Oshkosh Corporation reported its access equipment segment sales - including 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.
In the second quarter of fiscal 2013, access equipment segment operating income 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 increase in operating income was primarily the result of the realization of previously announced price increases, higher telehandler unit sales volume and benefits from MOVE initiatives, offset in part by lower unit sales volume in Australia.
Oshkosh Corporation reported fiscal 2013 second quarter net income of $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. All results are for continuing operations attributable to Oshkosh Corporation, unless stated otherwise.
Consolidated net sales in the second quarter of fiscal 2013 were $1.98 billion, a decline of 3.8 percent compared to the prior year second quarter. Higher sales in all non-defense segments were not sufficient to offset an expected decline in defense segment sales.
Consolidated operating income in the second quarter of fiscal 2013 was $134.6 million, or 6.8 percent of sales, compared to $84.1 million, or 4.1 percent of sales, in the prior year second quarter. Operating income margins improved in the second quarter of fiscal 2013 as a result of improved pricing, higher margins associated with international sales of MRAP All-Terrain Vehicles (M-ATVs) and operational efficiencies.
"The Oshkosh team executed well in our second fiscal quarter. 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," said Charles L. Szews, Oshkosh Corporation chief executive officer. “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.
“We are focusing our energy on disciplined execution of our MOVE strategy. Each segment is making sound progress optimizing its cost structure to deliver on our margin improvement targets. We seek to delight our customers and shareholders as we continue the company-wide roll out of MOVE related initiatives.
“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. 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,” added Szews.
Read the full release.
Lift & Access is part of the Catalyst Communications Network publication family.
