This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Oshkosh Corporation Reports Fiscal 2013 First Quarter Results

“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.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs