Third-quarter sales for Oshkosk Corp. came in 38.7 percent higher than the same period of 2020, at $2.21 billion compared to $1.58 billion. Net income for the quarter was $213.9 million, up from $80.2 million ins Q3 2020.
The company cited higher sales in all segments, including Access Equipment, which includes the JLG brand.
“I’m proud of the focus shown by Oshkosh team members who persevered through a challenging supply chain environment to deliver solid sales and adjusted earnings per share of $2.09 during the third fiscal quarter,” said John C. Pfeifer, president/CEO in a prepared statement. “It’s no secret that global supply chain disruption and access to labor are presenting a challenge to industries around the globe, and our people have executed effectively to deliver strong results.”
Access Equipment sales increased 98.4 percent in the third quarter to $924.3 million due to improved market demand, led by North America. The third quarter of fiscal 2020 was impacted by low market demand, due in large part to the global economic downturn as a result of the COVID-19 pandemic.
Access Equipment segment operating income in the third quarter increased 237.3 percent to $113.0 million, or 12.2 percent of sales, compared to $33.5 million, or 6.9 percent of sales, in Q3 2020. The increase in operating income was primarily due to the impact of higher sales volume and lower restructuring-related costs, offset in part by higher incentive compensation costs, higher material costs and adverse mix.
Sales in the Commercial segment (which includes the McNeilus and IMT brands) increased 12.3 percent to $278.1 million in the third quarter compared to the same period of 2020. The company cites higher refuse collection vehicle demand, offset in part by the impact of the sale of the concrete batch plant business in the fourth quarter of fiscal 2020. Concrete batch plant sales were $15.6 million in the third quarter of fiscal 2020. The third quarter of fiscal 2020 was impacted by low market demand, due in large part to the global economic downturn as a result of the COVID-19 pandemic.
Commercial segment operating income in the third quarter of fiscal 2021 increased 24.4 percent to $29.6 million, or 10.6 percent of sales, compared to $23.8 million, or 9.6 percent of sales, in the third quarter of fiscal 2020. The increase in operating income was primarily due to the impact of higher sales volume, favorable product mix and the absence of restructuring charges, offset in part by unfavorable price/cost dynamics. Excluding $1.5 million of pre-tax restructuring charges, adjusted1 operating income in the third quarter of fiscal 2020 was $25.3 million, or 10.2 percent of sales.
Year-to-dates sales totalled $5.67 billion compared with 2020 YTD sales of $5.07 billion.
Source: Oshkosh Corp.
