Oshkosh Corp. posted income from continuing operations of $813.1 million for its full fiscal year ended Sept. 30, or $8.98 per share, on sales of $9.84 billion, compared with income of $21,000 in fiscal 2009, $0.00 per share on sales of $5.25 billion. The dramatically improve results were primarily because of sales of M-ATV units and related aftermarket parts and service.
Combined vehicle and parts and service sales under the M-ATV program, which had initial shipments in the fourth quarter of fiscal 2009, totaled about $4.48 billion in fiscal 2010, compared to $0.11 billion in fiscal 2009. Operating income in fiscal 2010 also benefited from improved access equipment results on sales to external customers and lower provisions for credit losses.
Fiscal fourth-quarter net sales totaled $2.11 billion and income from continuing operations was $116.6 million, or $1.28 per share, compared with net sales of $1.47 billion and income from continuing operations of $45.7 million for the year-ago quarter.
Access equipment segment sales to external customers increased 57.8 percent year over year to $385.8 million for the fiscal fourth quarter, a big increase for JLG. Sales of new access equipment in both North America and Latin America increased by triple-digit numbers compared with the previous year’s fourth quarter. While North American sales remain lower than historical levels because of weak construction markets and tight credit, sales are recovering. Fourth-quarter fiscal 2010 access equipment segment sales included $151.1 million of M-ATV-related intersegment sales to the defense segment, a $64.4-million jump compared with the previous year’s fourth quarter. In total, segment sales jumped 62.1 percent to $536.8 million year over year.
The access equipment segment reported operating income of $7.3 million, or 1.4 percent of sales for the fourth quarter, compared with an operating loss of $49.1 million for the year-ago period.
“We completed a record fiscal year on a high note with strong fourth-quarter results,” said Robert Bohn, Oshkosh Corp. chairman and CEO. “The strength of the Oshkosh franchise was evident as we delivered all-time records in fiscal 2010 for revenues, operating income and net income. This performance, coupled with our improved balance sheet as a result of our substantial debt repayment during fiscal 2010, puts us in a strong position as we prepare for the gradual economic recovery.”
Oshkosh Corp. is based in Oshkosh, Wis.