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In the second quarter of 2024, Allison Transmission has achieved a remarkable milestone by recording net sales of $816 million, marking a 4% increase compared to the same period last year. This success is primarily due to strong demand for Class 8 vehicles and medium-duty trucks in North America.
The company also reported a significant increase in its sales during the first six months of the year, reaching a total of $1.605 billion, representing a 5.3% growth compared to the first half of 2023. This growth was not limited to a single market; sales in North America increased by $59 million, driven by demand for Class 8 professional vehicles, while sales in the defense market grew by $10 million and in international markets increased by $5 million.
David S. Graziosi, President and CEO of Allison Transmission, attributed these record results to the unprecedented demand for Class 8 vehicles. According to Graziosi, this demand has been a crucial factor in achieving these impressive quarterly and semi-annual results.
Looking ahead, Allison Transmission maintains an optimistic outlook for the remainder of 2024. The company expects net sales for the year to range between $3.090 billion and $3.170 billion, with projected net income between $650 million and $700 million.
These results reflect Allison Transmission's strength and adaptability in an ever-evolving market. The company has demonstrated its ability to respond to market demand and continue innovating in its product offering.
