Oshkosh Truck Corp., a leading manufacturer of specialty vehicles and vehicle bodies, and parent company of aerial equipment manufacturer JLG Industries, last week announced that for its fiscal year ended Sept. 30, earnings per share increased 29.7 percent to $3.58 on sales of $6.3 billion and net income of $268.1 million. The results compare with EPS of $2.76 on sales of $3.4 billion and net income of $205.5 million in fiscal 2006.
Oshkosh’s EPS exceeded the company’s most recent earnings estimate range for fiscal 2007 of $3.35 to $3.40 per share. The Oshkosh, Wis.-based company reaffirmed its estimate range for fiscal 2008 EPS of $4.15 to $4.35.
For the fourth quarter of fiscal 2007, EPS increased 72.7 percent to $1.14 on sales of $1.8 billion and net income of $85.4 million, compared with EPS of $0.66 on sales of $0.9 billion and net income of $49.2 million for last year’s fourth quarter.
Robert Bohn, chairman and CEO of Oshkosh Truck credited JLG, the company’s most recent acquisition for the sparkling numbers. “The Oshkosh family of companies delivered another exceptional quarter, led by our newest segment, access equipment,” said Bohn. “This truly outstanding performance by JLG during the quarter propelled us to another all-time record for full-year sales and net income as JLG became a more integral part of our business.”
Sales in the fourth quarter of fiscal 2007 increased $888 million, or 98.2 percent, compared to last year’s fourth quarter. The acquisition of JLG contributed sales of $840 million in the fourth quarter of fiscal 2007. Sales also grew in Oshkosh’s fire and emergency and defense segments, while the company’s commercial segment sales declined because of lower demand for concrete mixers in North America, subsequent to the diesel engine emissions standards changes effective January 2007 and lower residential construction activity.
Fourth-quarter operating income leaped 134.1 percent to $179.2 million, or 10 percent of sales. The company achieved operating income margins of 10 percent or greater for the second consecutive quarter. The access equipment segment contributed operating income of $114.5 million.
Sales for the access segment were 46.6 percent higher in the quarter than sales for JLG as a stand-alone company for the same period last year. Compared to JLG’s pre-acquisition results for the same period in 2006, sales reflected higher worldwide demand for aerial work platforms and the addition of the sales of Caterpillar-branded telehandlers, offset in part by lower demand for JLG-owned telehandler brands in North America.
JLG was accretive to EPS for the fourth quarter by $0.54, after having previously estimated fourth quarter accretion of $0.20 to $0.25.