Indianapolis-based Allison Transmission, manufacturers of automatic transmissions for medium- and heavy-duty commercial vehicles, including RVs, reported net sales for the second quarter of $377 million, down 49 percent from the same period in 2019.
Net Income for the quarter was $23 million, compared to $181 million year-over-year.
“Once again, I would like to thank all of Allison’s employees, customers and suppliers for their continued dedication and resilience,” said David S. Graziosi, president and CEO. “The health and well-being of Allison’s extended family remains our top priority, as we manage through this unprecedented period.”
Graziosi continued, “Second quarter results reflect the significant impact the pandemic continues to have on global supply chains and customer demand. 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. To date, we have achieved uninterrupted delivery of our products and continued to generate earnings and positive cash flow. We remain focused on aligning our operations, programs and spending with current end market conditions, while maintaining the flexibility to respond quickly and appropriately as these conditions evolve. Allison is well-capitalized and positioned to realize opportunities that may emerge from the current environment, as a result of our long-standing commitment to prudent balance sheet management, ample liquidity and profitable operations.”