31.10.2014 12:11:11

Oshkosh Q4 Profit Climbs - Quick Facts

(RTTNews) - Oshkosh Corp. (OSK) reported higher net income of $77.8 million, or $0.93 per share for fiscal 2014 fourth quarter, compared with $35.7 million, or $0.40 per share, last year.

The recent quarter's results were hurt by a combined $2.4 million after-tax pension curtailment and pension settlement charge in the defense division. Results for the prior-year quarter were adversely impacted by a $5.5 million after-tax, non-cash impairment charge related to an intangible asset in the access equipment segment and after-tax costs of $2.4 million related to the extension of a union contract with defense segment production employees.

Excluding these items, fiscal 2014 fourth quarter adjusted net income totaled $80.2 million, or $0.96 per share, compared with $43.6 million, or $0.49 per share, a year ago. On average, sixteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.82 for the quarter. Analysts' estimates typically exclude one-time items.

However, consolidated net sales were $1.67 billion, down 3.4 percent year-over-year, compared with $1.73 billion. Analysts estimated sales $1.61 billion for the quarter. The company said that expected lower defense segment sales were offset partly by improved demand in its access equipment and commercial units.

Further, the company issued its fiscal 2015 adjusted earnings per share view of $4.00 to $4.25 on projected net sales of $6.5 billion to $6.6 billion. Oshkosh believes its fiscal 2015 consolidated sales to decline from fiscal 2014 due to a further reduction in DoD spending for its tactical wheeled vehicle programs, partially offset by an increase in sales in the company's non-defense segments as a result of improved end markets.

Additionally, the board declared a quarterly cash dividend of $0.17 per share of common stock. The dividend, up around 13 percent from the previous dividend, would be payable on December 2, 2014 to shareholders of record as of November 18.

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Oshkosh Truck Corp. 90,00 -0,55% Oshkosh Truck Corp.