Oshkosh Profit Up but Revenues Slip

Oshkosh Corp. (NYSE: OSK) this morning reported higher fourth-quarter profit and reaffirmed its 2013 outlook.

The Wisconsin-based truck maker posted adjusted earnings per share (EPS) of $0.65 on revenues of $2.06 billion for the quarter. In the same period a year ago, the company reported EPS of $0.50 on revenues of $2.12 billion. The quarter's results also compare to the Thomson Reuters consensus estimates for EPS of $0.47 and $1.98 billion in revenues.

The company said full-year EPS came to $2.27 on revenues of $8.18 billion. In the same period a year ago, the company posted EPS of $3.07 on revenues of $7.57 billion in revenues. The consensus forecast called for EPS of $2.13 and $8.09 billion in revenues.

The CEO said:

The Company also generated $215 million of free cash flow in fiscal 2012 to strengthen its balance sheet. This performance reflects the actions and commitment of all our dedicated employees, management and Board to deliver value for all shareholders. … At our analyst day on September 14, we presented a comprehensive overview of our business, our markets and our MOVE strategy. We also provided a roadmap to approximately double adjusted earnings from continuing operations from fiscal 2012 to $4.00 – $4.50 per share by fiscal 2015. This target demonstrates how we expect MOVE to deliver outstanding value for all shareholders.

The company reaffirmed its outlook for fiscal 2013 earnings of $2.35 to $2.60 per share. The Thomson Reuters consensus estimates call for EPS of $2.25 and $7.76 billion in revenues. Oshkosh warned that this guidance did not include additional expected costs associated with the exit of the ambulance business and costs related to a tender offer initiated and a proxy contest threatened by activist investor Carl Icahn.

Icahn has made an unsolicited offer to buy all shares he does not already own.

Shares are inactive in premarket trading but closed yesterday at $29.74. The 52-week range is $18.00 to $31.30. The mean price target before this report was $33.50.


Filed under: 24/7 Wall St. Wire, Earnings, Industrials Tagged: OSK

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