Allison Transmission Holdings reported third quarter net sales of $824 million, a quarterly record driven by continued strength in its North America on-highway, defense and outside North America on-highway end markets.
David S. Graziosi, chair and CEO of Allison Transmission said, “Demonstrated through our third quarter 2024 results, unprecedented demand for Class 8 vocational vehicles in our North America On-Highway end market continues to drive record performance for our business. Third quarter net sales increased 12% year over year, surpassed by an even stronger increase in diluted EPS, up 29% year over year to a quarterly record of $2.27 per share.”
Graziosi continued, “Based on the ongoing strength in our North America On-Highway end market and a favorable outlook for the remainder of the year, we are pleased to raise our full year 2024 revenue, earnings and cash flow guidance.”
Third Quarter Financial Highlights
Net sales for the quarter were a record $824 million. Year over year results were led by:
- An $81 million increase in net sales in the North America on-highway end market principally driven by strength in demand for Class 8 vocational vehicles and medium-duty trucks and price increases on certain products,
- A $10 million increase in net sales in the defense end market principally driven by increased demand for Tracked vehicle applications, and
- An $8 million increase in net sales in the outside North America on-highway end market, leading to record third quarter net sales of $126 million, principally driven by higher demand in Asia and price increases on certain products, partially offset by lower demand in Europe.
Net income for the quarter was $200 million. Diluted EPS for the quarter was $2.27. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $305 million. Net cash provided by operating activities for the quarter was $246 million. Adjusted free cash flow, a non-GAAP financial measure, for the quarter was $210 million.
For additional information from the Allision Transmission financial report, click here.
