Oshkosh Raises 2018 Outlook

(RTTNews) - Oshkosh Corp. (OSK) said that it increased its fiscal 2018 full year outlook, as a result of the positive start to the fiscal year, improved demand outlook for access equipment and the impact of tax reform.

The Company now expects consolidated sales for fiscal 2018 c to be $7.1 billion to $7.3 billion, an increase of $200 million from the Company's previous sales estimate range of $6.9 billion to $7.1 billion.

The Company now expects its fiscal 2018 consolidated operating income to be $520 million to $570 million. Excluding anticipated charges and operating inefficiencies for announced restructuring actions in the access equipment and commercial segments, the Company expects its fiscal 2018 adjusted1 operating income to be $550 million to $600 million, compared to its previous estimated adjusted operating income range of $515 million to $565 million.

The Company now expects its fiscal 2018 diluted earnings per share to be in the range of $4.75 to $5.20. Excluding anticipated charges and operating inefficiencies for announced restructuring actions in the access equipment and commercial segments as well as the impact of one-time discrete items associated with tax reform in the U.S., the Company expects its fiscal 2018 adjusted1 diluted earnings per share to be in the range of $5.00 to $5.45, compared to the prior adjusted diluted earnings per share estimated range of $4.25 to $4.65.

Analysts polled by Thomson Reuters expect the company to report earnings of $4.63 per share and revenues of $7.08 billion for fiscal year 2018. Analysts' estimates typically exclude special items.

The company reported fiscal 2018 first quarter net income of $56.4 million, or $0.74 per diluted share, compared to $19.2 million, or $0.26 per diluted share, in the first quarter of fiscal 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 one-time discrete tax benefits of $6.5 million related to implementation of tax reform in the United States. Excluding these items, fiscal 2018 first quarter adjusted1net income was $64.0 million or $0.84 per diluted share.

Analysts expected the company to report earnings of $0.56 per share and revenues of $1.43 billion for the first-quarter.

The Company's Board of Directors declared a quarterly cash dividend of $0.24 per share of Common Stock. The dividend will be payable on February 26, 2018, to shareholders of record as of February 12, 2018.