Oshkosh Corporation Announces Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013
January 25, 2013 at 01:32 pm
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Oshkosh Corporation announced consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported net sales of $1,761.0 million compared with $,875.7 million for the same period a year ago. Operating income was $80.8 million compared with $75.4 million for the same period a year ago. Income from continuing operations, net of tax was $46.5 million compared with $39.4 million for the same period a year ago. Net income attributable to Oshkosh Corporation was $46.5 million or $0.51 per diluted share compared with $38.9 million or $0.42 per diluted share for the same period a year ago. Net cash provided by operating activities was $45.1 million compared with $61.9 million for the same period a year ago. Additions to property, plant and equipment was $8.3 million compared with $14.2 million for the same period a year ago. Additions to equipment held for rental was $1.1 million compared with $3.5 million for the same period a year ago. Non-GAAP operating income was $97.7 million compared with $79.2 million for the same period a year ago. Non-GAAP income from continuing operations attributable to Oshkosh Corporation, net of tax was $55.1 million or $0.60 per diluted share compared with $34.6 million or $0.39 per diluted share for the same period a year ago. GAAP income from continuing operations attributable to Oshkosh Corporation, net of tax was $46.2 million or $0.51 per diluted share compared with $38.9 million or $0.43 per diluted share for the same period a year ago.
As a result of its strong first fiscal quarter results, its outlook for the remainder of the year, the impact of share repurchases to date and benefits associated with the reinstatement of the U.S. research and development tax credit, the company is increasing its outlook range for full-year fiscal 2013 adjusted earnings from continuing operations to $2.80 - $3.05 per share. This estimate excludes $0.09 per share incurred in the first
quarter of fiscal 2013 as well as any future potential costs related to the tender offer for the company's common stock and threatened proxy contest, restructuring costs and discrete tax items. GAAP earnings per share attributable to Oshkosh Corporation from continuing operations-diluted was expected to be in the range of $2.71 to $2.96.
Oshkosh Corporation is an industrial company focused on the designing, development and manufacturing of purpose-built vehicles and equipment. The Company operates through three segments. Access segment designs and manufactures access and material handling equipment for use in a range of construction, industrial, agricultural and maintenance applications to position workers and materials at height under brands, JLG and SkyTrak. The segment's customer base includes equipment rental companies, construction contractors, manufacturing companies and home improvement centers. The segment also includes Jerr-Dan towing and recovery vehicles. Defense segment designs, manufactures and sustains specialty vehicles and mobility systems for the United States Department of Defense and exports tactical wheeled vehicles to approved foreign customers. Vocational segment includes the Pierce, Maxi-Metal, McNeilus, AeroTech, IMT, Frontline Communications and Oshkosh S-Series businesses.
Oshkosh Corporation Announces Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013