A transmission for a power tool includes an intermediate shaft and first and second driving gears coupled for co-rotation with the intermediate shaft. The transmission also includes an output shaft having first and second driven gears continuously engaged with the respective first and second driving gears. The transmission further includes a hub coupled for co-rotation with the output shaft, and a collar. The collar is axially movable along the output shaft between a first position in which the collar couples the first driven gear to the hub for co-rotation with the output shaft, and a second position in which the collar couples the second driven gear to the hub for co-rotation with the output shaft.