oshkosh corp (OSK) Snapshot

Oshkosh Corporation won a $192.9 million contract to supply a new generation of firefighting vehicles to the U.S. Marine Corps.

Oshkosh Corporation Presents at KeyBanc Industrial, Automotive & Transportation Conference, May-29-2013 09:00 AM. Venue: InterContinental Boston Hotel, 510 Atlantic Avenue, Boston, Massachusetts, United States.

Oshkosh Corporation reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported net income attributable to the company of $86.5 million or $0.97 per diluted share compared to $37.3 million or $0.41 per diluted share in the second quarter of fiscal 2012. Net sales were $1.98 billion, a decline of 3.8% compared to $2,062.3 million for the prior year second quarter. Higher sales in all non-defense segments were not sufficient to offset an expected decline in defense segment sales. Operating income was $134.6 million compared to $84.1 million in the prior year second quarter. Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates was $120.0 million compared to $68.0 million reported a year ago. Income from continuing operations, net of tax was $85.9 million compared to $43.6 million reported a year ago. Income available to the company's common shareholders was $85.4 million or $0.96 per diluted share compared to $42.8 million or $0.47 per diluted share reported a year ago. For the six months, the company reported net sales of $3.73 billion and net income attributable to the company of $133.0 million or $1.47 per share compared with net sales of $3.93 billion and net income attributable to the company of $76.2 million or $0.83 per share in the first six months of the prior year. Adjusted results for the first six months of fiscal 2013 were $141.8 million or $1.57 per diluted share as compared to $80.8 million or $0.89 per diluted share in the first six months of fiscal 2012. 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, offset in part by higher share-based compensation expense in the first six months of fiscal 2013, in part as a result of the impact of an increase in the company's share price on variable share-based compensation. Operating income was $214.9 million compared to $163.2 million reported a year ago. Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates was $186.7 million compared to $121.6 million reported a year ago. Income from continuing operations, net of tax was $132.2 million compared to $85.5 million reported a year ago. Income available to the company's common shareholders was $131.4 million or $1.46 per diluted share compared to $84.2 million or $0.92 per diluted share reported a year ago. Net cash provided by operating activities was $44.4 million compared to $46.9 million reported a year ago. Additions to property, plant and equipment were $15.4 million compared to $24.1 million reported a year ago. As a result of its second fiscal quarter results and the company's outlook for the remainder of the fiscal year, the company is increasing its outlook range for full-year fiscal 2013 adjusted earnings from continuing operations to $2.90 per share to $3.15 per share and GAAP earnings per diluted share attributable to the company from continuing operations of $2.79 to $3.04. This estimate excludes $0.11 per share net of tax costs incurred in the first quarter of fiscal 2013 related to the tender offer for the company's common stock and threatened proxy contest. The increase in estimated full year results is due to expected improved performance in both Access Equipment and Defense segments. The company reduced tax rate to 31% from its prior estimate of 32%. The company reduced its capital expenditure estimate to $50 million, and increased its estimated free cash flow to a range of $110 million to $135 million, reflecting expected higher earnings and slightly lower capital expenditures. The company expects the third quarter of 2013, to be strongest quarter in the year as a result of strong seasonally driven demand for products with exposure to the construction markets, and continued international sales of M-ATVs in the Defense segment. For the fourth quarter, the company results to be the lowest quarter of the year, as it start to see the seasonal decline in Access Equipment and Commercial segment sales. The company also expects fourth quarter Defense segment sales to decline significantly from third quarter levels, as it completes sales under the 750-unit international M-ATV order and as production levels for its other Defense programs declined. The company works toward successfully achieving its fiscal 2015 earnings per share goal of $4.00 to $4.50. The company expects to deliver targeted 2015 results of $4 per share to $4.15 per share.