Oshkosh Truck Corp., parent company of JLG Industries and a leading manufacturer of specialty vehicles and vehicle bodies, reported earnings per share for its fiscal first quarter of 55 cents, on sales of $1 billion and net income of $41.2 million, compared with EPS of 72 cents on sales of $790.3 million and net income of $53.1 million for the same period last year. Oshkosh’s EPS exceeded its most recent earnings estimate range of 35 cents to 40 cents per share, which included an estimated 15 cents per share dilution to EPS from its $3.1 billion acquisition of JLG. The actual dilution was 13 cents per share.
Oshkosh increased its earnings per share estimate range for fiscal 2007 to $3.15 to $3.25 per share, including an estimated 10 cents per share accretion to EPS from the acquisition of JLG for the fiscal year.
“While our existing businesses performed ahead of our expectations, the most exciting news during the quarter was our closing on the acquisition of JLG Industries,” said Oshkosh chairman, president and CEO Robert Bohn.
Bohn said the integration of JLG into the company is “well underway.”
Sales in the access equipment segment, meaning sales by JLG from Dec. 6 through the end of the year were $117.7 million, while operating income was $2.4 million or 2 percent of sales.
In other JLG-related news, the company was awarded a contract valued at $102.2 million by the United States Army for the purchase of 566 JLG Atlas II military telescopic material handlers over the next five years. The machines will be delivered for deployment throughout the U.S. Army in all logistics areas. The contract includes requirements for field service support, add-on armor, performance-based logistics and simulators for training purposes.
