Allison Transmission said sales for the fourth quarter rose 25% to $588m.

Net income was $215m versus $61m a year ago.

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Adjusted EBITDA was $210m, or 35.7% of sales, compared to $158m (33.8%).

Chairman and CEO Lawrence Dewey said: “2017 was a noteworthy year. Full year results exceeded our initial sales guidance ranges across all of our end markets.”

Gross profit for the quarter rose 32% to $288m while gross margin was 49% versus 46.4%.

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The rise in net income was due mainly to tax cuts, increased gross profit and lower incentive compensation expenses partially offset by a loss associated with the impairment of long-lived assets, increased technology-related investment expense, unfavourable product warranty adjustments, increased product initiatives spending, increased interest expense and increased commercial activities spending.

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Guidance

Allison expects 2018 sales to be in the range of up 3% to 7% compared to 2017 and an adjusted EBITDA margin in the range of 37.5% to 39.5%.