Allison’s First-Quarter Income Declines

Allison Transmission Holdings said its first-quarter income and revenue declined from a year ago, on lower demand from the North American hydraulic fracturing market.

Net income fell to $28 million, or 15 cents per share, from $58 million, or 32 cents, a year ago. The heavy-duty truck transmission manufacturer said revenue dropped 24% to $457 million.

In addition to lower demand in the fracturing market, the transmission manufacturer also cited weakness in natural gas pricing and reductions in U.S. defense spending.

Allison said it expects full-year sales to decline in the range of 6% to 8%.