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Oshkosh’s 2Q Income Declines

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4/28/2011 8:50:00 AM

Specialty truck maker Oshkosh Corp. said Thursday its fiscal second-quarter profit dropped from a year ago as sales of some military vehicles declined.

Net income fell to $67.9 million, or 74 cents per share, from $292.6 million, or $3.22, a year before.

Net sales for the quarter ended March 31 fell to $1.75 billion, from $2.86 billion, Oshkosh said. Defense sales fell 57.2%, to $972.3 million.

Its access equipment business returned to profitability in the quarter, with non-military M-ATV related sales rising 73%, orders nearly doubling and backlog nearly tripling, Oshkosh said in a statement.

Commercial segment sales rose 3.9 percent to $151.7 million, due primarily to higher aftermarket parts sales.

But Oshkosh said it “experienced further deterioration in our markets impacted by municipal spending,� including for fire and refuse trucks.

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Emil Estafanous, CPA, CFF, CGMA