Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) is reporting full-year net income of $299 million, compared to $604 million the previous year.
Despite the drop, President and Chief Executive Officer David Graziosi says the company is seeing a recovery in customer demand and the global economy.
The company is also reporting fourth-quarter net income of $60 million, compared to $107 million during the same period a year ago.
“Severe disruptions to the global economy as a result of the ongoing pandemic led to substantial volatility in demand and considerable supply chain constraints,” said Graziosi.
But he says despite the challenges, Allison was able to maintain the uninterrupted delivery of products, and the generation of earnings and positive cash flow.
“Aggressive cost management efforts throughout the year while continuing to fund significant investments in engineering – research and development and capital expenditures have positioned Allison to capitalize on meaningful growth opportunities that lie ahead,” Graziosi said.
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