Allison Transmission Holdings (ALSN) Tops Q2 EPS by 1c, Updates Guidance
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Allison Transmission Holdings (NYSE: ALSN) reported Q2 EPS of $0.26, $0.01 better than the analyst estimate of $0.25. Revenue for the quarter came in at $512.1 million versus the consensus estimate of $501.73 million.
Allison Transmission Holdings sees FY2013 revenue of $1.90-1.92 billion, versus the consensus of $1.98 billion.
Full Year 2013 Guidance Update
Our updated full year 2013 guidance includes Adjusted EBITDA excluding technology-related license expenses in the range of $630 to $660 million and Adjusted Free Cash Flow in the range of $325 to $375 million, consistent with the ranges for such measures implied in our prior guidance ranges. We expect to achieve these levels on revised net sales for full year 2013 in the range of $1,920 to $1,960 million, implying an Adjusted EBITDA margin excluding technology-related license expenses in the range of 32 to 34 percent, consistent with our prior Adjusted EBITDA margin excluding technology-related license expenses guidance.
In the second half of 2013, we expect net sales to stabilize on a year-over-year basis, an improvement relative to the sales decline in the first half of the year. We believe there are improving trends in the second half of 2013 which we expect to be driven by strong year-over-year growth in global On-Highway end markets and abating year-over-year declines in the North America Off-Highway end market. We continue to focus on delivering our Adjusted EBITDA excluding technology-related license expenses and Adjusted Free Cash Flow commitments through the execution of initiatives that align costs and programs across our business with end markets demand conditions. We also believe Allison is well positioned for a cyclical recovery in the North America On-Highway end market while supporting its Outside North America growth plans. Finally, we are updating our full year 2013 guidance for capital expenditures to a range of $75 to $85 million and cash income taxes to a range of $10 to $15 million.
For earnings history and earnings-related data on Allison Transmission Holdings (ALSN) click here.
Allison Transmission Holdings sees FY2013 revenue of $1.90-1.92 billion, versus the consensus of $1.98 billion.
Full Year 2013 Guidance Update
Our updated full year 2013 guidance includes Adjusted EBITDA excluding technology-related license expenses in the range of $630 to $660 million and Adjusted Free Cash Flow in the range of $325 to $375 million, consistent with the ranges for such measures implied in our prior guidance ranges. We expect to achieve these levels on revised net sales for full year 2013 in the range of $1,920 to $1,960 million, implying an Adjusted EBITDA margin excluding technology-related license expenses in the range of 32 to 34 percent, consistent with our prior Adjusted EBITDA margin excluding technology-related license expenses guidance.
In the second half of 2013, we expect net sales to stabilize on a year-over-year basis, an improvement relative to the sales decline in the first half of the year. We believe there are improving trends in the second half of 2013 which we expect to be driven by strong year-over-year growth in global On-Highway end markets and abating year-over-year declines in the North America Off-Highway end market. We continue to focus on delivering our Adjusted EBITDA excluding technology-related license expenses and Adjusted Free Cash Flow commitments through the execution of initiatives that align costs and programs across our business with end markets demand conditions. We also believe Allison is well positioned for a cyclical recovery in the North America On-Highway end market while supporting its Outside North America growth plans. Finally, we are updating our full year 2013 guidance for capital expenditures to a range of $75 to $85 million and cash income taxes to a range of $10 to $15 million.
For earnings history and earnings-related data on Allison Transmission Holdings (ALSN) click here.
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