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Oshkosh Corporation Reports Fiscal 2012 Third Quarter Results

Stocks in this article: OSK

Oshkosh Corporation (NYSE: OSK) today reported fiscal 2012 third quarter net income attributable to Oshkosh Corporation common shareholders 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. Results for the third quarter of fiscal 2012 included benefits related to discrete tax items of $0.07 per share.

Consolidated net sales in the third quarter of fiscal 2012 were $2.18 billion, an increase of 7.6 percent compared to the prior year third quarter. Higher sales in all non-defense segments, led by the access equipment segment, offset lower defense segment sales.

Consolidated operating income in the third quarter of fiscal 2012 was $124.5 million, or 5.7 percent of sales, compared to $126.0 million, or 6.2 percent of sales, in the prior year third quarter. Increased earnings on higher access equipment segment sales and improved commercial segment performance were offset by lower defense segment earnings.

“Strong execution of our MOVE strategy initiatives supported improved results from the second to the third fiscal quarters," said Charles L. Szews, Oshkosh Corporation president and chief executive officer. "Each of our non-defense segments also posted improved performance and higher operating income margins compared with the third quarter of last year. Margin improvement was particularly strong in the access equipment and commercial segments due in part to our continuing efforts to reduce our product, process and overhead costs. Our defense segment performed well by delivering another quarter of improved margins on the FMTV program and just last week we announced an order for future sales of 750 M-ATVs to the United Arab Emirates.”

Szews continued, “This morning, we also announced that we are exiting two small businesses, our ambulance and European mobile medical businesses, in our fire & emergency segment. These were difficult, but necessary actions that will reduce costs and help the fire & emergency segment focus on profitably growing its core business across the globe.

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