Oshkosh 3Q Sales Up 16.6 Percent

August 4, 2017
Oshkosh reported gains in all segments

Oshkosh Corp. reported this week consolidated net sales in the third quarter of fiscal 2017 were $2.04 billion, an increase of 16.5 percent from 2016's $1.74 billion. All segments reported increased sales, led by the defense segment.

Factors affecting third quarter results for the company’s business segments included:

Access Equipment

Q3 - Three months ending June 30 2017 2016 % Change
Aerial work platforms   $583.1    $511.4 14.02
Telehandlers $202.9 $266.6 -23.89
Other $194.2 $174.5 11.29
Total $980.2 $952.5 2.91

Commercial

Q3 - Three months ending June 30 2017 2016 % Change
Concrete placement    $158.5    $164.6 -3.71

Defense

Q3 - Three months ending June 30 2017 2016 % Change
Defense    $482.2    $264.0 82.58

Net Income - Nine months ending June 30

Q3 - Nine months ending June 30 2017 2016 % Change
Net Income    $192.12    $154.9 24.02

Consolidated operating income increased 44.3 percent to $211.9 million, or 10.4 percent of sales, in the third quarter of fiscal 2017 compared to $146.8 million, or 8.4 percent of sales, in the third quarter of fiscal 2016. Excluding $10.6 million of pre-tax restructuring-related charges in the access equipment segment, adjusted1 operating income in the third quarter of fiscal 2017 was $222.5 million, or 10.9 percent of sales. The increase in adjusted1 operating income was primarily the result of higher sales, improved pricing in the fire & emergency segment and improved product mix.

“We are pleased to report another quarter of strong performance highlighted by growth in revenue, operating income and earnings per share in our fiscal third quarter,” said Wilson R. Jones, president and chief executive officer of Oshkosh Corporation. “We delivered increased sales in all four segments, driving revenue growth of 16.6 percent and adjusted1 operating income growth of 51.6 percent. This resulted in adjusted1 earnings per share of $1.84, greatly exceeding our fiscal 2016 third quarter results.

“This was a strong quarter by many measures of performance and we are proud of the way our team members are executing in this, our 100th year as a company. In particular, our access equipment and fire & emergency segments reported stronger than expected results in the quarter and all of our non-defense segments ended the period with higher year over year backlogs. Additionally, our defense team worked hard to deliver M-ATVs in support of a large international order that extends into the first quarter of fiscal 2018. They are also on track delivering JLTVs to the U.S. Department of Defense that are being driven and tested daily to support the government’s Low Rate Initial Production schedule as the program ramps up over the next several years.

“As a result of our strong performance and positive outlook for the remainder of fiscal 2017, we are increasing our expectations for fiscal 2017 earnings per share to be in a range from $3.33 to $3.43, or $3.80 to $3.90 on an adjusted1 earnings per share basis. We look forward to delivering strong fiscal 2017 performance and believe we are well positioned for fiscal 2018, as evidenced by our strong backlogs, positive sentiment in our markets and the strength of our people,” said Jones.

Source: Oshkosh

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