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Allison Transmission Holdings, Inc. (NYSE: ALSN) stands as the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles, and a leader in hybrid-propulsion systems for city buses. Founded in 1915, Allison is headquartered in Indianapolis, Indiana, USA, and employs approximately 2,700 people worldwide. The company boasts a strong global presence with operations in over 80 countries and regional headquarters in the Netherlands, China, and Brazil.
Allison's products are utilized in a diverse array of applications, including refuse, construction, fire, distribution, bus, motorhomes, defense, and energy sectors. Their transmissions are designed to enhance fuel and operator efficiency, making them a preferred choice over manual and automated manual transmissions. With a commanding presence in the on-highway business, Allison holds about 60% of the global market share in Class 4-8 trucks, buses, and certain heavy-duty passenger vehicles like motorhomes.
Committed to innovation, Allison is at the forefront of developing electric hybrid propulsion systems and e-powertrains, extending its technological reach into sustainable transportation solutions. A testament to this commitment is the recent partnership with New Flyer to equip New Orleans' buses with Allison's eGen Flex® electric hybrid propulsion system, offering enhanced sustainability and emergency preparedness capabilities.
Allison also prides itself on a robust and expansive service network, with approximately 1,600 independent distributor and dealer locations worldwide. Recent expansions include a new authorized service location in Rwanda and collaborations with major partners such as Penske in Australia and Polska Grupa Zbrojeniowa in Europe, ensuring comprehensive support and service availability for their products globally.
Financially, Allison continues to show strong performance. In the first quarter of 2024, the company reported record net sales of $789 million, driven by robust demand across various markets and strategic price increases. Despite industry challenges, Allison has maintained a prudent balance sheet, focusing on a low-cost, flexible debt structure and continued capital returns to shareholders through share repurchases and increased dividends.
Allison's venture arm, Allison Ventures, further underscores their dedication to future growth and innovation by committing $10 million to EnerTech Capital, aiming to access and leverage emerging automotive technologies. This strategic investment aligns with Allison's broader efforts to enhance its innovation pipeline across commercial mobility and work solutions.
For more detailed information on Allison Transmission's products, services, and latest developments, visit allisontransmission.com.
Allison Transmission Holdings (NYSE: ALSN) has announced a quarterly dividend of $0.25 per share on its common stock for the third quarter of 2024. The dividend will be paid on August 30, 2024, to stockholders of record as of the close of business on August 19, 2024. The company's Board of Directors will determine future dividend payments based on various factors, including Allison's financial position, results of operations, available cash, cash flow, and capital requirements.
Allison Transmission (NYSE: ALSN) reported record quarterly net sales of $816 million in Q2 2024, up 4% year-over-year. Diluted EPS increased 11% to $2.13. The company's performance was driven by strong demand in the North America On-Highway end market, which achieved record quarterly sales of $456 million. Notable increases were also seen in the Defense and Outside North America On-Highway markets.
Based on these results, Allison has raised its full-year 2024 guidance for revenue, earnings, and cash flow. The company expects 2024 Net Sales between $3,090 to $3,170 million, Net Income of $650 to $700 million, and Adjusted EBITDA ranging from $1,085 to $1,145 million. During Q2, Allison continued its shareholder return program through dividends and share repurchases.
Allison Transmission has partnered with Cummins to test the new X15N 15-liter natural gas engine paired with the Allison 4000 Series transmission. Sandman, a bulk cement hauling fleet, completed over 50,000 miles of successful field testing, reporting significant improvements in fuel efficiency and performance. The combination demonstrated impressive results in a Peterbilt tractor pulling double trailers.
The 4000 Series transmission, designed for performance and fuel efficiency, features Allison's torque converter and FuelSense® 2.0 technology, offering up to 6% fuel savings. The X15N engine is 500 pounds lighter than its diesel counterpart, further enhancing fuel economy and emissions reduction. Peterbilt and Kenworth trucks equipped with this powertrain are now available to order.
Allison Transmission has expanded its FracTran® hydraulic fracturing transmission to the Canadian market through a partnership with Element Technical Services. This marks FracTran's first deployment in Canada, representing a potential $100 million annual revenue growth for Allison's global Off-Highway market. The FracTran, designed for harsh operating conditions, offers high reliability and efficiency, enhancing productivity in oil fields.
Key features of FracTran include eight gear ranges, multiple gear ratios, and a current rating of 3,300 horsepower with 10,000 lb.-ft. of input torque, upgradable to 3,500 horsepower. It also provides live diagnostics, a transmission-mounted control module, and an onboard remote information system, aiming to improve sustainability, efficiency, and profitability for service operators.
Allison Transmission has formed a strategic partnership with Lingong Heavy Machinery Co. (LGMG), a prominent Chinese mining equipment manufacturer. This collaboration aims to expand Allison's global mining presence by integrating Allison 6625 Wide Body Dump Series™ (WBD) transmissions into LGMG's 136T wide body mining dump trucks.
The partnership marks the first integration of Allison's fully automatic transmission into LGMG's larger 136T crossover vehicle, which has been trialed in Chile, China, Indonesia, and Vietnam. Allison's WBD transmissions are highly regarded for their unrivaled performance, offering smooth full-throttle starts, intelligent gear shifting, and superior driving performance on difficult terrain.
Allison Transmission has partnered with BAE Systems Hägglunds to provide the new Allison 4040 MX™ propulsion solution for ongoing CV90 Infantry Fighting Vehicle (IFV) programs. Production is expected to begin in 2028. This collaboration extends Allison's medium weight offering in its cross-drive product portfolio and represents an opportunity for continued growth in Allison's Defense end market. The agreement also ensures long-term support for the existing Allison X300-equipped CV90 fleet.
The CV90 IFV, designed and manufactured in Sweden, is operated by several European countries and has recently won contracts in Slovakia and Czech Republic for approximately 400 new vehicles. This partnership strengthens Allison's position in the growing global market for defense vehicles and demonstrates their commitment to delivering innovative solutions for evolving customer needs.
Allison Transmission has announced a significant milestone, with over 10,000 Allison-equipped Hyundai Mighty vehicles sold in the last 4 years since 2020. The popularity of Allison's fully automatic transmissions in these light-duty trucks has grown substantially, now equipping 50% of all Hyundai Mightys sold, up from 10% four years ago.
The success is attributed to the Allison 1000 xFE™ fully automatic transmission, which offers improved performance, increased productivity, and enhanced driver comfort compared to manual and automated manual transmissions. Key benefits include superior launch performance, smoother shifting, and elimination of clutch replacements, resulting in reduced downtime and increased economic value.
Allison Transmission (NYSE: ALSN) will hold its second quarter 2024 earnings conference call on July 25, 2024, at 5:00 p.m. EDT. Key executives, David S. Graziosi and G. Frederick Bohley, will review the financial performance. The earnings release will be issued post-market on the same day. The conference call can be accessed via +1-877-425-9470 (domestic) or +1-201-389-0878 (international). A live webcast will be available online at ir.allisontransmission.com, with a replay accessible until August 8, 2024, using the passcode 13747609.
Allison Transmission has published its 2023 Corporate Social Responsibility (CSR) Report, highlighting its sustainability initiatives, environmental performance, social contributions, and governance practices. The report emphasizes the company's dedication to providing low-emission propulsion solutions for OEM partners and fleet customers. CEO David S. Graziosi reiterated the company's commitment to reducing emissions and addressing the unique needs of its clients. The full report is available on the company's website.
Allison Transmission Holdings (NYSE: ALSN), a leader in commercial-duty automatic transmissions and hybrid propulsion solutions, announced the appointment of G. Frederick Bohley III as the new Chief Operating Officer (COO) effective immediately. Bohley, who has been with the company since 1991, will retain his roles as Chief Financial Officer (CFO) and Treasurer. As COO, he will oversee Finance, Strategy and Business & Corporate Development, Information Systems & Services, and Operations. The company has begun searching for a new CFO to succeed Bohley. CEO David Graziosi praised Bohley's leadership and experience, expressing confidence in his capability to drive strategic growth.
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