Oshkosh Q2 Adj. Profit Beats View; Lifts FY17 Earnings Outlook - Quick Facts

(RTTNews) - Oshkosh Corp. (OSK) reported a decline in profit for the second quarter from last year as one-time charges more than offset higher revenues.

However, adjusted earnings beat analysts' estimates, while revenues matched their expectations. Looking ahead, the company raised its earnings outlook for fiscal 2017.

The company's second-quarter net income was $44.3 million, or $0.58 per share, down from $56.1 million, or $0.76 per share, in the year-ago period. The latest quarter's results included after-tax charges of $13.7 million associated with previously announced restructuring actions in the access equipment segment.

Excluding these charges, adjusted earnings for the latest quarter were $0.76 per share. On average, analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales for the quarter were $1.62 billion, an increase of 6.2 percent from $1.52 billion in the same period last year. Analysts had a consensus revenue estimate of $1.62 billion.

Looking ahead to fiscal 2017, Oshkosh raised its outlook for earnings per share to a range of $2.70 to $3.00 and adjusted earnings per share estimate range to $3.20 to $3.50, on projected net sales of $6.6 billion to $6.7 billion.

The Street expects earnings of $3.41 per share for the year on revenues of $6.65 billion.

The company's board of directors declared a quarterly cash dividend of $0.21 per share of common stock. The dividend will be payable on May 26, 2017, to shareholders of record as of May 12, 2017.