Oshkosh Fiscal 2009 4Q Profit Nearly Triples

OSHKOSH, Wis. (AP) — Oshkosh Corp. said Tuesday its fiscal fourth-quarter profit nearly tripled on earnings from a discontinued business, robust sales of vehicles to the military and lower costs.

Results beat Wall Street expectations and shares jumped in morning trading.

For the quarter ended Sept. 30, net income rose to $140.3 million, or $1.68 per share, from $53.7 million, or 72 cents per share, in the year-earlier period.

Excluding a one-time inventory benefit of 18 cents per share, a tax benefit of 18 cents per share and profit of $1.05 per share from discontinued operations, Oshkosh earned 27 cents per share in the latest quarter.

On July 1 the company announced the sale of its Netherlands-based Geesink Norba Group, which makes garbage trucks, for an undisclosed amount.

Analysts polled by Thomson Reuters expected earnings per share of 16 cents. Analyst estimates typically exclude one-time items and discontinued operations.

Sales declined to $1.49 billion from $1.85 billion. Analysts expected revenue of $1.4 billion.