Allison Transmission Holdings Inc (NASDAQ: ALSN) shares surged 7.42% after the company reported strong third-quarter earnings that exceeded Wall Street expectations. For the quarter ended September 30, Allison posted adjusted earnings per share of $2.27, well above analysts' consensus estimate of $2.02. Revenue rose 12% year-over-year to $824 million, topping forecasts of $790.02 million.
The heavy machinery manufacturer's results marked a significant improvement from the same period last year when it reported EPS of $1.76. Net income for the quarter came in at $200 million. Allison Transmission's stock has risen nearly 72% so far this year, reflecting the company's robust financial performance.
Allison Transmission's blowout quarterly results fueled a rally in the stock on Tuesday morning. Investors cheered the strong earnings beat and revenue growth, signaling confidence in the company's ability to navigate supply chain challenges and capitalize on robust demand for its products. Analysts have an overall "hold" rating on the stock, with a median 12-month price target of $105.50.
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