Oshkosh Corp. reports income doubling in fourth quarter

Special to The Freeman

Oct. 31, 2014

OSHKOSH — During the fourth quarter of fiscal 2014, Oshkosh Corporation reported a net income of $77.8 million, or $0.93 per diluted share, compared to $35.7 million, or $0.40 per diluted share for the same period last year.

According to an announcement from the company Friday, 2014 fourth quarter results were adversely affected by a combined $2.4 million after-tax pension curtailment and pension settlement charge in the defense segment, while results for the fourth quarter of fiscal 2013 were adversely impacted by a $5.5 million after-tax, non-cash impairment charge related to an intangible asset in the access equipment segment and after-tax costs of $2.4 million related to the extension of a union contract with defense segment production employees.

Consolidated net sales for Oshkosh Corporation’s fourth quarter of 2014 were $1.67 billion, a decrease of 3.4 percent, according to the Friday report. An increased demand in the company’s access and commercial segments helped to offset the anticipated lower defense segment sales, according to the release. Consolidated operating income in the fourth quarter of fiscal 2014 was $113.1 million, or 6.8 percent of sales, compared to $65.2 million, or 3.8 percent of sales, in the prior year fourth quarter.

“The ongoing benefits from executing our MOVE strategy were evident as our team delivered solid fourth quarter results, capping off an impressive year of transition that has seen our non-defense businesses move to the forefront of our operating results,” said Charles L. Szews, Oshkosh Corporation chief executive officer, in a statement. “Our access equipment and commercial segments led the way in fiscal 2014, with the access equipment segment surpassing last year’s record operating income margins by nearly 200 basis points. The commercial segment posted its strongest full-year operating income margin since fiscal 2007. These results are especially impressive because key end markets for both segments are still well below pre-recession levels, and we expect those end markets to grow in fiscal 2015 and beyond.”