Oshkosh’s 3Q Profit Slips
Specialty truck maker Oshkosh Corp.’s fiscal third-quarter profit dropped from a year ago as lower sales in the defense, fire and emergency segments outweighed gains in the commercial and access equipment sectors.
Net income was $105.1 million, or $1.22 per share, down from $148.4 million, or $1.67, for the comparable period last year.
Sales for the quarter ended June 30 fell 12.3% to $1.93 billion, Oshkosh said July 29.
Commercial segment sales rose 27% percent to $247.3 million, led by an almost 40% gain in concrete-mixer volume. Refuse collection vehicle unit volume also rose.
Access equipment segment sales also improved, rising 10.4% to a record $1.04 billion.
Defense segment sales fell 46.5% percent to $470.7 million, while fire and emergency segment sales slipped 8.3% to $187.5 million.
The company also narrowed its adjusted earnings per share to $3.40 to $3.55 for its fiscal year, from a previous range of $3.40 to $3.65.