Oshkosh Corp., parent company of JLG Industries, showed the effects of the economic downturn with fiscal 2008 fourth quarter earnings per share dropping 36.8 percent from $1.14 in last year’s fourth quarter to $0.72 per share this year. Total sales increased 6.1 percent, however net income declined 37 percent from $85.4 million in last year’s fourth quarter to $53.6 million in this year’s period.
For the fiscal year ended Sept. 30, excluding impairment charges, the company posted EPS of $3.37 per share on sales of $7.14 billion and net income of $252.4 million. Including pre-tax impairment charges of $175.2 million ($2.31 per share net of taxes) recorded in the third quarter of fiscal 2008, Oshkosh reported EPS of $1.06 and net income of $79.3 million for its fiscal year, compared with EPS of $3.58 on sales of $6.31 billion and net income of $268.1 million for the previous fiscal year.
“We finished the year with a solid fourth quarter performance, driving strong cash flow and more than $200 million of debt reduction,” said Robert Bohn, Oshkosh Corp. chairman and CEO. “Our growing defense business led the way in the quarter, which helped propel our full year revenue to more than $7 billion for the first time in our history.”
Bohn was cautious in assessing the company’s prospects for 2009. “Looking ahead to fiscal 2009, debt reduction and cost management will remain priorities for us during this period of weaker global economies and uncertain credit markets. However, we intend to make limited strategic investments in global and new product development initiatives to continue moving our company forward.”
Access equipment segment sales dropped 11.7 percent to $742.1 million for the fiscal fourth quarter, compared with the same period last year. Sales in North America declined more than 20 percent year over year on significantly lower aerial work platform shipments as a result of weak U.S. construction markets. Sales in Europe dropped 5 percent, but continued to grow in emerging markets in the fiscal fourth quarter. Favorable foreign currency exchange rates aided segment sales in the quarter.
Operating income in the fourth quarter of fiscal 2008 decreased 56.2 percent to $50.2 million or 6 percent of sales, compared to $114.5 million operating income in the year-ago quarter, 13.6 percent of sales. The decrease was primarily the result of lower volume, higher raw material costs — in particular steel — and adverse product mix, offset in part by favorable currency exchange rates.
Oshkosh Corp. is based in Oshkosh, Wis.