Oshkosh Q2 Profit Beats View; Lifts FY19 Outlook - Quick Facts

(RTTNews) - Oshkosh Corp. (OSK) on Tuesday reported second-quarter net income of $128.5 million or $1.82 per share, up from $110.8 million or $1.47 per share in the year-ago quarter.

The year-ago period's results included after-tax charges of $5.8 million associated with restructuring actions in the access equipment and commercial segments. Excluding these charges, adjusted net income was $116.6 million, or $1.54 per share in the prior-year quarter.

Consolidated net sales for the quarter increased 5.5 percent to $1.99 billion from $1.89 billion last year, due to higher access equipment, defense and fire & emergency segment sales.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share for the quarter on revenues of $1.98 billion. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, Oshkosh increased its outlook for reported earnings to a range of $7.40 to $7.70 per share, or $7.50 to $7.80 per share on an adjusted earnings basis. Earlier, the company projected adjusted earnings of $7.00 to $7.50 per share.

The company now expects consolidated sales for the year to be $8.20 billion to $8.30 billion, up from the prior range of $8.05 billion to $8.25 billion.

The Street expects earnings of $7.47 per share for the year on revenues of $8.19 billion.

Oshkosh's Board of Directors today declared a quarterly cash dividend of $0.27 per share of common stock. The dividend will be payable on May 30, 2019, to shareholders of record as of May 16, 2019.