Presenting today for Oshkosh Corporation will be Charlie Szews, President and Chief Executive Officer and Dave Sagehorn, Executive Vice President and Chief Financial Officer.Let’s begin by turning to slide 3 and I’ll turn it over to you, Charlie. Charlie Szews – President and Chief Executive Officer Thank you, Patrick. Good morning. Today, with our third fiscal quarter results, we are beginning to realize the benefits of Oshkosh’s MOVE strategy. Since implementing our MOVE strategy a little over a year ago, we have been focused on the disciplined execution of the initiatives developed to support this strategy with the expectation that we would begin to enhance value for our shareholders in fiscal 2012 of more meaningful benefits beginning in fiscal 2013. We believe our third quarter results demonstrate that we are on track to deliver on our objective. We are pleased with these results which exceeded our expectations and reflect the opportunities for strong earnings growth and increased shareholder value that we believe lie ahead. For the third quarter of fiscal 2012, total company sales increased 7.6% to $2.18 billion compared to the third quarter of fiscal 2011. Earnings per share was $0.82 versus $0.75 in the prior year quarter. Our results were driven by improved operating performance and operating income margins across all our non-defense segments offset by lower defense earnings. Results for the current year quarter also include $0.07 per share of discrete tax benefits. Broadly, we saw continued progress in our non-defense businesses this quarter. Strong replacement driven demand for our access equipment products led to 40.4% year-over-year sales growth. Along with significantly higher operating income and improved margins into this segment, we are also pleased with our continued progress in raising margins in the commercial segment in the face of very challenging market conditions and returning the Fire and Emergency segment to profitability this quarter.
As you may have seen today, we also announced plans they have the two small underperforming business that have been negatively impacting results in our Fire and Emergency segment. These actions will help improve our profitability in fiscal 2013 and allow us to focus our resources on profitably growing our larger fire apparatus and airport products businesses in this segment.To move initiatives underway at Oshkosh and the continued focus on improving the performance of our business are beginning to positively impact our cost structure, our ability to innovate an international revenue expansion. We are building momentum and maintain our view that our non-defense businesses will drive our success within the next several years. We also recently announced some changes to executive operating teams that are important for our long-term performance. Wilson Jones will not serve as our President and Chief Operating Officer effective next week. Wilson has led two of our segments, building strong teams in delivering customer focused results. His multi-industry experience, ability to manage all aspects of the business and leadership qualities to motivate our teams to execute at the highest levels will benefit our entire organization. Wilson will join us on these calls beginning next quarter. Frank Nerenhausen will assume Wilson's former role as President of the Access Equipment segment. Frank and his team have performed extremely well over the past couple of years in our Commercial segment, taking an operation that has been especially hard hit by the recession and returning it to profitability with an operating income margin nearly 7% in the quarter just ended when the industry volumes remained down on 40% and 90%. Like Wilson, Frank brings excellent leadership qualities and a drive to perform every day. Read the rest of this transcript for free on seekingalpha.com