Oshkosh Reports Higher 4Q Profit Jumps
Oshkosh Corp. reported its fourth-quarter net income more than doubled from a year ago as gains in commercial and access equipment sales offset a decline in military truck sales.
Net income rose to $77.8 million, or 93 cents a share, from $36.3 million, or 41 cents, a year ago. Revenue for the quarter ended Sept. 30 slipped to $1.67 billion from $1.73 billion.
The specialty truck maker’s operating income rose to $113.1 million in the quarter, from $65.2 million a year ago.
Commercial sales rose 16.4% to $243.7 million and access equipment jumped 19.5% to $932.7 million. Fire and emergency sales fell 7.4% to $214.9 million and defense plunged 43.9% to $288.1 million.
“Our access equipment and commercial segments led the way in fiscal 2014, with the access equipment segment surpassing last year’s record operating income margins by nearly 200 basis points,” said CEO Charles Szews.
Its commercial segment posted its strongest full-year operating income margin since fiscal year 2007, which is “especially impressive because key end markets for both segments are still well below pre-recession levels, and we expect those end markets to grow in fiscal 2015 and beyond,” Szews said in a statement.
For its full fiscal year, Oshkosh earned $309.3 million, or $3.61 per share, down from $318 million, or $3.55, a year earlier. Revenue declined 11% to $6.8 billion.
Oshkosh said it expects fiscal year 2015 adjusted earnings per share $4 to $4.25 on projected sales of $6.5 billion to $6.6 billion, citing projected lower defense sales.