Exhibit 99.1

 

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Allison Transmission Announces Second Quarter 2018 Results

 

    Net Sales for the second quarter 2018 of $711 million, up 23% compared to the same period in 2017

 

    Net Income for the second quarter of 2018 of $174 million, up 83% compared to the same period in 2017

 

    Adjusted EBITDA for the second quarter of 2018 of $297 million, up 32% compared to the same period in 2017

 

    Allison’s board of directors approves a $500 million increase to the existing stock repurchase program authorization

INDIANAPOLIS, July 30, 2018 – Allison Transmission Holdings Inc. (NYSE: ALSN)

, the largest global provider of commercial duty fully-automatic transmissions, today reported net sales for the second quarter of $711 million, a 23 percent increase from the same period in 2017. The increase in net sales was principally driven by higher demand in the Global On-Highway, Global Off-Highway and Service Parts, Support Equipment & Other end markets.

Net Income for the quarter was $174 million compared to $95 million for the same period in 2017. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $297 million compared to $225 million for the same period in 2017. Net Cash Provided by Operating Activities for the quarter was $213 million compared to $166 million for the same period in 2017. Adjusted Free Cash Flow, a non-GAAP financial measure, for the quarter was $194 million compared to $154 million for the same period in 2017.

David S. Graziosi, President and Chief Executive Officer of Allison Transmission commented, “I am very pleased to report that Allison achieved record net sales in the second quarter of 2018, driven by increased demand across all of our end markets, and the execution of growth initiatives throughout our business.” Graziosi continued, “Our year-over-year net sales growth of 23 percent was surpassed by even stronger growth in Net Income, up 83 percent and Adjusted EBITDA, up 32 percent. Furthermore, our established and well-defined approach to capital structure and allocation remains intact. During the quarter, Allison settled $244 million of share repurchases, repaid $25 million of long-term debt and paid a dividend of $0.15 per share. In addition, the board of directors has approved an increase to the existing stock repurchase authorization of up to an additional $500 million. Given second 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 10 to 14 percent to an increase in the range of 15 to 18 percent.”

Second Quarter Net Sales by End Market

 

End Market

   Q2 2018
Net Sales
($M)
     Q2 2017
Net Sales
($M)
     % Variance  

North America On-Highway (a)

   $ 343      $ 314        9

North America Off-Highway

   $ 31      $ 5        520

Defense

   $ 43      $ 30        43

Outside North America On-Highway

   $ 101      $ 85        19

Outside North America Off-Highway

   $ 24      $ 10        140

Service Parts, Support Equipment & Other

   $ 169      $ 136        24

Total Net Sales

   $ 711      $ 580        23

 

(a) North America On-Highway end-market net sales are inclusive of net sales for North America Electric Hybrid-Propulsion Systems for Transit Bus.

 

1


The following information was filed by Allison Transmission Holdings Inc (ALSN) on Monday, July 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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