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Allison Transmission Holdings Inc. on Wednesday (April 26) reported quarterly revenue of $499 million, up 8% over the same period a year ago.

The Indianapolis-based transmission maker said most of the increase was credited to improved North American demand in Allison’s service parts and support equipment business. Sales in that division totaled $118 million, up 39% compared with sales a year ago.

The company reported first-quarter profit of $83 million, or 52 cents per share, up from $48 million, or 28 cents per share, in the same quarter of 2016.

“Allison demonstrated solid operating margins and free cash flow while executing its well-defined approach to capital structure and allocation,” Chairman and CEO Lawrence Dewey said in the earnings report. “During the first quarter, we settled $415 million of share repurchases and paid a dividend of $0.15 per share.

“Given first quarter 2017 results and current end markets conditions, we are updating our full year net sales guidance to an increase in the range of 7.5% to 10.5%.”

The company said its revised guidance is based on several factors: stronger North American demand for both off-highway service parts and on-highway products; price increases on certain products; and “a modest recovery” in global off-highway end market.

To view the full report click here.