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Oshkosh Corporation Reports Fiscal 2013 First Quarter Results

Stocks in this article: OSK

Defense – Defense segment sales decreased 21.1 percent to $828.7 million for the first quarter of fiscal 2013 compared with the prior year first quarter. The decrease in sales was primarily due to expected lower M-ATV and related aftermarket parts shipments, offset in part by higher Family of Heavy Tactical Vehicles and Family of Medium Tactical Vehicles unit sales.

In the first quarter of fiscal 2013, defense segment operating income decreased 34.1 percent to $60.9 million, or 7.4 percent of sales, compared to prior year first quarter operating income of $92.4 million, or 8.8 percent of sales. The decrease in operating income was largely due to lower sales volumes, offset in part by favorable adjustments on the definitization of domestic contracts and warranty matters.

Fire & Emergency – Fire & emergency segment sales for the first quarter of fiscal 2013 increased 20.7 percent to $193.3 million compared to the prior year quarter. The increase in sales primarily reflected higher unit volumes at all business units in the segment as the segment benefited from the timing of international deliveries and improved product mix.

The fire & emergency segment reported operating income of $5.8 million, or 3.0 percent of sales, for the first quarter of fiscal 2013 compared to an operating loss of $9.9 million, or 6.2 percent of sales, in the prior year quarter. Operating results for the first quarter of fiscal 2013 were positively impacted by higher sales volume, the elimination of inefficiencies incurred in the prior year quarter related to the transition of ambulance production to the Company’s facilities in Florida and improved price realization.

Commercial – Commercial segment sales increased 3.3 percent to $177.3 million in the first quarter of fiscal 2013 compared to the prior year quarter. The increase in sales was primarily attributable to higher concrete placement products volume as a result of increased demand in the concrete mixer market and improved aftermarket parts & service sales, offset in part by lower chassis volume.

In the first quarter of fiscal 2013, commercial segment operating income increased 16.2 percent to $8.0 million, or 4.5 percent of sales, compared to $6.9 million, or 4.0 percent of sales, in the prior year quarter. The increase in operating income was primarily a result of higher sales volume.

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