Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) is reporting second quarter net income of $95 million, up from $61 million during the same period last year. The company says the increase was partially offset by increased higher expenses.
The company is also reporting net sales of $580 million, which is a 22 percent increase over second quarter 2016. The only division that saw a drop in net sales was Allison’s North America Hybrid-Propulsion Systems for Transit Bus market, which fell just $1 million compared to the same quarter the previous year.
"Allison’s second quarter 2017 results exceeded the full year guidance ranges we provided to the market on April 26 principally driven by stronger than anticipated demand for North America service parts and North America On-Highway products," Chief Executive Office Lawrence Dewey said in a news release. "Allison demonstrated solid operating margins and free cash flow while executing its well-defined approach to capital structure and allocation."
Allison says it expects net sales in third quarter 2017 to rise as well due to increased product demand. You can connect to the full second quarter 2017 earnings report by clicking here.