Healthy gains for Oshkosh
Wednesday, 7 August 2019
Oshkosh, WI, United States
Oshkosh Corporation has reported fiscal 2019 third quarter net income of USD191.9 million - up from USD153.4 million at this time last year.
Consolidated net sales in this third quarter increased by 10% to $2.39 billion.
"Our strong fiscal third quarter performance resulted from increased sales in each of our business segments as well as double-digit growth in operating income in our access equipment and fire and emergency segments," says Wilson R. Jones, president and chief executive. "I'm proud of the hard work and efforts of our team members as they continue to drive higher performance by executing our business strategy and initiatives.
"We were pleased that the US Army moved our revolutionary Joint Light Tactical Vehicle (JLTV) program to full-rate production phase during the quarter. This is an important milestone as the program matures and we continue to ramp up production and delivery of these vehicles over the next several years.
"As a result of our strong execution and improved margin expectations, we are raising our earnings per share expectations for fiscal 2019 to a range of $7.80 to $8.00 or $7.90 to $8.10 on an adjusted earnings per share basis," he adds.
Access equipment segment net sales in the third quarter of fiscal 2019 increased 7.7% to USD1.25 billion, due to increased sales volume and higher pricing in response to increased materials costs. Sales grew in all regions, except EAME, in the third quarter of fiscal 2019.
Defense segment net sales for the third quarter of fiscal 2019 increased 15.5% to USD511.1 million. The increase in sales was due to the continued ramp-up of sales to the US government under the JLTV program, offset, in part, by changes associated with the application of the new revenue recognition standard.
The fire & emergency segment had the biggest increase in net sales for the quarter, up 20.2% percent to USD341.0 million, as a result of changes associated with the application of the new revenue recognition standard, higher fire apparatus sales volume and improved pricing.
In the commercial segment, net sales for the third quarter increased 0.3% to USD296.1 million.