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Allison Transmission Holdings Inc. (ALSN-0.96%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details that Allison Transmission Holdings Inc. is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles, and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions.
The company reported net sales of $3,225 million for the year, an increase from $3,035 million in 2023. The increase was driven by higher sales in the North America On-Highway and Defense end markets.
Cost of sales for the year was $1,696 million, representing 53% of net sales, compared to 52% in the previous year. The increase was attributed to higher direct material and manufacturing expenses.
The company reported a gross profit of $1,529 million, up from $1,470 million in 2023. The increase was primarily due to price increases on certain products and increased net sales.
Selling, general, and administrative expenses decreased to $337 million from $357 million, while engineering expenses increased slightly to $200 million from $194 million.
Net income for the year was $731 million, compared to $673 million in the previous year. The effective tax rate remained consistent at 19%.
Allison Transmission Holdings Inc. had total available cash and cash equivalents of $781 million as of December 31, 2024, with $744 million available under its revolving credit facility.
The company continues to focus on its global presence, serving customers in North America, Asia, Europe, South America, and Africa, with 77% of revenues generated in North America.
Allison Transmission Holdings Inc. is traded on the New York Stock Exchange under the symbol 'ALSN'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allison Transmission Holdings Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.