Oshkosh Q1 Profit Plunges, Warns On Q2; Cuts FY16 Forecast - Quick Facts

(RTTNews) - Specialty vehicles maker Oshkosh Corp. (OSK) reported Thursday that its first-quarter net income attributable to shareholders plunged to $14.6 million or $0.19 per share from $34.7 million or $0.43 per share last year.

The latest results included a $2.1 million after-tax other postretirement benefit curtailment gain. Excluding this item, fiscal 2015 first quarter adjusted net income was $32.6 million, or $0.41 per share.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.06 per share. Analysts' estimates typically exclude special items.

Consolidated net sales in the first quarter of fiscal 2016 were $1.25 billion, a decrease of 7.5 percent from $1.35 billion last year. Analysts expected revenues of $1.20 billion.

On a constant currency basis, sales decreased 6.4 percent.

Looking ahead, the company expects second quarter earnings per share to be meaningfully lower than the comparable prior year quarter mainly as a result of expected lower access equipment segment sales.

Further, the company reduced its fiscal 2016 earnings per share estimate range to a range of $2.20 to $2.60 from $3.00 to $3.40. Likewise, the Company's estimate of fiscal 2016 net sales has been reduced to a range of $5.7 billion to $6.0 billion from a range of $6.2 billion to $6.5 billion.

Analysts expect second-quarter earnings of $0.66 per share, full year earnings of $3.04 per share, and full-year sales of $6.27 billion.

The Company's Board of Directors declared a quarterly cash dividend of $0.19 per share of Common Stock. The dividend will be payable on March 1, to shareholders of record as of February 16.