INDIANAPOLIS - Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) is reporting first quarter net income of $83 million, up from $48 million during the same period the previous year. Chief Executive Officer Lawrence Dewey says the increase is mainly due to a strong demand for North America service parts.

The company also saw an 8 percent increase in net sales for the quarter at $499 million. "Allison demonstrated solid operating margins and free cash flow while executing its well-defined approach to capital structure and allocation," said Dewey. "During the first quarter, we settled $415 million of share repurchases and paid a dividend of $0.15 per share."

The earnings report follows Dewey's announcement in December that he is retiring at the end of May. The company has yet to name a successor.

You can view the full earnings report by clicking here.