Oshkosh Q1 Profit Rises; Lifts 2019 View

(RTTNews) - Oshkosh Corp. (OSK) reported fiscal 2019 first quarter net income of $109.0 million, or $1.51 per share, compared to $56.4 million, or $0.74 per share, in the first quarter of fiscal 2018.

Results for the first quarter of fiscal 2019 included a $7.0 million tax charge related to an adjustment of the repatriation tax required under tax legislation passed in the United States in December 2017.

Results for the first quarter of fiscal 2018 included after-tax charges of $14.1 million associated with restructuring actions in the access equipment and commercial segments as well as discrete tax benefits of $6.5 million related to implementation of tax legislation in the United States.

Excluding these items, fiscal 2019 first quarter adjusted net income was $116.0 million, or $1.61 per share, compared to fiscal 2018 first quarter adjusted net income of $64.0 million, or $0.84 per share.

Consolidated net sales in the first quarter of fiscal 2019 increased 13.7 percent to $1.80 billion compared to the first quarter of fiscal 2018 due to higher access equipment and fire & emergency segment sales, offset in part by lower defense and commercial segment sales. Consolidated sales for the first quarter of fiscal 2019 without the adoption of the new revenue recognition standard would have been $1.77 billion, an increase of 11.3 percent compared to the first quarter of fiscal 2018.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share and revenues of $1.67 billion. Analysts' estimates typically exclude special items.

The Company raised its fiscal 2019 full year outlook as a result of the positive start to the year and an improved outlook for the access equipment segment. The Company now expects consolidated sales to be $8.05 billion to $8.25 billion, an increase from the Company's previous sales estimate range of $7.85 billion to $8.15 billion.

The Company now expects its fiscal 2019 consolidated operating income to be $685 million to $735 million, an increase from the Company's previous sales estimate range of $640 million to $710 million.

The Company now expects its fiscal 2019 earnings per share to be in the range of $6.90 to $7.40. Excluding the impact of discrete items associated with tax legislation in the U.S., the Company expects its fiscal 2019 adjusted earnings per share to be in the range of $7.00 to $7.50 compared to the prior diluted earnings per share estimated range of $6.50 to $7.25.

Wall Street currently is looking for fiscal year 2019 earnings of $6.99 per share on annual revenues of $8.00 billion.

The Company's Board of Directors today declared a quarterly cash dividend of $0.27 per share of Common Stock. The dividend will be payable on March 1, 2019, to shareholders of record as of February 15, 2019.