Oshkosh Reports Results for Second Quarter

Oshkosh Corp., Oshkosh, Wis., reported fiscal 2010 second quarter net sales of $2.86 billion and net income of $292.6 million, or $3.22 per share. This compares with net sales of $1.24 billion and a loss from continuing operations of $0.20 per share, excluding non-cash intangible asset impairment charges in the prior-year second quarter.

Including pre-tax, non-cash impairment charges of $1.19 billion ($15.66 per share, net of taxes), the company reported a loss from continuing operations of $1.18 billion, or $15.86 per share, for the second quarter of the prior year.

"We expect fiscal 2010 to be a record year for Oshkosh in terms of sales and earnings, driven by strength in our defense segment while most of our non-defense businesses continue to face soft markets,” Robert G. Bohn, Oshkosh chairman and CEO, said. “We continue to invest in lean initiatives to mitigate the effects of the soft markets and streamline operations for fiscal 2011 when we believe these markets will be stronger," he added.