Allison Transmission turns quarterly profit despite 49% decline in revenue

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00
allison transmission

Allison Transmission Holdings Inc. on Tuesday reported second-quarter earnings that surpassed Wall Street expectations but revenue that fell short.

The Indianapolis-based manufacturer turned a profit of $23 million, or 20 cents per share, down from $181 million, or $1.47 per share, in the second quarter of 2019.

Five analysts surveyed by Zacks Investment Research predicted earnings of 19 cents per share.

Allison reported revenue of $377 million in the period, down 49% from $737 million in year-ago quarter. Four analysts surveyed by Zacks expected $410.3 million.

“Second-quarter results reflect the significant impact the pandemic continues to have on global supply chains and customer demand,” said Allison CEO David Graziosi in written remarks. “Despite these ongoing disruptions, all of Allison’s global facilities are currently producing transmissions and components, and the majority of our manufacturing operations have run continuously throughout 2020.”

Allison Transmission shares closed at $38.47 on Tuesday, prior to the earnings release, up 35 cents on the day. Shares have fallen 20% since the beginning of the year.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In