Citing planned changes in military spending, Oshkosh Corp. reported Tuesday that its 2011 fiscal year net income and sales have declined dramatically.
The company’s year-end income was $273.4 million, or $2.99 a share, down 62% from the $729.9 million, or $8.69 a share, reported in 2010, a record year for the Wisconsin company.
In addition, the heavy vehicle and equipment manufacturer reported sales of $7.58 billion for the year ending Sept. 30, compared to $9.84 billion in fiscal 2010, a drop of 23% due largely to the first-quarter completion of a contract to produce the MRAP-All Terrain Vehicle. Those sales accounted for $4.5 billion in 2010, compared to $1.25 billion in the first quarter.
On the plus side, rental equipment revenue increased 91% in the fourth quarter.
Oshkosh Corp. also reduced its long-term debt to $1.09 billion and is on track to whittle its debt below the $1 billion mark.
