OSHKOSH - Due to
lower than expected sales in its access equipment segment,
Oshkosh Corporation reduced its expectations for fiscal 2015.
According to an
announcement Thursday, the company’s adjusted EPS has been
change to a range of $3 to $3.25 for the year.
“While we are adjusting our access equipment
segment expectations, we are confident in the overall strength
of our business and expect improved financial performance in
fiscal 2016 led by a strong recovery in our defense segment,”
said Charles L. Szews, Oshkosh Corporation chief executive
On Thursday, Oshkosh Corporation reported third
quarter net income of $89.9 million, or $1.13 per diluted share,
compared to $105.1 million, or $1.22 per diluted share, in the
third quarter of fiscal 2014. Fiscal 2014 third quarter adjusted
net income was $105.7 million, or $1.23 per diluted share,
excluding an after-tax, other post employment benefits
curtailment gain of $6.2 million related to announced workforce
reductions in the company’s defense segment and after-tax costs
of $6.8 million resulting from a reduction in eligible OPEB
costs under historical cost-plus government contracts.
Consolidated net sales in the third quarter of
fiscal 2015 were $1.61 billion, a decrease of 16.6 percent
compared to the prior year third quarter, according to the
company “Significantly lower defense segment sales, as expected,
and lower access equipment segment sales contributed to the
lower sales levels. On a constant currency basis, sales
decreased 14.7 percent compared to the third quarter of fiscal
2014.” according to the report.