Oshkosh Corporation (NYSE: OSK) today reported fiscal 2012 first quarter net income attributable to Oshkosh Corporation of $38.9 million, or $0.42 per diluted share, compared to $99.6 million, or $1.09 per diluted share, in the first quarter of fiscal 2011. Results for the first quarter of fiscal 2012 included $0.02 per share of expenses, net of income tax benefits, related to the proxy contest in connection with the Company’s 2012 annual shareholders’ meeting, and $0.04 per share, net of income tax benefits, of foreign currency transaction losses. Results for the first quarter of fiscal 2011 included $0.13 per share of restructuring charges, net of income tax benefits. Results for the first quarter of fiscal 2012 and 2011 included benefits related to discrete tax items of $0.07 and $0.10 per share, respectively.
Consolidated net sales in the first quarter of fiscal 2012 were $1.88 billion, an increase of 10.5 percent compared to the prior year first quarter. Higher Family of Medium Tactical Vehicles (FMTV) sales and increased demand for aerial work platforms and telehandlers in the access equipment segment were offset in part by expected declines in sales of Family of Heavy Tactical Vehicles (FHTV) and aftermarket parts for the MRAP-All Terrain Vehicle (M-ATV).
Consolidated operating income in the first quarter of fiscal 2012 was $75.3 million, or 4.0 percent of sales, compared to $168.7 million, or 9.9 percent of sales, in the prior year first quarter. The decrease in consolidated operating income was primarily attributable to the defense segment where an adverse product mix negatively impacted operating income comparisons.
“We made good progress during the first quarter on a number of initiatives underlying our MOVE strategy to deliver value for all shareholders,” said Charles L. Szews, Oshkosh Corporation president and chief executive officer. “We outperformed our most recent expectations by achieving profitability on the FMTV program in the first quarter and have solid plans to continue to raise FMTV margins. Our integrated project teams are identifying product, process and overhead cost reductions and executing related implementation plans. In addition, our international sales increased 40 percent in the first quarter.
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