Oshkosh attributes much of its success to the JLTV

Oshkosh Corporation has reported fiscal 2016 fourth quarter net income of USD61.5 million - up from USD50.3 million in the last quarter of fiscal 2015.

The rise came despite a USD17.5 million after-tax asset impairment and workforce reduction charge related to a decision to outsource aftermarket parts distribution in the access equipment segment. The result was also adversely impacted by a combined USD2.4 million after-tax workforce reduction charge in the access equipment segment and in corporate.

Consolidated net sales in the fourth quarter were USD1.76 billion, an increase of 11.2%, with the company reporting increased performance in all segments.

Higher international sales in the defence segment accounted for the majority of the increase in sales in the fourth quarter of fiscal 2016.

"We finished the year on a high note with fiscal fourth quarter adjusted earnings per share of $1.05, which exceeded both our most recent estimates for the quarter and our results from the fourth quarter of fiscal 2015," says Wilson R. Jones, president and chief executive officer of Oshkosh Corporation.

Jones attributes the growth to higher than expected sales in the access equipment segment, significantly stronger results in the defence segment and growth in the fire and emergency segment.

"During the quarter, we also began shipping our revolutionary new defence vehicle, the JLTV. This is just the beginning of our eight-year contract to supply the US Army and Marines with the world's most capable light protected tactical wheeled vehicle. There is great interest in the JLTV from international customers as well, which further strengthens our long-term positive outlook."

Releasing its results, the company has also reaffirmed its projected net sales of USD6.5 billion to USD6.7 billion, and operating income of USD390 million to USD430 million.