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Oshkosh Corporation Reports Fiscal 2013 Third Quarter Results

Oshkosh Corporation (NYSE: OSK) today reported fiscal 2013 third quarter net income of $148.4 million, or $1.67 per diluted share, compared to $77.1 million, or $0.84 per diluted share, in the third quarter of fiscal 2012. All results are for continuing operations attributable to Oshkosh Corporation, unless stated otherwise.

Consolidated net sales in the third quarter of fiscal 2013 were $2.20 billion, an increase of 2.1 percent compared to the prior year third quarter. Higher sales in the Company’s access equipment segment were largely offset by an expected decline in defense segment sales.

Consolidated operating income in the third quarter of fiscal 2013 was $225.6 million, or 10.2 percent of sales, compared to $126.2 million, or 5.8 percent of sales, in the prior year third quarter. Operating income margins improved in the third quarter of fiscal 2013 as a result of strong performance by the Company’s access equipment and defense segments. This performance was driven by favorable product mix, including increased international sales of MRAP All-Terrain Vehicles (M-ATVs), improved pricing, as well as product and process cost reductions.

“The employees of Oshkosh Corporation diligently executed our MOVE strategy to deliver outstanding third quarter results, highlighted by earnings per share of $1.67, which is nearly double our fiscal 2012 third quarter earnings per share of $0.84,” said Charles L. Szews, Oshkosh Corporation chief executive officer. “Our access equipment segment, in particular, stood out with higher sales and operating income margins reaching more than 16 percent for the quarter. Our defense team also delivered solid results, despite continued headwinds from reduced U.S. defense spending.

“As a result of the strong third quarter performance and our expectations for the remainder of the year, we are raising our adjusted earnings per share expectations for the full year to a range of $3.60 to $3.70 1.

“Our strong fiscal 2013 performance, driven by the progress we are making on our MOVE initiatives, gives us confidence as we strive to reach our fiscal 2015 earnings per share target range of $4.00 to $4.50, in spite of the expected decline in our defense business in fiscal 2014,” added Szews.

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