Oshkosh Corp. reported fiscal first quarter net sales of $1.7 billion and net income of $99.6 million, compared with net sales of $2.43 billion and income from continuing operation of $172.5 million in last year’s first quarter.
In good news for JLG Industries, access equipment segment sales to external customers increased 30.4 percent to $290.6 for the first quarter of fiscal 2011, compared to last year’s first quarter. Replacement of aged equipment in North America, economic growth and increased product adoption in emerging markets as well as military telehandler demand drove higher sales of new equipment in the first quarter. While external sales improved in the quarter, North American sales continued to lag below historical levels because of weak construction markets and tight credit.
Access equipment sales included $36.7 million of M-ATV-related intersegment sales to the defense segment compared to $530.8 million in sales to that segment in the year-ago quarter, a decrease caused by completion of initial M-ATV production requirements. The segment reported an operating loss of $16.7 million, or 5.1 percent of sales, for the quarter compared to operating income of $13.3 million or 1.8 percent of sales for the same quarter a year ago, as a result of the decrease in intersegment sales.