Allison Transmission sees profit dip in Q2
INDIANAPOLIS, Ind. (Inside INdiana Business) – Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) is reporting second quarter net income of $23 million, down from $181 million during the same period last year. Chief Executive Officer David Graziosi says the decrease was a result of lower demand in all of its end markets except defense, as a result of the COVID-19 pandemic.
The manufacturer says defense end market net sales were up 14% from the same period last year, driven mainly by Tracked vehicle demand.
“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,” said Graziosi. “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.”
The manufacturer says net sales for the second quarter were $377 million, a 49% decrease from the same period in 2019.
You can connect to the full earnings report by clicking here.