.95 each Monday, up 8 percent since the beginning of the year, but a decline of 13 percent in the last 12 months.
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