Oshkosh Corporation (NYSE: OSK) today reported fiscal 2013 first quarter net income of $46.2 million, or $0.51 per diluted share, compared to $38.9 million, or $0.43 per diluted share, in the first quarter of fiscal 2012. Fiscal 2013 first quarter net income, adjusted for items discussed in the following paragraph 1, was $55.1 million, or $0.60 per diluted share, compared to $34.6 million, or $0.39 per diluted share, in the first quarter of fiscal 2012. All results are for continuing operations attributable to Oshkosh Corporation, unless stated otherwise.
Adjusted results for the first quarter of fiscal 2013 excluded: pre-tax costs of $16.3 million incurred in connection with a tender offer for the Company’s common stock and threatened proxy contest; pre-tax charges of $0.9 million associated with the curtailment of a pension plan; favorable pre-tax adjustments to restructuring charges of $0.3 million associated with the Company’s plan to exit its ambulance business; and discrete income tax benefits of $1.9 million. Adjusted results for the first quarter of fiscal 2012 excluded: pre-tax costs incurred in connection with a proxy contest of $2.8 million; pre-tax restructuring related charges of $1.0 million, primarily associated with inefficiencies related to the transition of production of ambulances to the Company’s facilities in Florida; and discrete income tax benefits of $6.7 million.
Consolidated net sales in the first quarter of fiscal 2013 were $1.76 billion, a decrease of 6.1 percent compared to the prior year first quarter due to a decline in defense segment sales. Sales to external customers increased in all non-defense segments.
Consolidated operating income in the first quarter of fiscal 2013 was $80.8 million, or 4.6 percent of sales, compared to $75.4 million, or 4.0 percent of sales, in the prior year first quarter. Adjusted consolidated operating income in the first quarter of fiscal 2013 was $97.7 million, or 5.6 percent of sales, compared to $79.2 million, or 4.2 percent of sales, in the prior year first quarter. The increase in operating income in the first quarter of fiscal 2013 was largely attributable to higher sales and improved performance in the Company’s access equipment and fire & emergency segments.
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