Allison Transmission reports Q1 EPS $1.90, consensus $1.89

Reports Q1 revenue $789M, consensus $772.3M. Diluted EPS of $1.90 includes 13c impact from $14M of Non-Recurring UAW Contract Signing. David Graziosi, Chair and Chief Executive Officer of Allison Transmission commented, “In the first quarter we generated record net sales, driven by strong Global On-Highway demand and strength in our Outside North America Off-Highway and Defense end markets. Robust demand for Class 8 vocational and medium-duty trucks drove record revenue in our North America On-Highway end market, while strength in Asia drove record first quarter revenue in our Outside North America On-Highway end market.” Graziosi continued, “During the first quarter, in support of our long-standing commitment to prudent balance sheet management and our focus on a low-cost, flexible and pre-payable debt structure with long-dated maturities, we increased commitments under our revolving credit facility to $750 million, extending the maturity date to 2029 and refinanced $518 million of term loan debt, paying down $101 million of existing term loan debt and extending the maturity date to 2031. We also maintained our commitment to returning capital to shareholders through our share repurchase program, repurchasing nearly 1 percent of outstanding shares. We also increased our quarterly dividend by 9 percent to $0.25 per share, the fifth consecutive annual increase to our quarterly dividend.”