Oshkosh Corp. reported fiscal 2013 second-quarter net sales of $1.98 billion, a 3.8-percent decline from $2.06 billion in the second quarter of 2012. Sales of access equipment from JLG Industries increased 7.5 percent to $817.4 million for the second quarter of fiscal 2013 compared to the prior-year second quarter. The increase was principally the result of higher replacement demand for telehandlers in North America, the realization of previously announced price increases and higher aftermarket parts & service sales, offset in part by lower unit sales volume in Australia, due to a pause in purchases by a major customer and a slowdown in mining and energy activity.
Net income in the quarter, however, increased 50 percent to $85.4 million, or $0.96 per diluted share, compared to $42.8 million, or $0.47 per diluted share, in the second quarter of fiscal 2012. Higher sales in all non-defense segments were not sufficient to offset an expected decline in defense segment sales.
Second-quarter operating income in the access equipment segment increased 38.9 percent to $95.0 million, or 11.6 percent of sales, compared to prior-year second-quarter operating income of $68.4 million, or 9.0 percent of sales.
"The Oshkosh team executed well in our second fiscal quarter,” said Charles Szews, Oshkosh Corp. CEO. “All four of our business segments delivered improved operating income margins compared to the prior-year quarter, resulting in a more than doubling of our diluted earnings per share to $0.96. Our access equipment segment continued to benefit from replacement-driven demand and improved pricing, while concrete placement product sales in the commercial segment reached the highest level of quarterly sales in nearly five years, benefitting mainly from improvements in the domestic housing market.”
Oshkosh reported net sales for the first six months of fiscal 2013 of $3.73 billion and net income of $131.4 million, or $1.46 per share. This compares with net sales of $3.93 billion and net income of $84.2 million, or $0.92 per share, in the first six months of the prior year. The increase in adjusted results in the first six months of fiscal 2013 was largely attributable to higher sales and improved performance in the company’s access equipment and fire & emergency segments.
“The strong results we are reporting today enable us to raise our expectations for adjusted earnings per share for fiscal 2013 to a range of $2.90 to $3.15,” Szews said. “We are confident in the abilities of our employees and business partners as we work toward successfully achieving our fiscal 2015 earnings per share goal of $4.00 to $4.50.”
Oshkosh Corp. is a manufacturer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. JLG Industries, a division of Oshkosh Corp., is based in McConnellsburg, Pa.
