Citing benefits from its MOVE strategy, Oshkosh Corp. today reported third quarter net income of $75.7 million, or $0.82 per diluted share, compared to $68.4 million, or $0.75 per diluted share, in the third quarter of fiscal 2011. As a result, Oshkosh Corp. is revising upward its outlook for the remainder of fiscal 2012.
The company reported that consolidated net sales in the third quarter were $2.18 billion, an increase of 7.6% over the third quarter of 2011. Higher sales in all non-defense segments, led by the access equipment segment, offset lower defense segment sales.
Charles L. Szews, president and chief executive officer for Oshkosh Corp., said each of the company’s non-defense segments posted improved performance and higher operating income margins compared to the third quarter of last year.
Oshkosh Corp. also issued the following revised guidance:
• Sales in the access equipment segment will be approximately 40% higher in fiscal 2012 compared to fiscal 2011, with operating income margins of 7.5% to 8% in this segment.
• Sales in the defense segment will decrease approximately 10% in fiscal 2012 compared to fiscal 2011, and operating income margins in the segment will be in the 5% to 5.5% range.
• Consistent with prior expectations, Oshkosh Corp. believes sales in the fire and emergency segment will be up slightly in fiscal 2012 compared to fiscal 2011.
• Sales in the commercial segment will increase approximately 20% in fiscal 2012 compared to fiscal 2011, with operating income margins of 3.5% to 4% percent in the segment.
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