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Allison Transmission® News Release Allison Transmission Announces Third Quarter 2021 Results * Net Sales of $ 567 million , up 7 % year - over - year * Diluted EPS of $ 0.89 , up 31 % year - over - year * Net Income of $ 94 million , 17 % of Net Sales * Adjusted EBITDA of $ 189 million , 33 % of Net Sales * Allison hosted a Virtual Technology Day on October 6 INDIANAPOLIS , October 27 , 2021 - Allison Transmission Holdings Inc. ( NYSE : ALSN ) , a leading designer and manufacturer of conventional and electrified vehicle propulsion solutions and the largest global manufacturer of medium- and heavy - duty fully automatic transmissions for commercial and defense vehicles , today reported a 7 percent increase in net sales from the same period in 2020 as robust customer demand and the ongoing recovery in global economic activity remains tempered by persisting commercial vehicle industry production constraints due to global supply chain challenges . Year - over - year results were led by a 31 percent increase in net sales in the Outside North America On - Highway end market driven by continued strength in global on - highway customer demand and the continued execution of growth initiatives , a $ 19 million increase in net sales in the North America Off - Highway end market driven by improving demand for hydraulic fracturing applications , and a $ 10 million increase in net sales in the Outside North America Off - Highway end market driven by higher demand in the energy , mining and construction sectors . Net sales for the quarter were $ 567 million . Net income for the quarter was $ 94 million . Diluted EPS for the quarter was $ 0.89 . Adjusted EBITDA , a non - GAAP financial measure , for the quarter was $ 189 million . Net cash provided by operating activities for the quarter was $ 196 million . Adjusted free cash flow , a non - GAAP financial measure , for the quarter was $ 153 million . David S. Graziosi , Chairman and Chief Executive Officer of Allison Transmission commented , " Allison's third quarter 2021 results reflect the continuing recovery in global markets and customer demand . Thanks to the commitment and tireless efforts of our employees and suppliers , Allison remains positioned to meet customer demand , despite the broad and ongoing challenges to global supply chains . Graziosi continued , " During the third quarter , we maintained our well - defined approach to capital allocation by settling $ 100 million of share repurchases , representing over 2 percent of outstanding shares , and paying a quarterly dividend of $ 0.19 per share . As of September 30 , Allison had repurchased over 7 percent of outstanding shares in 2021 . Notably , during the third quarter Allison received credit ratings upgrades from both Moody's and Fitch . " Virtual Technology Day On October 6 , Allison held a Virtual Technology Day . Our management team presented information on the company's longstanding commitment to innovation , latest product development initiatives , electrification and conventional market trends and Allison's strategy for its portfolio of electrified and internal combustion propulsion solutions . Videos of the event , including two Q & A sessions with management are available on the Investor Relations website . https://ir.allisontransmission.com/events/event-details/allison-transmissions-virtual-technology-day 1