The following is a summary of the Allison Transmission Holdings, Inc. (ALSN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Allison reported Q1 2024 net sales of $789 million, up 6% year-over-year.

• Gross profit rose slightly to $366 million due to an increase in manufacturing expenses and non-reoccurring costs.

• Net income for the quarter was down $1 million year-over-year at $169 million.

• Diluted earnings per share showed improvement, increasing 3% to $1.90 from Q1 2023.

• Adjusted EBITDA was $289 million, due to increased net sales offset by higher manufacturing costs.

• Adjusted free cash flow was $162 million, down from $169 million in Q1 2023.

• The company upheld its full-year 2024 guidance, with net sales projected between $3.5 billion to $3.15 billion.

Business Progress:

• Allison has successfully expanded into the South American agriculture sector.

• The collaboration with Yutong, a leading Chinese bus OEM, aided in delivering transit buses to Rwanda.

• Allison and SANY have expanded their partnership to integrate Allison's 4000 series specialty transmissions into SANY's 500-ton all-terrain cranes.

• The first X1100 cross-drive transmissions have been delivered to Turkey for their Firtina self-propelled howitzer program.

• Allison's eGen Flex electric hybrid system was chosen by the New Orleans Regional Transit Authority for their city buses.

• Allison's 3414 Regional Haul Series and 4000 series were endorsed as the exclusive automatic transmissions for Navistar International's RH and HX Series trucks.

• Allison repurchased nearly 1% of its outstanding shares for the first quarter and raised its quarterly dividend by 9% to $0.25 per share.

• Demand for Allison's Class 8 straight products remains strong, with the company expecting this trend to continue throughout 2024.

• Despite industry-wide component shortages, Allison is actively working on overcoming these challenges using internal resources and its supply base.

• The company is considering reducing some customer incentives and is exploring additional pricing opportunities across other markets.

More details: Allison Transmission IR

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