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Last $31.10 USD
Change Today +0.42 / 1.37%
Volume 1.6M
ALSN On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

allison transmission holding (ALSN) Key Developments

Allison Transmission Announces xFE Models with Technology to Further Increase Fuel Economy for Buses

Allison Transmission Holdings Inc. announced a new series of bus models that incorporate the latest advances in fuel economy technology. Referred to as xFE, designating extra fuel economy, the fully automatic bus transmissions have demonstrated improvements up to 7% in addition to the company's FuelSense® features. Models with xFE are new transmissions with the same space claim and ratings as current models, but incorporate optimized gear ratios coupled with the FuelSense® Max package. They have been designed to enable first range lock up, deliver significantly more lock up operation and operate at lower engine speeds in higher ranges to further improve fuel economy. While individual fleet results will depend heavily on the duty cycle, testing at customer fleets on four continents and in cities ranging from St. Louis to Seoul and Beijing to Rio de Janeiro, the xFE units have delivered fuel economy improvements of up to 7% when compared to baseline models. These improvements resulted from the new gear ratios and were independent of FuelSense features. Notably, the xFE models are also compatible with alternative fuel engines. The new bus model for North America is designated as the B3400 xFE™. Production began last month in Indianapolis. Outside of North America, Allison will offer three new xFE models: the T3280 xFE™, T3325 xFE™ and T3375 xFE™.

Allison Transmission Holdings, Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for 2015 and Sales Guidance for the Second Quarter of 2015; Announces Impairment Charges for the First Quarter Ended March 31, 2015

Allison Transmission Holdings, Inc. announced consolidated unaudited earnings results for the first quarter ended March 31, 2015. Net sales for the first quarter of $504 million, a 2% increase from the same period in 2014. The increase in Net Sales were principally driven by the continued recovery in the North America On-Highway end market, higher demand in the North America Off-Highway end market and price increases on certain products partially offset by lower demand in other end markets. Adjusted net income, a non-GAAP financial measure, for the quarter was $150 million, compared to adjusted net income of $108 million for the same period in 2014, an increase of $42 million. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $190 million, or 37.7% of net sales, compared to $166 million, or 33.6% of net sales, for the same period in 2014. Excluding $3 million of technology-related license expenses, Adjusted EBITDA for the first quarter of 2014 was $169 million, or 34.3% of net sales. Adjusted free cash flow, a non-GAAP financial measure, for the quarter was $87 million, or $0.47 per diluted share, compared to $96 million for the same period in 2014, or $0.52 per diluted share. Operating income was $142.3 million against $114.8 million a year ago. Net income was $68.4 million against $52.1 million a year ago. Diluted earnings per share attributable to were $0.38 against $0.28 a year ago. Net cash provided by operating activities was $80.1 million against $98.6 million a year ago. Adjusted free cash flow for the quarter was $87 million compared to $96 million for the same period in 2014. The decrease was principally driven by decreased net cash provided by operating activities and $3 million of 2014 technology-related license expenses partially offset by decreased capital expenditures and increased excess tax benefit from stock-based compensation. Net cash provided by operating activities decreased $19 million from the same period in 2014, principally driven by reductions in incentive compensation accruals of $14 million, deferred revenue of $9 million and miscellaneous other current liabilities of $10 million, partially offset by increased net sales, price increases on certain products and decreased SG&A and engineering spending. CapEx decreased $10 million from the same period in 2014, principally driven by the timing of certain 2015 productivity and replacement programs spending. Adjusted free cash flow decreased $9 million from the same period in 2014, principally driven by decreased net cash provided by operating activities and $3 million of 2014 technology-related license expenses, partially offset by decreased capital expenditures and increased excess tax benefit from stock-based compensation. The company updated its full year 2015 guidance. The company expects net sales decrease in the range of 4% to 8%, an adjusted EBITDA margin in the range of 34.5% to 35.5%, an adjusted free cash flow in the range of $460 to $510 million, capital expenditures in the range of $60 to $70 million, and cash income taxes in the range of $10 to $15 million. For the second quarter of 2015, the company expects net sales to be lower than the same period in 2014. The anticipated year-over-year decrease in second quarter net sales is expected to occur due to higher demand in the global on-Highway end markets being more than offset by lower demand in other end markets. For the quarter ended March 31, 2015, the company reported loss associated with impairment of long-lived assets was $1.3 million.

Allison Transmission Holdings, Inc. to Report Q1, 2015 Results on Apr 27, 2015

Allison Transmission Holdings, Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 27, 2015

Allison Transmission Holdings, Inc., Q1 2015 Earnings Call, Apr 28, 2015

Allison Transmission Holdings, Inc., Q1 2015 Earnings Call, Apr 28, 2015

Allison Transmission Announces Receipt of Requisite Consents, Expiration of Consent Solicitation

Allison Transmission, Inc. announced that in connection with its cash tender offer to purchase any and all of its outstanding 7.125% Senior Notes due 2019 (CUSIP Nos. 019736AC1 and U01979AC4) and its solicitation for consents to certain proposed amendments to the indenture governing the notes it has received the requisite consents for the Proposed Amendments, upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement and related Letter of Transmittal and Consent, each dated as of March 18, 2015. The Proposed Amendments eliminate substantially all of the restrictive covenants (other than, among other covenants, the covenant to pay interest and premium, if any, on, and principal of, the notes when due), certain events of default and other related provisions contained in the Indenture and the notes. As of 5:00 p.m., New York City time, on March 31, 2015, Allison had received valid consents representing a majority in aggregate principal amount of the outstanding notes (excluding notes held by Allison and its affiliates). Accordingly, Allison and Wells Fargo Bank, National Association, as trustee, have entered into a supplemental indenture giving effect to the Proposed Amendments. Subject to the terms and conditions set forth in the Offer Materials, Allison will pay eligible holders who have validly tendered their notes at or prior to the Consent Time and not validly withdrawn their notes at or prior to the Withdrawal Time (as defined below) a cash payment equal to $1,042.00 per $1,000 aggregate principal amount of notes. The Total Consideration consists of (i) $1,012.00 per $1,000 principal amount of the notes for which notes were validly tendered and not validly withdrawn in the related tender offer and (ii) $30.00 per $1,000 principal amount of the notes for which consents to the Proposed Amendments were validly delivered at or prior to the Consent Time and not validly revoked at or prior to the Withdrawal Time. Holders who validly tender their notes after the Consent Time but at or prior to 11:59 p.m., New York City time, on April 14, 2015 will only be eligible to receive the Tender Offer Consideration.

 

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TEV/Sales 1.3x
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