“We started the year strong with results that exceeded our expectations as we continued to execute our MOVE strategy,” said Charlie Szews, chief executive officer of Oshkosh Corporation. “MOVE provides a clear roadmap and targets for delivering shareholder value, and the Oshkosh team is working diligently to deliver against that roadmap.
“Each of our non-defense segments improved its operating income margins compared to the prior year quarter, favorably positioning our company to deliver on our long-range goals. Our strong first quarter performance and other positive developments, give us confidence to raise our full-year outlook for adjusted diluted earnings per share to a range of $2.80 to $3.05.
“I am also pleased to announce that, as part of a previously announced plan to repurchase up to $300 million of our common stock over a 12 to 18 month period, we repurchased approximately 4.25 million shares of Oshkosh Corporation common stock in the quarter at an aggregate cost of $125 million,” added Szews.
Factors affecting first quarter results for the Company’s business segments included:Access Equipment – Access equipment segment sales to external customers increased 15.1 percent to $581.2 million for the first quarter of fiscal 2013 compared to the prior year first quarter. The increase was principally the result of higher telehandler volumes in North America, the realization of previously announced price increases and improved aftermarket sales. Including intersegment sales, access equipment segment sales decreased 7.4 percent for the first quarter of fiscal 2013 compared with the prior year quarter when the segment produced $122.6 million of components for MRAP All-Terrain Vehicles (M-ATVs) for the Company’s defense segment. In the first quarter of fiscal 2013, access equipment segment operating income more than tripled to $48.9 million, or 8.4 percent of sales, compared to prior year first quarter operating income of $13.1 million, or 2.1 percent of sales. The increase in operating income was primarily the result of higher sales volume to external customers and the realization of previously announced price increases.