first-quarter profit rose 31% from a year ago, thanks to its defense segment.
The company earned $53.07 million, or 72 cents a share, in the quarter, compared with $40.57 million, or 56 cents a share, a year ago. This was above the company's recent estimates of 50 cents to 55 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 54 cents a share.
Revenue increased 22.55% from last year to $790.34 million. Analysts were expecting revenue of $758.78 million.
Revenue from the defense segment rose 68.53% to $363.14 million as the conflict in Iraq continued and increased new and remanufactured truck sales.
"Our end markets continued to exhibit the type of strong fundamentals we believe are necessary for continued growth, and we are beginning to make important progress in turning around our commercial business. This led us to increase our fiscal 2006 estimates and boost our quarterly dividend rate," the company said.
Operating profit increased 28.6% to $87 million in the first quarter while operating profit margin rose 52 basis points to 11%. The defense segment reported a 40.48% rise in operating profit to $72.63 million. The fire and emergency segment's operating profit rose 13.4% to $20.92 million and in the commercial segment operating profit rose to $8.3 million from $5.63 million a year ago.
Oshkosh increased its estimates for fiscal 2006 in the range of $2.55 to $2.65 a share. Six analysts surveyed by Thomson First Call are estimating $2.70 a share.
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