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Indianapolis-based Allison Transmission Holdings Inc. is reporting first quarter net income of $151 million, compared to $83 million in the same period a year earlier. The performance was driven by a 33% increase in net sales to $663 million.

Inside Indiana Business reported that Chief Executive Officer Larry Dewey says demand for global on-highway, service parts, support equipment and global off-highway markets exceeded expectations.

“We also continued our well-defined approach to capital structure and allocation. During the quarter, Allison settled $125 million of share repurchases, paid a dividend of $0.15 per share and completed a re-pricing of its $1,176 million term loan debt due September 2022,” Dewey said. “Given first quarter 2018 results and current end markets conditions, we are raising our full year 2018 net sales guidance from an increase in the range of 3 to 7 percent to an increase in the range of 10 to 14 percent.”

Full-year net income guidance has also been increased to the range of $515 to $550 million. The company also expects continued high demand in the global on-highway and global off-highway segments to help drive sales growth in the second quarter.

You can connect to the company’s full quarterly earnings report by clicking here.