allison transmission holding (ALSN) Key Developments
Allison Transmission Holdings, Inc. Declares Quarterly Dividend, Payable on December 2, 2013
Nov 7 13
Allison Transmission Holdings, Inc. announced that its board of directors declared a cash dividend of $0.12 per share on the company's common stock and non-voting common stock for the fourth quarter of 2013. Payment will be made on December 2, 2013, to stockholders of record at the close of business on November 18, 2013.
Allison Transmission Holdings, Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter 2013; Updates Earnings Guidance for the Full Year 2013
Oct 28 13
Allison Transmission Holdings, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net sales of $466 million, a 6% decrease from the same period in 2012. Adjusted Net Income was at $101 million, compared to Adjusted Net Income of $100 million for the same period in 2012, an increase of $1 million. Net income was at $44.5 million against $32.2 million reported last year. Diluted earnings per share for the quarter were $0.24 against $0.17 reported last year. The decrease in Net Sales were principally driven by previously contemplated reductions in U.S. defense spending, lower demand in the North America energy sector's hydraulic fracturing market, relative to the same period in 2012, fewer sales of North America hybrid-propulsion systems for transit buses and continued weakness in the Outside North America Off-Highway mining sector end market. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $162 million, or 34.7% of net sales, compared to $160 million, or 32.3% of net sales, for the same period in 2012. Excluding $12 million of technology-related license expenses Adjusted EBITDA for the third quarter of 2012 was $172 million, or 34.8% of net sales. Adjusted Free Cash Flow, also a non-GAAP financial measure, for the quarter was $116 million compared to $120 million for the same period in 2012. Income before income taxes was at $72.4 million against $49.2 million reported last year. Operating income was at $111.2 million against $91.8 million last year. Net cash provided by operating activities was $131.0 million against $138.9 million a year ago.
For the nine months, the company reported net sales of $1,435.8 million against $1,654.8 million a year ago. Operating income was $310.3 million against $366.1 million a year ago. Income before income taxes was $198.6 million against $195.1 million a year ago. Net income was $122.5 million or $0.65 per diluted share against $503.0 million or $2.70 per diluted share a year ago. Adjusted net income was $270.2 million against $330.1 million a year ago. Adjusted EBITDA was $473.9 million against $573.2 million a year ago. Net cash provided by operating activities was $315.4 million against $385.4 million a year ago. Adjusted free cash flow was $280.2 million against $319.5 million a year ago.
For the fourth quarter of 2013, the company expects net sales to stabilize on a year-over-year basis, an improvement relative to the sales declines experienced through the first three quarters of the year. The company continues to anticipate improving trends in the fourth quarter of 2013 which it expects to be driven by growth in global On-Highway and Service Parts, Support Equipment & Other end markets, and abating year-over-year declines in the North America Off-Highway and North America Hybrid-Propulsion Systems for Transit Bus end markets.
For the full year 2013, the company updated its guidance which includes Adjusted EBITDA excluding technology-related license expenses in the range of $630 to $640 million and Adjusted Free Cash Flow in the range of $340 to $360 million. The company expects to achieve these levels on revised net sales for full year 2013 in the range of $1,920 to $1,935 million, implying an Adjusted EBITDA margin excluding technology-related license expenses in the range of 32.75 to 33.25%. The updated guidance is within the ranges provided last quarter on all metrics. The company updated its full year 2013 guidance for capital expenditures to a range of $75 to $80 million and cash income taxes to a range of $8 to $12 million.
Allison Transmission Holdings Inc.'s TC10 Tractor Transmission Available for Order at Navistar
Oct 17 13
Allison Transmission Holdings Inc. announced that the new TC10 tractor transmission is now offered on Navistar's International ProStar and TranStar models with MaxxForce 13 engines with SCR. This is the first offering of the fully automatic TC10. Navistar began accepting orders on October 15, 2013 and expects initial deliveries to occur in the first quarter of 2014. The TC10 is specifically designed for both city and highway tractor duty cycles and provides a blended architecture with full power shifts, a torque converter and a twin countershaft gear box. It is fully automatic and offers smooth, seamless shifting through 10 ranges. This optimizes acceleration and fuel economy, making the transmission especially ideal for distribution applications where a tractor-trailer splits its work cycle between city and highway conditions. Rated up to 600 horsepower and 1,700 pound-feet of torque at launch, the TC10 is designed with 10 forward speeds and two reverse. It comes equipped with Allison's newest generation of electronic controls which provide superior fuel economy features, prognostics to eliminate unnecessary oil and filter changes, and enhanced shift selector functionality. A five-year or 750,000 mile warranty is also included.
Allison Transmission Holdings, Inc. to Report Q3, 2013 Results on Oct 28, 2013
Oct 14 13
Allison Transmission Holdings, Inc. announced that they will report Q3, 2013 results on Oct 28, 2013
Allison Transmission Holdings, Inc. Presents at Baird 43rd Annual Industrial Conference, Nov-05-2013 08:00 AM
Sep 25 13
Allison Transmission Holdings, Inc. Presents at Baird 43rd Annual Industrial Conference, Nov-05-2013 08:00 AM. Venue: Four Seasons Hotel Chicago, 120 East Delaware Place, Chicago, Illinois, United States. Speakers: David S. Graziosi, Chief Financial Officer, Principal Accounting Officer, Executive Vice President, Treasurer and Assistant Secretary, Lawrence E. Dewey, Chairman, Chief Executive Officer, President, Chairman of Executive Committee, Member of Nominating & Corporate Governance Committee and Member of Government Security Committee.