Oshkosh Corporation reported increased sales in its commercial and access equipment segments in the fourth quarter of fiscal year 2013, ended Sept. 30, 2013. Sales also increased in the company’s fire & emergency segment, and decreased in the defense segment. Additionally, the company reported a decrease in net income and sales for the quarter and year-over-year from 2012.
Access equipment segment sales increased 8.9 percent to $780.6 million for the fourth quarter of fiscal 2013 compared to the prior year fourth quarter. The increase is attributed to higher unit volumes in North America, the realization of previously announced price increases and higher aftermarket parts and service sales. These factors offset lower sales volume in Australia.
In the fourth quarter of fiscal 2013, access equipment segment operating income increased 36.6 percent to $81.2 million, or 10.4 percent of sales, compared to prior year fourth quarter operating income of $59.5 million, or 8.3 percent of sales.
Included in access equipment results for the fourth quarter of fiscal 2013 was a $9 million non-cash impairment charge related to an intangible asset. Excluding the impairment charge, adjusted operating income in the fourth quarter of fiscal 2013 was $90.2 million, or 11.6 percent of sales. The increase in operating income was primarily the result of higher sales volume, the realization of previously announced price increases, and product and process cost reductions.
Commercial segment sales increased 15.4 percent to $209.4 million in the fourth quarter of fiscal 2013 compared to the prior year quarter. The increase in sales was primarily attributable to increased demand for concrete mixers in the U.S.
In the fourth quarter of fiscal 2013, commercial segment operating income increased 70.9 percent to $15.7 million, or 7.5 percent of sales, compared to $9.2 million, or 5.1 percent of sales, in the prior year quarter. The increase in operating income was primarily a result of the higher volume and improved cost performance.
Oshkosh reported a fiscal 2013 fourth quarter net income of $35.7 million, compared to $83.7 million in the fourth quarter of fiscal 2012.
The company reported net sales for the fiscal year of $7.67 billion and net income of $316.3 million. This compares with net sales of $8.14 billion and net income of $245.2 million in fiscal 2012.
Oshkosh expects projected net sales of $6.6 billion to $6.9 billion in fiscal year 2014.