Oshkosh Corporation (NYSE:OSK) posted today a second quarter net income of $85.4 million, or $0.96 per diluted share versus 42.8 million, or $0.47 per diluted share for the prior year quarter. For the second quarter, consolidated net sales came in at $1.98 billion down 3.8 percent from the prior year second quarter. Increased sales from all non-defense segments were insufficient to compensate for the expected decline in defense segment sales.
Operating income for the company stood at 134.6 million, or 6.8 percent of sales against $84.1 million, or 4.1 percent of sales in the year earlier quarter. Net interest expenses for the quarter were down 2.7 million to $14.7 million on account of lower average debt outstanding and recognition of interest on a note receivable from a customer. Income tax expenses came in at $34.8 million or 29.0 percent of pre-tax income versus 35.8 percent of pre-tax income in the prior year quarter
“The Oshkosh team executed well in our second fiscal quarter. All four of our business segments delivered improved operating income margins compared to the prior year quarter, resulting in a more than doubling of our diluted earnings per share to $0.96,” said Charles L. Szews, Oshkosh Corporation (NYSE:OSK) chief executive officer.
Segment wise, sales from Access Equipment was up 7.5 percent to $817.4 million owing to higher replacement demand for telehandlers in North America, price increases, increased aftermarket parts & service sales. Revenues from the Defense segment fell 16.2 percent to $827.6 million primarily due to expected lower M-ATV aftermarket parts & service sales and lower Family of Medium Tactical Vehicles unit sales. For the second quarter, sales from Fire & emergency segment were up 3.3 percent to $174.0 million reflecting improved product mix. For the Commercial segment, sales improved 10.6 percent to $185.5 million backed by higher concrete placement products volume.
For the six months of fiscal 2012-2013, Oshkosh Corporation (NYSE:OSK) reported net income of $131.4 million, or $1.46 per share on the net sales of $3.73 billion. Last year, the company posted net income of $84.2 million, or $0.92 per share, on net sales of $3.93 billion.
For the full-year fiscal 2013, the company expects adjusted earnings from continuing operations to come in at $2.90 – $3.15 per share. The outlook forecast from the company excludes $0.11 per share net of tax costs incurred in the first quarter.
In December last year, activist investor Carl Icahn dropped his intention of acquiring a controlling stake in the company after to failing to increase his stake.