Oshkosh Corporation lowers expectations for 2015

Freeman Staff

July 30, 2015

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 officer.

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.