Equipment Type

Oshkosh Q4 Earnings Up 11.82%

Oshkosh fourth quarter and fiscal earnings show sales increased 7.5 percent to $834 million in its access division, which includes JLG-branded equipment.

November 06, 2017
Oshkosh saw sales increase to $834 million in its access division.

Oshkosh fourth quarter and fiscal earnings show sales increased 7.5 percent to $834 million in its access division, which includes JLG-branded equipment.

“I am pleased to report another quarter of strong performance, with results that exceeded our expectations,” said Wilson R. Jones, president and chief executive officer of Oshkosh Corporation. “We grew revenues in all four of our segments, leading to higher adjusted consolidated operating income and adjusted1 operating income margin.

“Our strong fourth quarter capped off a successful year for Oshkosh Corporation. In addition to celebrating our 100th year in business, we delivered earnings per share of $3.77 and adjusted1 earnings per share of $4.25, an increase of 35 percent compared to adjusted1 earnings per share in fiscal 2016. I’m proud of the dedication and hard work of our team members around the world who delivered these strong results.

Factors affecting fourth quarter results for the Company’s business segments included:

Access Equipment – Access equipment segment net sales increased 7.5 percent to $833.8 million in the fourth quarter of fiscal 2017. The increase in sales was due to improved demand for both aerial work platforms and telehandlers.

Access equipment segment operating income increased 38.1 percent to $62.4 million, or 7.5 percent of sales, in the fourth quarter of fiscal 2017 compared to $45.2 million, or 5.8 percent of sales, in the fourth quarter of fiscal 2016. Excluding charges related to an asset impairment and restructuring, adjusted1 operating income was $77.9 million, or 9.3 percent of sales, in the fourth quarter of fiscal 2017 compared to $73.0 million, or 9.4 percent of sales, in the fourth quarter of fiscal 2016. The increase in operating income was primarily due to the impact of higher sales volume and favorable mix, offset in part by higher material costs and higher incentive compensation.

Defense – Defense segment net sales for the fourth quarter of fiscal 2017 increased 26.5 percent to $596.8 million. The increase in sales was primarily due to the ramp-up of sales to the U.S. government under the Joint Light Tactical Vehicle program and higher international Mine Resistant Ambush Protected-All Terrain Vehicle sales.

Defense segment operating income increased 39.3 percent to $73.0 million, or 12.2 percent of sales, in the fourth quarter of fiscal 2017 compared to $52.4 million, or 11.1 percent of sales, in the fourth quarter of fiscal 2016. The increase in operating income was largely due to the impact of higher sales volume.

Fire & Emergency – Fire & emergency segment net sales for the fourth quarter of fiscal 2017 increased 8.2 percent to $278.0 million. Sales in the fourth quarter of fiscal 2017 benefited from improved pricing and a higher mix of custom chassis.

Fire & emergency segment operating income increased 55.2 percent to $34.6 million, or 12.4 percent of sales, in the fourth quarter of fiscal 2017 compared to $22.3 million, or 8.7 percent of sales, in the fourth quarter of fiscal 2016. The increase in operating income was primarily a result of improved pricing and improved labor performance, offset in part by higher incentive compensation.

Commercial – Commercial segment net sales increased 2.2 percent to $259.9 million in the fourth quarter of fiscal 2017. The increase in sales was primarily due to higher concrete placement unit volume, offset in part by lower package sales, which include third-party chassis.

Commercial segment operating income decreased 34.5 percent to $11.6 million, or 4.5 percent of sales, in the fourth quarter of fiscal 2017 compared to $17.7 million, or 7.0 percent of sales, in the fourth quarter of fiscal 2016. The decrease in operating income was largely a result of an adverse product mix and a specific warranty campaign.

Source: Oshkosh

 

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